Press release
Electric Motors Market worth $206.4 Billion by 2029
The global Electric Motors Market [https://www.marketsandmarkets.com/Market-Reports/electric-motor-market-alternative-fuel-vehicles-717.html?utm_source=abnewswire.com&utm_medium=PaidPR&utm_campaign=electric-motors] in terms of revenue was estimated to be worth $152.2 billion in 2024 and is poised to reach $206.4 billion by 2029, growing at a CAGR of 6.3% from 2024 to 2029 according to a new report by MarketsandMarkets Trademark . Due to the growing demand for electric motors within the global automotive, manufacturing, and renewable energy sectors, among others, the electric motor market has bloomed forth globally. All these sectors inherit demanding environments for solving problems and improving reliability. From electric vehicles to industrial machinery, consumer electronics to wind turbines, electric motors find applications in many areas. They not only ensure low energy consumption but also increase efficiency and reduce operating costs.
Electric Motors Market is driven mainly by Increasing demand for HVAC systems among residential, commercial, and industrial end-users, growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors.
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Low voltage motors by voltage, is expected to be the second largest Electric Motors Market during the forecast period
The Electric Motor Market can also be segmented, based on voltage, into low voltage motors, medium voltage motors, and high voltage motors. Low voltage motors are expected to be the second largest segment during the forecast period. The cost of operation, installation, and maintenance of those motors is very low. These low-voltage electric motors are being increasingly adopted in process and motor-driven systems due to relatively low setup and maintenance costs and high reliability. These motors are being designed for energy efficiency levels that meet or even exceed the set standards in order to reduce the operational cost of these motors to businesses.
Commercial segment, by end-user, is expected to second largest segment during forecast period
By end user, the Electric Motors Market has been segmented into industrial, commercial, residential, transportation, and agriculture. Commercial segment is expected to be the second largest segment during the forecast period. Increasing infrastructure investment is expected to increase deployment in commercial segments. The major consumers of electric motors include the HVAC systems that are essential not only for comfort but also the air quality in commercial buildings.
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Asia Pacific is expected to be the largest region in the Electric Motors Market during the forecast period
Asia Pacific is expected to be the largest region in the Electric Motors Market during the forecast period. The region's increasing focus on electric motors is due to the Increased investments in the manufacturing and automotive industries. The Asia Pacific region is home to some of the leading electric motors manufacturers such as NIDEC CORPORATION, Hitachi, Ltd, and TECO Electric & Machinery.
Key Players
Some of the major players in the Electric Motors Market are ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
About MarketsandMarkets Trademark :
MarketsandMarkets Trademark has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets Trademark is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore Trademark (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets Trademark .com or follow us on Twitter, LinkedIn and Facebook.
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Mr. Rohan Salgarkar
MarketsandMarkets Trademark INC.
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Contact Person: Mr. Rohan Salgarkar
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