Electric Motor Market Size (US$ 135.0 Billion), Share, Manufacturers and Forecast 2023-2028

IMARC Group, a leading market research company, has recently released a report titled "𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐒𝐡𝐚𝐫𝐞, 𝐒𝐢𝐳𝐞, 𝐆𝐫𝐨𝐰𝐭𝐡, 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖." The study provides a detailed analysis of the industry, including the global electric motor market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Electric Motor Market?

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐚 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/electric-motor-market/requestsample

What is Electric Motor?

An electric motor refers to a device that transforms electrical energy into mechanical energy. This conversion is typically achieved using electromagnetic principles. The fundamental principle is that a wire carrying an electric current in a magnetic field experiences a force, which can be harnessed to perform useful work, such as turning a shaft. There are different types of electric motors, including direct current (DC) motors, alternating current (AC) motors, and universal motors that can run on either AC or DC. These can be further divided into subtypes, like synchronous and asynchronous AC motors, or brushed and brushless DC motors, each with unique characteristics and suited for different applications. Electric motors are integral to many devices we use daily, from household appliances like refrigerators, washing machines, and vacuum cleaners, to industrial machinery and electric vehicles. With the increasing emphasis on sustainability and reducing greenhouse gas emissions, electric motors are becoming more prevalent in transportation, especially in the form of electric cars and bikes. Electric motors are favored for their efficiency, as they can convert a high percentage of electrical energy into mechanical work. They also produce less pollution directly compared to internal combustion engines, thus making them an environmentally friendly choice when powered by renewable energy sources.

What are the Growth Prospects and Trends in the Electric Motor Industry?

The explosive growth of the electric vehicle industry represents one of the key factors driving the growth of the market across the globe. With major automobile manufacturers committing to transition their fleets to electric, the demand for electric motors is poised to surge. As the world grapples with climate change, there's a heightened focus on energy-efficient solutions. Electric motors consist of an inherent advantage here, which offers a significant reduction in energy consumption compared to traditional internal combustion engines. The market is also driven by significant technological innovations in the electric motor industry, such as the development of high-efficiency motors, smart motors, and their rising integration with Internet of Things (IoT) technology, which are expanding the range of applications. In addition to this, stringent government regulations worldwide to reduce carbon emissions and fossil fuel dependency are leading to increased adoption of electric vehicles, where electric motors are a central component. Additionally, financial incentives for EV purchases promote their adoption, which is indirectly influencing the growth of the market. As industries adopt automation and Industry 4.0 practices, the demand for electric motors in robotics, conveyor systems, and other industrial applications is skyrocketing. The reduction in the cost of critical electric motor components, such as magnets and power electronics, is leading to a decline in the overall cost of electric motors, which is making them more accessible and appealing to a wider range of applications, thus facilitating the growth of the market. The increasing urbanization and infrastructural developments in emerging economies are necessitating advanced machinery and equipment, which is creating a positive outlook for the market across the globe.

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

Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.

Who are the Key Players Operating in the Electric Motor Market?

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.

What is Included in 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

Bases on Voltage:
• Low Voltage Electric Motors
• Medium Voltage Electric Motors
• High Voltage Electric Motors

Analysed 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)

Based on Weight:
• Low Weight Motors
• Medium Weight Motors
• High Weight Motors

Analysed by Speed:
• Ultra-High-Speed Motors
• High-Speed Motors
• Medium Speed Motors
• Low Speed Motors

Applications:
• Industrial Machinery
• HVAC
• Transportation
• Household Appliances
• Motor Vehicles
• Aerospace
• Marine
• Robotics
• Others

Regional Analysis:
• Asia-Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐓𝐨𝐜 & 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞𝐬: https://www.imarcgroup.com/electric-motor-market

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 Report by IMARC Group:

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐏𝐥𝐚𝐧𝐭 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝟐𝟎𝟐𝟑:
https://www.imarcgroup.com/electric-motor-manufacturing-plant-project-report

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This release was published on openPR.