The electric motor market is set for impressive growth, with a projected average Compound Annual Growth Rate (CAGR) of 6.64% from 2023 to 2033. By 2033, the market is expected to reach a significant valuation of approximately USD 252.6 billion.
The market’s dynamic trajectory is noteworthy. In 2023, the global electric motor market is estimated to be valued at USD 132.8 billion, reflecting a notable increase from USD 131.4 billion in 2022. This growth is largely driven by increased government incentives promoting the adoption of environmentally sustainable vehicles.
Several factors contribute to this expansion, including heightened demand for high-efficiency motors and advancements in machine control within the automotive sector. Energy-efficient motors have become pivotal, delivering enhanced motor performance and contributing to market development.
Additionally, the global electric motors market has been bolstered by the growing adoption of efficient motors in various appliances. Electric motors are in high demand for HVAC (heating, ventilation, and air conditioning) systems due to their low noise and high torque performance, further fueling market growth.
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Key Takeaways:
- Sales of global electric motors market expanded at a CAGR of 5.43% from 2018 to 2022.
- The North American market for global electric motor market is likely to have a market share of 28.6%.
- The Unites States market for global electric motor market is likely to expand at a share of 17.8%.
- AC motors are expected to generate maximum demand for the global electric motor market.
- 1HP Power Output is said to hold a Dominant Share.
- <1HP is the leading category and it is expected to account for 26% of the value share of the electric motor market.
- Industrial sector is said to hold a Lucrative Portion of the Market.
“The electric motor market is witnessing significant growth driven by the increasing adoption of electric vehicles, industrial automation, and renewable energy initiatives. The study reveals a promising trajectory for the market, with advancements in motor technology and a growing emphasis on energy efficiency playing pivotal roles in shaping its future. The research findings suggest that the electric motor market is poised for substantial expansion in the coming years.” – says Future Market Insights Analyst.
Competitive Landscape:
Some of the prominent players in the global market are-
- Competition Deep Dive
- Robert Bosch GmbH
- Hitachi, Ltd.
- Nidec Corporation
- WEG S.A.
- Siemens AG
- ABB Group
- Regal Beloit Corporation
- Toshiba Corporation
- Johnson Electric
- Hyosung Corporation
- Schneider Electric SE
- Bonfiglioli Riduttori S.p.A.
- Kirloskar Electric Company Ltd.
- Allied Motion Technologies Inc.
- East West Manufacturing, LLC
- Hyundai Electric Co. Ltd.
Some of the Important Developments of the Key Players in the Market are:
- In January 2023, Hitachi, Ltd. announced that it had been bolstering the global development of its line-building business leveraging industrial robots (“the robotic SI*1 business”) and will merge Hitachi Automation, Ltd. (“Hitachi Automation”) and Kyoto Robotics Corporation (“Kyoto Robotics”), Hitachi Group companies in Hitachi’s Industrial Digital Business Unit, on April 1, 2023, to strengthen the robotic SI business in Japan and ASEAN countries.
- In March 2023, ABB Group, focused on electrification and robotics, wants to invest $40 million through a new 90,000-square-foot manufacturing facility in west Albuquerque as the facility will be used to increase ABB’s production of cable products and will include robotics and digital automation technology, according to a Thursday news release from the company.
Key Segmentations
Power Output:
- <1 HP
- 1-5 HP
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100 HP
- 100 – 300 HP
- 300 – 500 HP
- Above 500 HP
Product Type:
- AC Motor
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
Application:
- Pumps
- Fans
- Drives
- Compressor
- General Machinery
- Centrifugal Machinery
- Grinders
- Extruders
- Robotics
- Others
End Use:
- Industrial
- Oil & Gas
- Power Generation
- Mining
- Food & Beverages
- Pulp & Paper
- Chemicals
- Air Separation Plant
- Other Manufacturing
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
- Automotive
- Aviation
- Electric Vehicles
- Railways
- Boats
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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