Electric Motor Market Demand, Forecast 2023-2028
Electric Motor Market Outlook
Electric motors represent electro-mechanical devices that generally work on the principle of electromagnetic induction. They are durable and highly efficient, require low maintenance, consume less energy, have optimal endurance for fluctuating voltages, etc. Electric motors cost considerably lower than fossil-fuel engines.
Consequently, they find extensive applications in several sectors ranging from automobiles to oil and gas, where electric motors are installed in industrial fans, machine tools, compressors, electric cars, domestic appliances, hard disk drives, etc. In line with this, they are commonly available in low-voltage, high-voltage, and medium-voltage variants. As such, electric motors also offer enhanced quality and productivity.
Global Electric Motor Market Size
Global electric motor market size reached US$ 107.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 135.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
Electric Motor Market Trends:
The expanding industrial automation and continuous technological advancements are among the key factors stimulating the electric motor market. Moreover, the emerging trend of replacing gas turbines with electro-mechanical devices in large industrial plants is acting as another significant growth-inducing factor.
Besides this, the escalating demand for electric motors, on account of the inflating requirement for vehicles supported by improving standards of living and the growing purchasing power of consumers, is positively influencing the global market.
Furthermore, the launch of numerous favorable initiatives by government bodies across countries is increasing the product sales to reduce carbon emissions, which is also propelling the market growth.
Apart from this, the rising need for electro-mechanical devices in heating, ventilation, and air conditioning (HVAC) applications, owing to their various features, including high torque and lower noise level, and the introduction of energy-saving variants by leading manufacturers are anticipated to fuel the electric motor market over the forecasted period.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape with Key Players:
The competitive landscape of the market has also been examined with some of the key players being.
- ABB Group
- Siemens Ag
- WEG SA
- Regal Beloit Corporation
- Nidec Corporation.
Key Market Segmentation:
The report has categorized the market based on motor type, voltage, rated power, magnet type, weight, speed, and application.
Breakup by Motor Type:
- AC Motor
- Induction AC Motor
- Synchronous AC Motor
- DC Motor
- Brushed DC Motor
- Brushless DC Motor
Breakup by Voltage:
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
Based On 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
Breakup by Magnet Type:
- Neodymium (NdFeB)
- Samarium Cobalt (SmCo5 and Sm2Co17)
Based On Weight:
- Low Weight Motors
- Medium Weight Motors
- High Weight Motors
Breakup by Speed:
- Ultra-High-Speed Motors
- High-Speed Motors
- Medium Speed Motors
- Low Speed Motors
Breakup by Application:
- Industrial Machinery
- Household Appliances
- Motor Vehicles
- North America
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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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