Press release
Electric Motors Market Overall Study Report 2024-2031: Statistical Forecast, Opportunities and Trends
However, market expansion may face challenges due to fluctuating raw material prices and the current limitations of battery technology.
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Key Market Drivers and Opportunities
The electric motors market is poised to benefit from advancements in motor technology and the expanding role of electric motors in robotics and automation. These innovations present significant growth opportunities for market players. Conversely, challenges such as component shortages, supply chain disruptions, and high maintenance costs could impede market progress.
Key Market Players
Leading players in the global electric motors market include ABB Ltd. (Switzerland), Schneider Electric SE (France), Siemens AG (Germany), Rockwell Automation Inc. (U.S.), Allied Motion Technologies, Inc. (U.S.), AMETEK Inc. (U.S.), Johnson Electric Holdings Limited (Hong Kong), Nidec Motor Corporation (Japan), Franklin Electric Co., Inc. (U.S.), Regal Rexnord Corporation (U.S.), and others.
Geographical Insights
Asia-Pacific is expected to hold the largest market share of approximately 47% in 2024. The region's growth is driven by significant investments in industrialization and advancements in the agricultural sector, particularly in countries like China, India, South Korea, and Australia. The burgeoning electric vehicle (EV) market in China and Japan, coupled with the presence of major OEMs, further bolsters the region's market prospects.
In addition to leading the market, Asia-Pacific is projected to register the highest CAGR of around 8.5% during the forecast period, spurred by increasing EV adoption and ongoing investments in electric motor development.
Market Segmentation
The global electric motors market is comprehensively segmented by type, power output, and end-user industry:
By Type: The market is categorized into AC motors and DC motors. AC motors, which include synchronous motors, induction motors, universal motors, and others, are expected to dominate, accounting for approximately 66% of the market by 2024. This dominance is attributed to the rising adoption of automation across industries like manufacturing, automotive, and robotics. AC motors are essential in automated systems, driving conveyor belts, pumps, and HVAC systems, where they provide precise control over airflow and temperature. Technological advancements have further enhanced their efficiency and reliability.
On the other hand, the DC motors segment, including brushed, brushless, and stepper motors, is anticipated to witness the highest CAGR of around 9% during the forecast period. The growing preference for brushless DC motors, known for their superior efficiency and low maintenance costs, is a significant factor contributing to this growth.
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By Power Output: The market is segmented into fractional horsepower motors (up to 1 HP), integral horsepower motors (1 HP to 400 HP), and large horsepower motors (over 400 HP). Fractional horsepower motors are expected to account for the largest share of approximately 85% by 2024, driven by their widespread use in automation and industrial applications. These motors are crucial for powering various industrial processes, including HVAC systems and auxiliary functions in electric vehicles.
By End User: The market is segmented into industrial, commercial, residential, transportation, agriculture, and other sectors. The industrial sector is expected to lead with a market share of around 32% by 2024, due to the increasing demand for precise control and reliability in automated industrial processes. Electric motors are favored in industrial settings for their high starting torque and ability to operate under fluctuating electric currents.
Recent Industry Developments
In October 2023, Toshiba Electronic Devices & Storage Corporation (Japan) introduced two 600V small intelligent power devices (IPDs) for brushless DC motor applications, targeting markets such as air conditioning, air cleaning, and pumping systems.
In April 2022, AMETEK Haydon Kerk Pittman (HKP) expanded its IDEA Motor series with the launch of the 57mm EC057B brushless DC motor, enhancing the series' integration and programmability for real-time, single-axis motion control.
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Market Insights
Overview
Factors Affecting Market Growth
Drivers
Increase in Demand for Energy-efficient Electric Motors
Growing Demand for Electric Motors in Manufacturing Industries
Increased Sales of Consumer Electronics and Appliances in Developing Countries
Increasing demand for HVAC systems among End Users
Restraints
Fluctuating prices of raw materials
Limited Range of Battery Technology
Opportunities
Advancements in Motor Technology
Progressive Significance of Electric Motors in Robotics & Automation
Challenges
Shortage of Components and Supply Chain Issues
High Maintenance Cost
Case Studies
Value Chain Analysis
Porter's Five Forces Analysis
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