Electric Motor Market Size, Trends, Top Players, Analysis and Forecast 2023-2028

According to IMARC Group's latest report, titled "𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐒𝐡𝐚𝐫𝐞, 𝐒𝐢𝐳𝐞, 𝐆𝐫𝐨𝐰𝐭𝐡, 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖", the 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 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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/electric-motor-market/requestsample

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.

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.

Buy Electric Motor Market Report Now: https://www.imarcgroup.com/checkout?id=937&method=1

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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
• TECO
• 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
o Induction AC Motor
o Synchronous AC Motor
• DC Motor
o Brushed DC Motor
o Brushless DC Motor
• Others

Breakup by Voltage:
• Low Voltage Electric Motors
• Medium Voltage Electric Motors
• High Voltage Electric Motors

Breakup by Rated Power:
• Fractional Horsepower Motors
o Fractional Horsepower (< 1/8) Motors
o Fractional Horsepower (1/8 - 1/2) Motors
o Fractional Horsepower (1/2 - 1) Motors
• Integral Horsepower Motors
o Integral Horsepower (1 - 5) Motors
o Integral Horsepower (10 - 50) Motors
o Integral Horsepower (50 - 100) Motors
o Integral Horsepower (>100) Motors

Breakup by Magnet Type:
• Ferrite
• Neodymium (NdFeB)
• Samarium Cobalt (SmCo5 and Sm2Co17)

Breakup by 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
• HVAC
• Transportation
• Household Appliances
• Motor Vehicles
• Aerospace
• Marine
• Robotics
• Others

Breakup by Region:
• Asia-Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐟𝐮𝐥𝐥 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐓𝐎𝐂 & 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞𝐬: https://www.imarcgroup.com/request?type=report&id=937&flag=C

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.

Related Reports by IMARC Group:

Compressor Rental Market: https://www.imarcgroup.com/compressor-rental-market

Bakery Processing Equipment Market: https://www.imarcgroup.com/bakery-processing-equipment-market

Heat Pumps Market: https://www.imarcgroup.com/heat-pumps-market

Hemp Seeds Market: https://www.imarcgroup.com/hemp-seeds-market

Agricultural Haying and Forage Machinery Market: https://www.imarcgroup.com/agricultural-haying-forage-machinery-market

Contact Us:

IMARC Group
30 N Gould St Ste R
Sheridan, WY 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas: - +1 631 791 1145 | Africa and Europe: - +44-702-409-7331 | Asia: +91-120-433-0800

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.

This release was published on openPR.