Electric Motor Market Size, Valuable Growth Factors, Regional Outlook, Business Strategies and Future Demand 2031 | Nidec Corporation, AMETEK Inc.

Electric motors find wide application in various industries such as industrial machinery, home appliances, HVAC equipment, and others due to their ability to efficiently convert electrical energy into mechanical energy. These motors are essential components in any system where medium to high power is required for operation.

Market Dynamics:

The electric motor market is expected to grow significantly during the forecast period owing to rising demand for energy efficient systems across various end use industries. Stringent government regulations regarding energy conservation and carbon emission reduction have encouraged industries to replaces old motors with new high efficiency ones. Furthermore, industrial automation and growing adoption of Electric Vehicles (EVs) is also contributing to the market growth. With EV sales projected to rise remarkably over the coming years, demand for electric motors from the automotive industry is anticipated to rise sharply.

The global electric motor market size was valued at USD 219.5 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030.

Request Sample Copy of Report @ https://www.coherentmarketinsights.com/insight/request-sample/5452

Market Drivers for the Electric Motor Market

An Increasing Demand for Energy Efficient and Environment Friendly Motors

- With growing environmental concerns around the world, governments and organizations are pushing for more energy efficient and environment friendly technologies. Electric motors are much more efficient and produce less emissions than combustion engines. This is driving a rise in demand for electric motors across various industries like automotive, industrial machinery, HVAC systems etc.

Rapid Growth of Industries that Rely Heavily on Electric Motors

- Industries like automotive, industrial machinery, home appliances, HVAC systems etc rely heavily on electric motors to power their equipment and machinery. The strong growth of these industries globally is directly increasing the demand for electric motors. For example, the booming automotive industry is driving significant demand for electric motors used in vehicles.

Major Key Players:

Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc., and TECO-Westinghouse Motor Company

Detailed Segmentation:

Global Electric Motor Market, By Motor Type
AC
DC
Global Electric Motor Market, By Voltage
Less Than 1 kV
Between 1 kV - 6 kV
Higher Than 6 kV
Global Electric Motor Market, By Application
Residential
Commercial
Automotive
Industrial

Request for Customization @ https://www.coherentmarketinsights.com/insight/request-customization/5452

Market Restrain for the Electric Motor Market

High initial costs of electric motors

- Electric motors have higher initial purchase costs compared to traditional combustion engine based systems. The higher material and manufacturing costs pose a restrain for wider adoption of electric motors. This is a major challenge, especially in cost sensitive markets and industries.

Market Opportunity for the Electric Motor Market

Growing Adoption of Electric Vehicles Boosting Motor Demand

- With battery technologies rapidly improving and costs declining, the adoption of electric vehicles is growing significantly worldwide. As electric vehicles use electric motors instead of combustion engines to power their drive trains, this rapid growth of EVs presents a strong growth opportunity for the electric motor market. Major automakers are heavily investing in EVs, further fueling this opportunity.

Market Trends in the Electric Motor Market

Increasing Focus on Development of More Efficient and Advanced Motors

- To further propel adoption, electric motor manufacturers are focusing on developing more efficient and advanced motor technologies. Motors with higher power densities, greater efficiencies, smaller sizes etc. are being developed. There is also a growing shift towards permanent magnet synchronous motors and linear motors which are more efficient than traditional motors. This focus on advancements will help drive market trends.

Buy Now @ https://www.coherentmarketinsights.com/insight/buy-now/5452

𝗙𝗔𝗤'𝗦:

What is the projected size of the Electric Motor Market by 2031?
Which major countries will experience the greatest impact from the Electric Motor Market?
Which regional market in the Electric Motor Market is the largest?
Which leading companies dominate the majority of the Electric Motor Market?
Which geographic market within the Electric Motor Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Electric Motor Market?
What are the current trends and future predictions for the global Electric Motor Market industry?
What are the key strategies employed in the Electric Motor Market?
What are the main growth prospects for the Electric Motor Market?

533 Airport Boulevard,
Suite 400, Burlingame,
CA 94010, United States
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.