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Electric Motor Matket 2024-2032, Industry Trends, Segmentation and Forecast Analysis

Ngày đăng: 19-07-2024 | Ngày cập nhật: 19-07-2024
IMARC Group, a leading market research company, has recently released a report titled “Electric Motor Market Report by Motor Type (AC Motor, DC Motor, and Others), Voltage (Low Voltage Electric Motors, Medium Voltage Electric Motors, High Voltage Electric Motors), Rated Power (Fractional Horsepower Motors, Integral Horsepower Motors), Magnet Type (Ferrite, Neodymium (NdFeB), Samarium Cobalt (SmCo5 and Sm2Co17)), Weight (Low Weight Motors, Medium Weight Motors, High Weight Motors), Speed (Ultra-High-Speed Motors, High-Speed Motors, Medium Speed Motors, Low Speed Motors), Application (Industrial Machinery, HVAC, Transportation, Household Appliances, Motor Vehicles, Aerospace, Marine, Robotics, and Others), and Region 2024-2032 Report Format: PDF+Excel | Report ID: SR112024A937”. The study provides a detailed analysis of the industry, including the global electric motor market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global electric motor market size reached US$ 111.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 153.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.

Request to Get the Sample Report:
https://www.imarcgroup.com/electric-motor-market/requestsample
Global Electric Motor Market Trends:
The increasing utilization of electric motors in renewable energy applications such as wind turbines and solar power systems as they play a crucial role in converting renewable energy into usable electrical power with high efficiency, is favoring the market growth.
Moreover, the development of miniaturized electric motors for medical devices and consumer electronics, boosting the demand for compact, efficient, and precise motors in applications such as surgical robots, wearable devices, and household gadgets, is enhancing the market growth. Furthermore, the rising adoption of electric motors in the agricultural sector, driven by the need for efficient and eco-friendly farming equipment, is fostering the market growth.
Factors Affecting the Growth of the Electric Motor Industry:
  • Rapid Technological Advancements in Electric Motors:
The rising innovations such as improved motor designs, enhanced efficiency, and the integration of advanced materials are some of the major factors bolstering the market growth. For instance, the development of permanent magnet synchronous motors (PMSMs), leading to more efficient and powerful motors that consume less energy, is catalyzing the market growth. These advancements are crucial in reducing energy losses and improving overall system performance. Additionally, the advent of smart motors equipped with sensors and the Internet of Things (IoT) capabilities that enable real-time monitoring and predictive maintenance, thereby reducing downtime and operational costs, is fostering the market growth. Furthermore, rapid advancements in battery technology that complement electric motors by providing more reliable and longer-lasting power sources are enhancing the market growth.
 
  • Growing Demand for Electric Vehicles (EVs):
The surge in demand for EVs is a major driver stimulating the market growth. In line with this, the imposition of various government regulations to reduce carbon emissions, thereby promoting the adoption of EVs, is fueling the market growth. Moreover, the implementation of various subsidies, tax incentives, and the development of charging infrastructure to bolster the transition towards EVs is favoring the market growth. Electric motors are a critical component of EVs, as they provide the necessary propulsion with high efficiency and low maintenance. Besides this, the increasing investment of the automotive industry in research and development (R&D) to improve the performance, range, and affordability of electric motors, making them more attractive to consumers, is favoring the market growth.
 
  • Increasing Focus on Industrial Automation and Robotics:
The rising popularity of industrial automation and robotics is another significant factor driving the market growth. Along with this, the heightened adoption of automation in several industries to enhance productivity, precision, and efficiency is fueling the market growth. Electric motors are integral to the operation of various automated systems, including conveyor belts, robotic arms, and automated guided vehicles (AGVs). Besides this, the ongoing trend towards Industry 4.0, characterized by the integration of cyber-physical systems, the Internet of Things (IoT), and cloud computing, amplifying the demand for electric motors, is strengthening the market growth. These motors are required to deliver high performance, reliability, and energy efficiency in automated processes.
Electric Motor Market Report Segmentation:
By Motor Type:
AC Motor
  • Induction AC Motor
  • Synchronous AC Motor
DC Motor
  • Brushed DC Motor
  • Brushless DC Motor
Others
AC motors represented the largest segment as they offer versatility and efficiency across a wide range of industrial and commercial applications.
By Voltage:
  • Low Voltage Electric Motors
  • Medium Voltage Electric Motors
  • High Voltage Electric Motors
Low voltage electric motors accounted for the largest market share due to their extensive use in residential, commercial, and light industrial applications.
By Rated Power:
Fractional Horsepower Motors
  • Fractional Horsepower (< 1/8) Motors
  • Fractional Horsepower (1/8 - 1/2) Motors
  • Fractional Horsepower (1/2 - 1) Motors
Integral Horsepower Motors
  • Integral Horsepower (1 - 5) Motors
  • Integral Horsepower (10 - 50) Motors
  • Integral Horsepower (50 - 100) Motors
  • Integral Horsepower (>100) Motors
Fractional horsepower represented the largest segment as they are essential for powering small appliances and equipment in various sectors.
By Magnet Type:
  • Ferrite
  • Neodymium (NdFeB)
  • Samarium Cobalt (SmCo5 and Sm2Co17)
Ferrite accounted for the largest market as these magnets are cost-effective and widely used in applications that require moderate performance.
By Weight:
  • Low Weight Motors
  • Medium Weight Motors
  • High Weight Motors
Low weight motors represented the largest segment due to the increasing demand for compact and portable devices across multiple industries.
By Speed:
  • Ultra-High-Speed Motors
  • High-Speed Motors
  • Medium Speed Motors
  • Low Speed Motors

High-speed motors constituted the largest segment, driven by their necessity in high-performance applications such as computer numerical control (CNC) machines and electric vehicles (EVs).
By Application:
  • Industrial Machinery
  • HVAC
  • Transportation
  • Household Appliances
  • Motor Vehicles
  • Aerospace
  • Marine
  • Robotics
  • Others
Industrial machinery represented the largest segment owing to the widespread use of electric motors in manufacturing and production processes.
Regional Insights:
  • Asia-Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
Asia Pacific’s dominance in the electric motor market is attributed to its rapid industrialization, urbanization, and growing automotive and consumer electronics industries.
Competitive Landscape with Key Players:
The competitive landscape of the electric motor market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
  • ABB Group
  • Siemens AG
  • WEG SA
  • TECO
  • Regal Beloit Corporation
  • Nidec Corporation
Ask Analyst for Customized Report:
https://www.imarcgroup.com/request?type=report&id=937&flag=C
Key Highlights of the Report:
  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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