Electric Motor Market Size, Share Growth & Analysis Report 2024 To 2032
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.
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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.
Global Electric Motor Market Trends:
The global electric motor market is driven by several key factors, such as the advancements in electric vehicle technology propel demand for electric motors across automotive applications, pushing manufacturers to innovate in efficiency and performance.
Additionally, stringent environmental regulations worldwide advocate for energy-efficient solutions, prompting industries to adopt electric motors for their reduced carbon footprint. Industrial automation also contributes significantly, with sectors like manufacturing, robotics, and heating, ventilation, and air conditioning (HVAC) systems increasingly relying on electric motors for enhanced precision and operational flexibility.
Moreover, the growing adoption of renewable energy sources necessitates reliable electric motor solutions for wind turbines and solar power systems.
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Factors Affecting the Growth of the Electric Motor Industry:
Advancements in Electric Vehicle Technology:
The evolution of electric vehicle (EV) technology is a major catalyst for growth in the global electric motor market. As governments worldwide push for reduced carbon emissions and sustainable transportation solutions, automakers are increasingly turning to electric motors to power their vehicles. These motors play a crucial role in improving the efficiency and performance of EVs, contributing to longer driving ranges and faster acceleration. Manufacturers are focusing on developing electric motors that are compact, lightweight, and energy-efficient, addressing key challenges such as range anxiety and charging times. Innovations in motor design, such as permanent magnet synchronous motors (PMSM) and induction motors, are enabling automakers to offer diverse EV models that cater to varying consumer needs.
Stringent Environmental Regulations:
Stringent environmental regulations are driving the adoption of electric motors across various industries, particularly in manufacturing and HVAC systems. These regulations mandate reductions in greenhouse gas emissions and energy consumption, compelling industries to replace traditional fossil fuel-powered systems with electrically driven alternatives. Electric motors are preferred for their higher energy efficiency and lower environmental impact compared to combustion engines or hydraulic systems. In manufacturing, electric motors enable precise control over production processes, reducing waste and improving productivity. Similarly, in HVAC systems, electric motors offer quieter operation, better temperature control, and reduced energy consumption, aligning with sustainability goals.
Industrial Automation:
Industrial automation is a key driver propelling the growth of the electric motor market, revolutionizing sectors such as robotics, material handling, and industrial machinery. Electric motors play a pivotal role in automation by powering conveyor belts, robotic arms, and automated guided vehicles (AGVs), enhancing operational efficiency and throughput. The shift towards smart factories and Industry 4.0 initiatives necessitates advanced motor solutions that support seamless integration with IoT platforms and AI-driven analytics. Electric motors designed for automation applications offer benefits such as higher torque, faster response times, and reduced maintenance requirements, making them indispensable in modern manufacturing environments. As industries strive for greater flexibility, productivity, and cost-effectiveness, the demand for electric motors tailored for automation continues to grow, driving innovation and investment in the global market.
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 due to their widespread use in industrial and commercial applications, offering robust performance, reliability, and compatibility with existing infrastructure.
By Voltage:
· Low Voltage Electric Motors
· Medium Voltage Electric Motors
· High Voltage Electric Motors
Low voltage electric motors represented the largest segment because they are commonly utilized in a broad range of applications where lower power consumption and operational safety are critical factors.
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 motors represented the largest segment as they are extensively employed in appliances, HVAC systems, and other small-scale machinery requiring efficient yet economical motor solutions.
By Magnet Type:
· Ferrite
· Neodymium (NdFeB)
· Samarium Cobalt (SmCo5 and Sm2Co17)
Ferrite represented the largest segment owing to its cost-effectiveness, ease of manufacturing, and suitability for applications where moderate magnetic strength suffices without requiring high-performance magnets like neodymium.
By Weight:
· Low Weight Motors
· Medium Weight Motors
· High Weight Motors
Low weight motors represented the largest segment due to their advantages in applications demanding portability, reduced structural load, and efficiency improvements in sectors such as aerospace, robotics, and portable electronics.
By Speed:
· Ultra-High-Speed Motors
· High-Speed Motors
· Medium Speed Motors
· Low Speed Motors
High-speed motors represented the largest segment because of their critical role in industries where rapid rotational speeds are necessary for precision machining, automation, and high-performance machinery.
By Application:
· Industrial Machinery
· HVAC
· Transportation
· Household Appliances
· Motor Vehicles
· Aerospace
· Marine
· Robotics
· Others
Industrial machinery represented the largest segment as electric motors are integral to powering various industrial processes, including manufacturing, material handling, and assembly lines, where reliability, durability, and performance are paramount.
Regional Insights:
· Asia-Pacific
· North America
· Europe
· Middle East and Africa
· Latin America
Asia Pacific was the largest market primarily due to rapid industrialization, urbanization, and infrastructure development in countries like China and India, driving significant demand for electric motors across diverse sectors including automotive, manufacturing, and consumer electronics.
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
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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.
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