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Global Electric Motors Market Comprehensive Study: Forecasted Market Size And Growth Rate | Asea Brown Boveri (ABB) Ltd., ARC Systems Inc, Asmo Co. Ltd., Brook Crompton UK Ltd., Emerson Electric Co., Regal Beloit Corporation, Rockwell Automation Inc., Sie
Electric Motors Market
The Business Research Company offers in-depth market insights through Electric Motors Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The electric motors market size has grown steadily in recent years. It will grow from $103.21 billion in 2023 to $107.6 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to industrial revolution, electrification of industries, transportation and automotive industry, consumer appliances and home automation.
The electric motors market size is expected to see steady growth in the next few years. It will grow to $124.35 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to electrification of transportation, industrial automation, renewable energy, energy efficiency regulation, iot and smart systems. Major trends in the forecast period include high-efficiency motors, miniaturization, sensor integration, sustainable materials, customization and modular design.
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Market Segmentation:
The main types of electric motors are alternate current (AC) motor, direct current (DC) motor, and hermetic motor. A hermetic motor contains both the compressor and the motor within a single outer welded steel shell. The motor and compressor are connected directly on the same shaft, with the motor located within the refrigeration circuit. As a result, the need for a shaft seal and the resulting refrigerant leakage problem was eliminated. Welding or brazing is used to connect all refrigerant pipelines to the outer steel shell. The voltage of an electric motor ranges from 9v and below, 10-20 v, 21-60 v, 60 v, and above, and various output power are integral horsepower (IHP) and fractional horsepower (FHP). The different speeds of the electric motor are low-speed (less than 1,000 rpm), medium-speed (1,001 to 25,000 rpm), high-speed (25,001 to 75,000 rpm), ultra-high-speed (greater than 75,001 rpm) that are used for industrial machinery, motor vehicle, HVAC equipment, aerospace and transportation, household appliances, other commercial applications.
Major Driver - Surge In Electric Vehicle Sales Fuels Growth In The Electric Motors Market
An increase in the sale of electric vehicles is expected to propel the growth of the electric motors market. An electric vehicle (EV) is a vehicle that is entirely or partially powered by electricity. The growing popularity of electric vehicles drives the demand for electric to drive the wheels. For instance, in May 2023, according to the International Energy Agency (IEA), a France-based independent intergovernmental organization, there were 10 million electric vehicles sold in 2022, and the number of electric vehicles sold increased to 14 million in 2023. Therefore, the growing demand for electric vehicles (EVs) is driving the growth of the electric motors market going forward.
Competitive Landscape:
Major companies operating in the electric motors market include Asea Brown Boveri (ABB) Ltd., ARC Systems Inc, Asmo Co. Ltd., Brook Crompton UK Ltd., Emerson Electric Co., Regal Beloit Corporation, Rockwell Automation Inc., Siemens AG, Ametek Inc., Baldor Electric Company Inc., Allied Motion Technologies Inc., Franklin Electric Co. Inc., Johnson Electric Holdings Limited, Robert Bosch GmbH, Denso Corporation, Toshiba International Corporation, General Electric Company, Nidec Corporation, WEG S.A., Hitachi Ltd., Hyosung Corporation, Danaher Corporation, Teco Electric Machinery & Co., Dr. Fritz Faulhaber GmbH Co. KG, Maxon Motor AG, Mitsubishi Electric, Panasonic, Shandong, Bulher Motor Gmbh, BorgWarner Inc, Continental AG, Schneider Electric SE, Sumitomo Heavy Industries Ltd., Yaskawa Electric Corporation, Zhejiang Founder Motor Co. Ltd., Marathon Electric, Kirloskar Electric Company Limited
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Top Trend - Rise Of IOT-Enabled Smart Motors In The Electric Motors Market
Motor manufacturing companies are increasingly manufacturing IoT-enabled smart motors. These motors are equipped with sensors that monitor and track the motor's health and performance. Sensors are connected to a control database that continuously collects data, and uses artificial intelligence (AI) to learn normal behavior and sends an alert upon detecting any deviation from normal behavior. Smart motors offer several benefits such as increased lifespan of equipment and improved safety.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Motors Market Characteristics
3. Electric Motors Market Trends And Strategies
4. Electric Motors Market - Macro Economic Scenario
5. Electric Motors Market Size And Growth
…..
27. Electric Motors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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