Press release
Analysis of Market Segments and Major Growth Areas in the Electric Motors Industry
Electric Motors Market
Projected Expansion and Market Size of the Electric Motors Industry
Forecasts suggest that the electric motors market will reach a value of $122.52 billion by 2030, expanding at a compound annual growth rate (CAGR) of 3.7%. This steady upward trend is being propelled by the increasing adoption of electric vehicles, the push for energy-efficient motor designs, rapid growth in smart manufacturing technologies, and broader use of renewable energy sources. Additionally, innovations such as motor automation are playing a significant role in strengthening the market outlook. Key developments expected to influence the sector include advancements in high-efficiency motor designs, low-maintenance solutions, miniaturization, noise and vibration control, as well as improvements in thermal management and cooling systems.
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Key Forces Steering Growth in the Electric Motors Market
One of the primary drivers behind the market growth is the global shift towards electric vehicles, which rely heavily on powerful and reliable electric motors to improve performance and reduce emissions. This transition is encouraging manufacturers to develop motors that offer greater efficiency and longer lifespans.
Another important factor fueling expansion is the rising demand for energy-saving motors across various industrial and commercial applications. As companies aim to reduce operational costs and meet environmental standards, the preference for energy-efficient motors continues to grow, creating fresh opportunities for market players.
Leading Companies Shaping the Electric Motors Industry Landscape
The electric motors market features several prominent players who dominate the industry with their extensive product portfolios and global reach. These 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, and Kirloskar Electric Company Limited.
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Significant Industry Moves and Strategic Acquisitions
In September 2024, WEG Industries, a Brazilian company specializing in motors and generators, completed the acquisition of Volt Electric Motors, a Turkish manufacturer of industrial and commercial electric motors. Although the financial details were not disclosed, this strategic purchase is expected to strengthen WEG's presence in key regions, especially due to Volt's Izmir factory, which offers excellent logistical advantages with access to major ports. This deal is anticipated to support WEG's growth plans in the industrial motors segment, pending regulatory approval.
Emerging Trends and Innovations Driving the Electric Motors Market
Leading market players are focusing on developing cutting-edge electric motors and controllers to enhance electric vehicle capabilities. New series such as the RM14530, RM16070, and RM16045 are designed to improve EV performance, extend driving range, and increase overall efficiency.
Electric motors convert electrical energy into mechanical power, which drives various systems including EVs, household appliances, and industrial equipment. Controllers play a crucial role in optimizing motor operation by managing speed, torque, and power delivery, thereby boosting efficiency and reliability. For example, in February 2024, Attron Automotive, an Indian company specializing in advanced EV motors and controllers, unveiled its latest products at the Bharat Mobility Expo 2024. Their RM series motors and CTR072500 controller incorporate high-efficiency integrated IPM PMSM technology, aiming to improve EV acceleration and range while lowering costs and supporting sustainability.
Comprehensive Segmentation of the Global Electric Motors Market
The electric motors market is categorized based on several factors to cover all aspects of the industry:
1) By Type: Alternating Current (AC) Motor, Direct Current (DC) Motor, and Hermetic Motor
2) By Output Power: Integral Horsepower (IHP) and Fractional Horsepower (FHP)
3) By Application: Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace and Transportation, Household Appliances, and Other Commercial Uses.
Detailed subcategories include:
- AC Motors: Synchronous AC Motors, Asynchronous (Induction) AC Motors, Single-Phase AC Motors, Three-Phase AC Motors
- DC Motors: Brushed DC Motors, Brushless DC Motors (BLDC), Shunt DC Motors, Series DC Motors, Compound DC Motors
- Hermetic Motors: Hermetically Sealed Compressor Motors and Hermetically Sealed Refrigeration Motors.
With this detailed breakdown, the report offers a thorough perspective on the electric motors market's structure and the diverse applications driving its growth worldwide.
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