Press release
Electric Motor Market size was valued at USD 129.47 Bn in 2022 and the total revenue is expected to grow at 6.9 percentage through 2023 to 2029
Electric Motor Market
Electric Motor Market size was valued at USD 129.47 Bn in 2022 and the total revenue is expected to grow at 6.9 percentage through 2023 to 2029, reaching nearly USD 206.55 Bn.
Electric Motor Market Overview:
The global electric motor market, valued at $129.47 billion in 2022, is expected to grow at a CAGR of 6.9%, reaching approximately $206.55 billion by 2029. Electric motors, essential across various industries from automotive to industrial machinery, are favored for their reliability, efficiency, and lower operational costs compared to fossil-fuel engines. With applications ranging from residential appliances to electric vehicles and industrial equipment, the market's expansion is driven by the rising demand for energy-efficient solutions and technological advancements that enhance motor performance and reduce environmental impact.
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Drivers in the Electric Motor Market:
The growth of the electric motor market is primarily driven by the increasing demand for energy-efficient motors, especially in the industrial and agricultural sectors, and the rising popularity of electric vehicles (EVs). Government incentives for the adoption of green technologies and heightened consumer awareness of environmental sustainability are further accelerating the shift towards electric motors. Additionally, advancements in motor technology, which reduce energy consumption and improve performance, are significantly contributing to the market's expansion.
Electric Motor Market Trends:
A key trend in the electric motor market is the increasing integration of advanced materials and technologies that enhance motor efficiency and reduce weight. The automotive industry, in particular, is witnessing a surge in the use of synchronous AC motors and brushless DC motors, driven by the growing demand for electric vehicles. Additionally, there is a noticeable shift towards the development of motors with higher power density and reduced noise and vibration levels, catering to both industrial applications and consumer electronics.
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Electric Motor Market Opportunities:
The electric motor market presents significant opportunities, particularly in the context of the global transition towards renewable energy and electric vehicles. The continued development of high-efficiency motors, supported by government incentives for energy conservation, opens up new avenues for market players. The growing demand for smart and connected home appliances, as well as the expansion of electric mobility, particularly in emerging markets, provides a fertile ground for innovation and market penetration.
What is Electric Motor Market Regional Insight?
The Asia Pacific region dominates the global electric motor market, accounting for the largest share in 2022, driven by the rising adoption of energy-efficient motors and the increasing production of electric vehicles. This region's growth is followed by Europe and North America, where strong government support for green technologies and energy efficiency initiatives is fueling market expansion. Additionally, emerging markets in Latin America, the Middle East, and Africa are poised for significant growth, bolstered by increasing infrastructure development and supportive regulatory frameworks.
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Segmentation Analysis of the Electric Motor Market
by Output
Power IHP
FHP
by Type
AC Motor
Synchronous AC Motor
Induction AC Motor
DC Motor
Brushed DC Motor
Brushless DC Motor
Hermetic Motor
by Application
Industrial Machinery
Motor Vehicle
HVAC Equipment
Aerospace & Transportation
Household Appliances
by Voltage Range
9V & below
10V-20V
21V-60V
60V
by Speed
Low Speed
Medium Speed High Speed
Ultra-High Speed
Who is the largest manufacturers of Electric Motor Market worldwide?
1. Johnson Electric Holdings Ltd.
2. Baldor Electric Company, Inc.
3. Ametek, Inc.
4. Siemens AG
5. Brook Crompton UK Ltd.
6. Danaher Motion LLC
7. Allied Motion Technologies Inc.
8. Franklin Electric Co., Inc.
9. ABB Group
10. ARC Systems Inc.
11. ASMO Co., Ltd.
12. Dr. Fritz Faulhaber GmbH
13. Emerson Electric
14. Maxon Motor AG
15. Regal Beloit Corporation
16. Rockwell Automation Inc.
17. Nidec Corporation
18. Wolong
19. WEG
20. Mitsubishi Electric Corporation
21. Mitsuba Corporation
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Key Offerings:
Past Market Size and Competitive Landscape
Electric Motor Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Electric Motor Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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