Press release
Electric Motor Market Sales Revenue Focus on Specific Product and Dynamics by 2032
The global electric motor market is experiencing substantial growth driven by several factors such as its longer operating life, low energy consumption, high endurance for fluctuating voltages, and low maintenance requirements.
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According to a recent study conducted by strategic consulting and market research firm Report Ocean, the global electric motor market was valued at USD 119.7 billion in 2021. The market is projected to grow at a compound annual growth rate (CAGR) of 6.70%, reaching USD 187.1 billion by 2028. Rising fuel prices and increasing environmental concerns have led consumers to seek eco-friendly non-conventional fuel alternatives. Traditional fuel-powered appliances not only contribute to pollution but also pose health risks, necessitating a shift towards electric motors in various end-user industries. This shift is expected to drive the electric motor market in the forecast period.
High Demand from HVAC Equipment Sector Drives Global Electric Motor Market
The global electric motor market is segmented based on application into industrial machinery, motor vehicles, HVAC equipment, aerospace and transportation, household appliances, and other commercial applications. The HVAC equipment segment holds the largest market share. HVAC equipment, including air conditioners, cooling towers, and compressors, heavily rely on electric motors for their operation. Additionally, the motor vehicle segment is experiencing significant growth due to expanding automobile production.
Market Inclination toward High-Speed Electric Motors Presents Growth Opportunities
The global electric motor market is segmented based on speed into low speed, medium speed, high speed, and ultra high-speed. The high-speed segment holds the largest market share, driven by its wide range of applications. High-speed electric motors find prominent use in applications that require high rotation speed, such as cutting, grinding, and winding. These motors offer high rotational speed and managed torque, making them suitable for operating fast-paced machinery effectively.
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Global Electric Motor Market - By Output Power
Based on output power, the global electric motor market is divided into integral horsepower (IHP) and fractional horsepower (FHP). The fractional horsepower (FHP) segment accounts for the largest market share. This type of output power is primarily used to drive pumps and compressors in refrigerators, coffee machines, washing machines, vacuum cleaners, and more. The rising demand for consumer electronic goods, fueled by increasing disposable income and purchasing power, drives the largest market share in this segment.
Global Electric Motor Market - Regional Insights
Geographically, the global electric motor market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America dominates the market in terms of revenue due to rapid industrial growth and expansion in the aerospace industry. The presence of leading automobile manufacturers like Tesla, General Motors, and Hyundai Motor in the United States further fuels the demand for electric motors in the region. Asia-Pacific is expected to witness the fastest growth during the forecast period.
Segment-
By Type (Ac Motors, Dc Motors, And Others),
By Voltage (High Voltage, Medium Voltage, And Low Voltage)
By Output Power (Integral Horsepower (Ihp), And Fractional Horsepower (Fhp)
By Application (Industrial Machinery, Motor Vehicle, Hvac Equipment, Aerospace & Transportation, Household Appliances, And Other Commercial Applications)
By Speed (Low Speed, Medium Speed, High Speed, And Ultra-High Speed)
By Region (North America, Europe, Asia-Pacific (Apac), Latin America (Latam), Middle East & Africa (Mea)
Competitive Landscape
Key players in the global electric motor market include Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation, Johnson Electric Holdings Limited, Toshiba, FAULHABER GROUP, Danaher Motion, WEG, and other prominent companies.
The market is highly concentrated and competitive, with multinational corporations dominating the industry. However, several emerging small-scale players are establishing themselves as leading market players. Companies invest significantly in research and development activities to bring innovation to their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, and collaborations is prominent in this market.
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Don't Miss the Business Opportunity in the Global Electric Motor Market
Consulting analysts and accessing detailed reports can provide crucial insights to facilitate business growth in the global electric motor market. The in-depth analysis of the report includes information about growth potential, upcoming trends, and market statistics. It also highlights the factors driving forecasts of the total market size. Decision-makers can benefit from recent technology trends and industry insights to make sound strategic decisions. Additionally, the report analyzes growth drivers, challenges, and competitive dynamics in the market.
Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
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About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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