According to Future Market Insights, the global electric motor market will be worth US$ 132.8 billion in 2023. The market is expected to reach US$ 252.6 billion in value by the end of 2033 and grow at a CAGR of 6.64% between 2023 and that year.
The automotive industry’s growing need for machine control and high efficiency have fueled the growth of the electric motor market. The development is a result of energy-efficient motors, which produce the most motor output.
The adoption of efficient motors for appliances has increased the global growth of the electric motors market. The high demand for electric motors in HVAC (heating, ventilation, and air conditioning) applications is thought to be due to the low noise and torque they produce.
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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.
- Global electric motor market in 2022 was US$ 131.4 billion
- Electric motor market will rise at 5.6% CAGR in 2021
- Electric motor market rose above 3.8% CAGR registered during 2016-2020.
- Demand in the China market is expected to rise at nearly 5.5% CAGR with a market share of 16.8% over the forecast period
- German market grows at a CAGR of 5.1%
- India will account for over 27% of sales in South Asia & Pacific.
- Electric motor market is growing at a CAGR of 3.6%
- 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.
- Electric motor market is expected to reach a market value of US$ 72.3 billion by 2031 which is growing at a CAGR of 4.22%
- AC Motor is Said to Have a Dominant Share in the market
- AC electric motor segment is estimated to hold the dominant share of 25.4%
- Robotics Segment is Said to Hold a High Position in the Market
- Robotics segment is expected to exhibit a 5.9% CAGR in the global electric motor market through the assessment period.
“Expansion of the Municipal Water Treatment Market will Gradually Profit Electric Motor Sales is said to be one of the major drivers of the global conveyer systems market,”- says an analyst at Future Market Insights (FMI).
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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.
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Key Segments:
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 (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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