The global electric motor market is experiencing robust growth, driven by a combination of technological advancements, increased demand for electric vehicles (EVs), and the proliferation of industrial automation. Electric motors, an essential part of these cars, are in greater demand as a result of the increase in EV production. Further driving the market's expansion are developments in motor technology that are improving the performance and dependability of electric motors, such as the creation of high-efficiency motors and the incorporation of IoT for predictive maintenance. Automation and smart manufacturing are two more important trends in the industrial sector. Many automated systems and pieces of equipment rely on electric motors for their power. Modern electric motors are in high demand due to the need for smart factories with automated gear that is linked and efficient. Industries are also being prompted to replace outdated, inefficient motors with new, energy-efficient units due to strict laws pertaining to energy efficiency. The market for electric motors is dominated regionally by Asia-Pacific, mainly because of the existence of significant manufacturing centres. Market expansion is greatly aided by the region's robust industrial base as well as rising investments in infrastructure and renewable energy initiatives. Important markets that are being driven by technical advancements, the uptake of electric vehicles, and renewable energy sources are North America and Europe. All things considered, the global market for electric motors is expected to increase significantly over the next several years due to the development of technology, the drive towards energy efficiency, the increasing popularity of electric vehicles, and industrial automation. The wide variety of applications and motor types available in the global electric motor market, such as AC, DC, and hermetic motors, are its defining features. The market is dominated by AC motors, especially synchronous and induction motors since they are widely used in home appliances and industrial applications. Due to their efficiency and dependability, DC motors—including brushless DC motors—are becoming more and more popular, particularly in the automobile industry. According to the research report, “Global Electric Motor Market Research Report, 2029” published by Actual Market Research, the market is anticipated to cross USD 12 Billion by 2029, increasing from USD 223 Billion in 2023. Multiple significant trends and directions are influencing the evolution of the electric motor market as it expands globally. One notable development is the growing incorporation of cutting-edge technology into electric motor systems, such as artificial intelligence (AI) and the Internet of Things (IoT). These technological advancements allow for the development of smart motor systems that provide improved control, real-time monitoring, and predictive maintenance. These intelligent motors can increase productivity, decrease downtime, and lengthen the life of equipment by employing sensors and networking, which is very advantageous for industrial uses and smart manufacturing. The creation and use of high-efficiency motors is a key additional direction. There is a significant push for motors that use less power while still performing better since energy efficiency is becoming a crucial concern for all businesses. In industries including HVAC, automotive, and industrial machinery, efficient motors can result in significant cost savings and a decreased environmental impact. Furthermore, there is a trend in the market towards lighter and more compact motor designs, especially in the electric vehicle (EV) industry. Smaller, lighter, and more efficient motors are becoming more and more in demand as EV manufacturers work to increase vehicle performance and range. These next-generation motors are being developed thanks to advancements in design and materials, like the use of permanent magnets and sophisticated winding methods. The market's growth trajectory is significantly influenced by the renewable energy industry. Electric motors that are dependable and efficient are required for a range of applications, including solar tracking systems and turbine operations, due to the growing installation of wind and solar power systems. The need for electric motors in this industry is anticipated to increase dramatically as the emphasis on clean energy solutions becomes more widespread globally. Moreover, the growth route is being shaped by regional market dynamics. Asia-Pacific is still a significant region because of its strong industrial base and vigorous drive towards electrification and renewable energy. Advanced electric motor adoption is being driven by strict energy efficiency laws and technology innovation in North America and Europe.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleMarket Drivers • Increasing Adoption of Electric Vehicles (EVs): The shift towards electric mobility is a major driver of the electric motor market. Governments worldwide are implementing policies and providing incentives to reduce carbon emissions, which are accelerating the adoption of EVs. As a result, the demand for efficient and high-performance electric motors, essential for EV powertrains, is rising significantly. • Industrial Automation: The trend towards automation and smart manufacturing (Industry 4.0) is driving the need for advanced electric motors. These motors are crucial for powering automated systems, robotics, and machinery in smart factories, leading to improved efficiency and productivity. Market Challenges • High Initial Costs: Advanced electric motors, particularly those incorporating the latest technologies and high-efficiency designs, often come with a high upfront cost. These costs can be prohibitive for small and medium-sized enterprises (SMEs) and industries with limited capital budgets. The high initial investment required can slow down the adoption rate of new and more efficient motors, especially in cost-sensitive markets. • Maintenance Complexities and Costs: While electric motors are known for their reliability and efficiency, they still require regular maintenance to ensure optimal performance and longevity. Advanced electric motor systems, especially those integrated with IoT and AI technologies, may require specialized maintenance skills and tools. This can lead to increased operational costs and complexity, posing a challenge for industries that lack the necessary technical expertise and resources. Market Trends • Increasing Adoption of Smart Motors: Smart motors equipped with IoT and AI technologies are becoming increasingly prevalent in the electric motor market. These motors offer advanced features such as real-time monitoring, predictive maintenance, and enhanced control capabilities. By using sensors and connectivity, smart motors can optimize performance, reduce downtime, and improve overall operational efficiency. This trend is particularly significant in industrial automation and manufacturing, where the demand for intelligent and connected systems is high. • Advancements in Energy-Efficient Technologies: There is a strong push towards the development and adoption of high-efficiency electric motors. Advances in motor design and materials, such as the use of permanent magnets and improved winding techniques, are leading to motors that consume less power and offer better performance. These energy-efficient motors are gaining traction across various sectors, including HVAC, industrial machinery, and household appliances, driven by the need to reduce energy consumption and comply with stringent energy efficiency regulations. Hermetic motors represent a specialized segment within the broader electric motor market, distinguished by their unique design and application characteristics. A crucial procedure for companies in the electric motor sector is segmentation analysis by motor type, with an emphasis on hermetic motors in particular. The sealed design of these motors inhibits the entry of impurities, rendering them perfect for applications where exposure to dust, moisture, or gases poses a risk. Industrial operations, medical equipment, HVAC systems, refrigeration units, and other sectors are among the many industries in which hermetic motors are used extensively. Compressors in HVAC systems are run by hermetic motors, which guarantee effective climate control and cooling in commercial, industrial, and residential environments. The preservation of perishable items and maintenance of ideal temperatures are also critical functions of hermetic motors in refrigeration units. Hermetic motors are also crucial parts of pharmaceutical and medical equipment, where sterility is crucial for the safety and caliber of the product. Hermetic motor segmentation analysis requires knowledge of the unique requirements, inclinations, and difficulties of this market sector. Important factors to take into account are motor size, power output, efficiency ratings, and sealing technologies. Key market trends, consumer preferences, and competition dynamics within the hermetic motor segment can all be found through market research and data analysis. Businesses may successfully target and service customers in this niche market by segmenting the market based on criteria like industry verticals, application needs, or geographic locations. This allows them to customise their product offers, marketing tactics, and sales activities. Businesses can evaluate consumer demand, spot expansion prospects, and strategically deploy resources by using segmentation analysis by motor type. By adopting hermetic motors, it helps businesses to create specialised goods and solutions that cater to the particular needs of clients. Furthermore, segmentation research makes it easier for companies to differentiate themselves from the competition and position themselves in the electric motor market. In order to optimise market share, profitability, and customer happiness in this niche of the electric motor industry, businesses must do a comprehensive segmentation analysis of hermetic motors. Motors with a voltage rating above 6.6 kV are commonly employed in heavy-duty applications that demand robust performance, reliability, and efficiency. Voltage-based segmentation analysis offers important insights into a particular subgroup of the electric motor market, with a focus on motors with voltage ratings exceeding 6.6 kV. Higher voltage motor ratings are commonly found in industrial settings where substantial power demands are required, including large-scale manufacturing, mining, oil and gas exploration, and utility infrastructure. Businesses can customise their goods and services to match the unique requirements of clients who work in high-voltage environments by having a thorough understanding of this market sector. These motors are made to endure the rigours of continuous operation in challenging industrial environments, where exposure to dust, vibration, and temperature swings can all have an impact on motor performance. Businesses that use voltage-based segmentation analysis can learn more about the unique needs and preferences of their consumers who use motors with higher voltage ratings. In this section, variables including cooling techniques, motor size, power output, and insulation levels become crucial factors to take into account. Companies can create focused marketing strategies and product offerings by using market research and data analysis to uncover trends, demand patterns, and competitive dynamics within the above 6.6 kV motor segment. Moreover, resource allocation and strategic decision-making are facilitated by voltage segmentation analysis. Businesses can give priority to R&D in order to invent and enhance motor designs that are suited to the particular needs of high-voltage applications. Voltage-based segmentation research offers useful insights into a particular market niche for electric motors, helping companies better understand their target market, develop innovative products, and take advantage of expansion prospects in the industrial sector. Companies can improve their competitiveness and long-term success in the market by concentrating on motors with voltage ratings exceeding 6.6 kV and establishing themselves as reliable suppliers of high-performance motor solutions for crucial industrial applications. Motors used in industrial machinery are characterized by their durability, reliability, and efficiency, as they are often subjected to demanding operating conditions and continuous use. An application-specific segmentation analysis, with a special emphasis on industrial machinery, provides insightful information about a sizeable portion of the electric motor industry. A vast array of tools and systems utilised in the production, processing, and manufacturing of commodities for use in the automotive, aerospace, construction, and consumer goods industries are together referred to as industrial machinery. Businesses may customise their electric motor solutions to satisfy the various demands and specifications of industrial machinery makers and end users by having a thorough understanding of this market. Industrial machinery, including those used in material handling, machining, assembly, packaging, and conveyor systems, is powered in large part by electric motors. Servo motors, stepper motors, AC motors, and DC motors are some of the different varieties of these motors that are available, each with a distinct purpose and set of performance standards. Businesses can determine the particular difficulties, requirements for performance, and specifications related to electric motors used in industrial machinery by using segmentation analysis by application. In this category, variables including motor size, power output, speed control capabilities, and environmental factors become crucial factors to take into account. In the industrial machinery application area, market research and data analysis help identify trends, demand patterns, and technical breakthroughs that enable businesses to provide customized solutions that meet changing client needs. Projects for product development, consumer interaction, and focused marketing are made easier with the help of application-specific segmentation analysis. By giving manufacturers and end users specialised products, technical support, and value-added services, companies can establish themselves as authorities in the field of electric motor solutions for industrial machinery applications. Understanding the unique needs of industrial machinery applications helps companies stand out from the competition and forge closer bonds with clients that foster enduring partnerships and customer loyalty.
the growing adoption of electric vehicles (EVs) is fueling demand for electric motor systems, particularly in the automotive sector. The use of regional analysis to the electric motor industry yields significant insights into global market opportunities, demand dynamics, and geographic trends. Businesses can adjust their tactics, offerings, and services to suit the unique requirements and tastes of consumers in each market by taking into account regional variances. North America is a developed market for electric motors, distinguished by high degrees of industrialization, rapid technological development, and strict regulatory frameworks. The region places a high priority on sustainability and energy efficiency, which is fueling demand for high-efficiency electric motors across a range of businesses. Driven by strict energy efficiency requirements, environmental sustainability measures, and a strong emphasis on renewable energy, Europe is a leading market for electric motors. The area is home to a number of well-known suppliers and manufacturers of electric motors and has a strong manufacturing base. Due to the region's quick industrialization, urbanisation, and infrastructure development, the market for electric motors in Asia-Pacific is expanding quickly. With their robust manufacturing capacities and investments in renewable energy and electric mobility, China, Japan, and South Korea are significant players in the market. Growing industrialization, increasing urbanisation, and rising infrastructure project investments characterised Latin America, an emerging market for electric motors. Electric motor systems are being adopted in a variety of applications due to the region's emphasis on environmental sustainability and energy efficiency. The development of infrastructure, urbanisation, and investments in renewable energy projects are propelling the electric motor industry in the Middle East and Africa area. Electric motor providers and manufacturers have a lot of chances because of the region's abundance of renewable energy supplies, especially solar and wind power.
• In August 2023, WEG expanded its operation to the market of Eastern Europe and Southwest Asia by opening a new office in Dilovas, Kocaeli, Turkey. The 7,000 m2 area is used to provide technical support to customers and assemble products. The move offers a shorter time to market not only assemble products. The move offers a shorter time to market not only for the local area but also for the surrounding countries. • In May 2023, ABB India announced that it is expanding its production with a new line produces frequency converters from 75 kW to 250 kW and serves all major industrial segments. ABB variable frequency drives control the speed of electric motor to match actual process requirements and improve energy efficiency and effectiveness in all industrial applications. • In February 2021, German propulsion manufacturer Schottel won a contract for supplying main propulsion units to Vancouver-based company western Pacific Maritime (WPM). The order for the new sea ferry vessel is being placed by the British Columbia Ministry of Transport and Infrastructure. It will be fitted with four high-efficiency Schottel Twin Propellers STP 150 L of 360kW each. These propellers will be powered by a permanent magnet motor (PEM). Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Electric Motor market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Motor Type • AC Motor • DC Motor • Hermetic Motors By Voltage • Up to 1 kV • 1 kV-6.6 kV • Above 6.6 kV By Application • Motor Vehicles • Industrial Machinery • HVAC Equipment • Electrical Appliances • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Electric Motor industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
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