Electric Motors Market Report 2023-2028
The new report by Expert Market Research titled, ‘Global Electric Motors Market Share, Size, Price, Trends, Growth, Report and Forecast 2022-2028’, gives an in-depth analysis of the global electric motors market, assessing the market based on its segments like types, power outputs, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Electric Motors Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 109.1 Billion
- Forecast CAGR (2023-2028): 5.9%
- Forecast Market Size (2028): USD 153.6 Billion
The increasing application of electrical motor in the agriculture sector, to drive barn machinery, chaffcutters, root cutters, grain crushers, and water pump, among others, is driving the market growth. Meanwhile, electric motors increase the efficiency of airflow systems, and maximise the power of HVAC systems. In this regard, the increasing demand for HVAC systems of the residential and commercial sector is anticipated to provide impetus to the market in the forecast period.
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In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the thriving agriculture industry in India and China, which is attributable to the large population base in the countries.
Electric Motors Industry Definition and Major Segments
Electric motor is defined as an electrical equipment which converts electrical energy into mechanical energy. In this equipment, magnetic field of the motor interacts with the electric current present in the wire winding, to produce an electromagnetic phenomenon. The moving component of the device is known as motor, and the stationary part is known as a stator.
On the basis of type, the market can be segmented into:
- AC Motors
- Synchronous AC Motors
- Induction AC Motors
- DC Motors
- Brushed DC Motors
- Brushless DC Motors
- Hermetic Motors
The market can be bifurcated on the basis of power output into:
- Integral HP Output
- Fractional HP Output
Based on application, the market can be segmented into:
- Industrial
- Low Power (less than 1KW)
- Medium Power (1 KW to 100 KW)
- High Power (More than 100 KW)
- Residential and commercial
- HVAC
- Home Appliances
- Others
- E-Mobility
- 2 and 3 Wheelers
- Light Vehicle (Passenger Vehicle)
- Commercial Vehicle (Light and Medium Commercial)
- Heavy Truck (Heavy Commercial)
- Marine
- Train
- Aerospace
- Others
- Others
The regional markets for electric motors include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Electric Motors Market Trends
The key trends in the electric motors market include the technological advancements and progressive product innovations in the electronics and electrical industry. This includes the development of high-end water pump and electrical machinery, which are widely adopted in the industrial and commercial sector.
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Over the forecast period, the increasing investments in the automotive industry aimed towards boosting the production of electric vehicles are anticipated to be the crucial trends propelling the demand for electric motors. Moreover, the growing R&D activities by the major market players aimed towards manufacturing inexpensive and high-quality electric motors are likely to provide lucrative opportunities to the market in the coming years.
Key Market Players
The major players in the electric motors market report are:
- ABB Ltd
- Allied Motion Technologies Inc
- Ametek Inc
- General Electric
- Johnson Electric Holdings Limited
- Rockwell Automation, Inc.
- Siemens AG
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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