Electric Motor Market By Motor type (Alternate Current (AC) Motor, Direct Current (DC) Motor), By Component (Rotor, Stator, Bearings, Frame, End-bracket, Others), By Application (Automobile - traction motor, Automobile - non traction motor, HVAC, Medical equipment, Industrial machinery, Household appliances, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global electric motor market was valued at $142,148.3 million in 2020, and is expected to reach $373,910.3 million by 2032, with a CAGR of 9.5% from 2023 to 2032. Electric motor is an electromechanical machinery, which converts electric energy into mechanical rotational energy. An electric motor is used in various applications ranging from small household products such as fans, electric shavers, and washing machines to industrial equipment such as robots and pumps. Motors are primarily classified on the basis of the type of electricity such as AC and DC.
Electric motors have witnessed an increase in demand from industrial and non-industrial sectors owing to their versatile usage. Features of a properly designed electric motor such as high efficiency, high torque, durability, outstanding controllability, and reliability boost its adoption in many industrial applications. In the last few years, the industrial sector has seen a substantial rise, especially in developing countries. Moreover, rise in trend of sustainable development promotes the use of eco-friendly products, which eventually drives demand for energy-efficient motors.
However, the high upfront cost of specialized motors and their high maintenance cost restrain the market growth. Furthermore, a rise in demand for electric motors for robotics and automated robot technologies is anticipated to provide lucrative opportunities for growth of the electric motor market.
The electric motor market is segmented into motor type, component, application, and region. On the basis of motor type, the market is divided into alternate current (AC) motor and direct current (DC) motor. Depending on component, the market is categorized into rotor, stator, bearings, frame, end-bracket, and others. By application, the market is classified into automobile-traction motor, automobile-non traction motor, HVAC, medical equipment, industrial machinery, home appliances, and others.
Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition AnalysisKey companies profiled in the electric motor market report include ABB, Denso Corporation, Emerson Electric Co., Johnson Electric Holdings Limited, Maxon, NIDEC CORPORATION, Regal Rexnord Corporation, Rockwell Automation Inc., Siemens AG, and Arc Systems Inc. The major players that operate in the global market have adopted key strategies such as acquisition, business expansion, product launch, and other strategies to strengthen their market outreach and sustain the stiff competition in the market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric motor market analysis from 2020 to 2032 to identify the prevailing electric motor market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the electric motor market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global electric motor market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ComponentRotor
Stator
Bearings
Frame
End-bracket
Others
By Motor typeAlternate Current (AC) Motor
Direct Current (DC) Motor
By ApplicationAutomobile - traction motor
Automobile - non traction motor
HVAC
Medical equipment
Industrial machinery
Household appliances
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersEmerson Electric Co.
NIDEC CORPORATION
Rockwell Automation Inc.
Siemens AG
ABB
Johnson Electric Holdings Limited
Denso Corporation
Maxon
Regal Rexnord Corporation
Arc Systems Inc.
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