Electric Motors Market Revenue Share, Segmental Analysis, Top Key Players, Forecast By 2031

Electric Motors Market Overview:

The study documents by MRFR state that the Electric Motors Market Research Report Information by Voltage, Type, End Users, Output Power, and Region - Forecast Till 2031, the Electric Motors market is predicted to expand substantially during the evaluation era from 2022 to 2031 at a sizable CAGR of closely 5.32%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 214.96 billion by the end of 2031. As per the reports, the market was priced at almost USD 135.61 billion in 2022.

The electric motor market is divided into two main types of motors: AC motors and DC motors. AC motors are the most common type of electric motor, and they are used in a wide variety of applications, from household appliances to industrial machinery. DC motors are less common, but they are used in applications where variable speed control is important, such as in electric vehicles.

The Electric Motors market has recently advanced. The main feature causing a rise in market performance is the growing demand for enhanced and energy-efficient electric boat motors across the globe. Furthermore, the rapidly expanding HVAC industry is also considered to be one of the vital parameters enhancing the performance of the global market.

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Competitive Analysis

ABB Ltd (Switzerland)
Ametek, Inc. (U.S.)
Siemens AG (Germany)
Robert Bosch GmbH (Germany)
General Electric (U.S.)
Emerson Electric Co. (U.S.)
Nidec Motor Corporation (Japan)
Hitachi, Ltd. (Japan)
Denso Corporation (Japan)
Johnson Electric Holdings Limited (China)
Allied Motion Technologies Inc. (U.S.)
WEG S.A. (Brazil)
Rockwell Automation, Inc. (U.S.)
Toshiba Corporation (Japan)
ARC Systems, Inc. (U.S.)
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Market Drivers

The Electric Motors market has recently advanced. The main feature causing a rise in market performance is the growing demand for enhanced and energy-efficient electric boat motors across the globe.

Furthermore, the rapidly expanding HVAC industry is also considered to be one of the vital parameters enhancing the performance of the global market. In addition, the fast-rising adoption of air conditioning systems is also likely to have a positive impact on the development of the global market over the coming years.

Market Restraints

On the contrary, various aspects may harm expanding the global market for Electric Motors. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.

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Segment Analysis

The global market for electric motors has been segregated into numerous segments based on output power, voltage, output power, end-users, and region.

Based on the voltage, the global market for electric motors is divided into Above 6.6 kV, 1kV-6.6kV, and up to 1 kV.

Based on the Output Power, the global market for electric motors is divided into Above 1 H.P. and up to 1 H.P.

Based on the end-users, the global market for electric motors is divided into agriculture, industrial, commercial, residential, and transportation.

Regional Analysis

The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.

The study documents by MRFR entail that The Asia-Pacific Region ensured the prime position across the Electric Motors market in 2022. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Electric Motors market is the rapid expansion of the industrial sector. Furthermore, the continuous growth in sectors such as fertilizer, chemical, automotive, and petrochemical industries is also anticipated to present enormous potential opportunities for the electric motor players.

The North American region is estimated to grow at the highest pace across the Electric Motors market over the assessment era. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Electric Motors market is the region's growth in industrialization. Furthermore, the technological advancements in the electric motors segment are also likely to have a positive impact on the growth of the regional market over the coming years.

The European Region will grow substantially across the Electric Motors market from 2023 to 2032. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Electric Motors market is the rising demand from the end-user sector. Furthermore, the growing adoption of electric motors in the HVAC industry across the region is also likely to have a positive influence on the development of the regional industry.

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