Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Electric Motors Market Size Expected to Grow from USD 148.8 Billion in 2023 to USD 273.2 Billion by 2033, at a CAGR of 6.26% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Electric Motors Market Size, Share, and COVID-19 Impact Analysis, By Voltage (Less Than 1 KV, Between 1 KV - 6 KV and Higher Than 6 KV), By Application (Residential, Commercial, Industrial, and Automotive), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
The electric motors market is a worldwide business engaged in the manufacturing, distribution, and innovation of electric motors that transform electrical energy into mechanical energy. The motors find extensive applications across industrial, commercial, automobile, and consumer applications such as manufacturing equipment, air conditioning and heating devices, electric vehicles (EVs), and domestic appliances. Moreover, the electric motors market is driven by the growing use of electric vehicles (EVs), growing demand for energy-saving motors, and growth in industrial automation and robotics. Development of renewable energy projects, government policies encouraging green solutions, and advances in HVAC systems and intelligent appliances further stimulate demand. Furthermore, the growth of smart factories and IoT-integrated motor technologies fast-track market growth. However, the electric motors market is challenged by restraints including high up-front expenses, supply chain disturbances, raw material cost volatility, intricate motor design specifications, and difficulties in retrofitting advanced motor technologies into established systems.
The less than 1 KV segment accounted for the largest share of the global electric motors market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of voltage, the global electric motors market is divided into less than 1 KV, between 1 KV - 6 KV and higher than 6 KV. Among these, the less than 1 KV segment accounted for the largest share of the global electric motors market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is driven by its widespread application in domestic appliances, automotive usage (EVs), industrial equipment, and air conditioning systems. These are favoured for their energy efficiency, size, and universal use in low-power applications in different industries.
The industrial segment accounted for a substantial share of the global electric motors market in 2023 and is anticipated to grow at a rapid pace during the projected period.
On the basis of the application, the global electric motors market is divided into residential, commercial, industrial, and automotive. Among these, the industrial segment accounted for a substantial share of the global electric motors market in 2023 and is anticipated to grow at a rapid pace during the projected period. This is led by growing adoption in manufacturing, automation, robotics, and heavy machinery. Increasing demand for energy-efficient motors, combined with innovation in industrial automation and smart factories, drives growth, making this segment a market leader.
Asia Pacific is projected to hold the largest share of the global electric motors market over the projected period.
Asia Pacific is projected to hold the largest share of the global electric motors market over the projected period. This is propelled by accelerating industrialization, urbanization, and infrastructure expansion in nations such as China, India, and Japan. The region's supremacy is powered by strong demand for electric vehicles (EVs), a robust manufacturing base, and rising investments in automation, renewable energy, and consumer durables, making it a prime growth center.
Europe is expected to grow at the fastest CAGR growth of the global electric motors market during the projected period. This is powered by robust growth in the automotive sector, especially in electric vehicles (EVs), and stringent energy efficiency standards. Industrial automation, renewable energy usage, and intelligent manufacturing are areas of emphasis in the region, further increasing demand. Germany, France, and the UK are among the countries driving market growth.
Company Profiling
Major vendors in the global electric motors market are ABB Ltd., Siemens AG, AMETEK Inc., Nidec Corporation, Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Rockwell Automation, TECO-Westinghouse Motor Company, Toshiba Corp., WEG SA, Hitachi Ltd. And Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global electric motors market based on the below-mentioned segments:
Global Electric Motors Market, By Voltage
Global Electric Motors Market, By Application
Global Electric Motors Market, By Regional
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