Global Electric Motors Market Report and Forecast 2024-2032

Global Electric Motors Market Report and Forecast 2024-2032

Global Electric Motors Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global electric motors market is projected to grow at a CAGR of 5.9% between 2024 and 2032. Aided by the escalating shift towards electrification and the burgeoning applications of electric motors in various sectors, the market is expected to grow significantly by 2032.

Electric motors are machines that convert electrical energy into mechanical energy, facilitating motion in various appliances and industrial equipment. They're omnipresent, being fundamental in sectors ranging from household appliances to industrial machinery. The unique trait of electric motors is their ability to be energy efficient, provide substantial torque, and work seamlessly across various applications, thereby becoming an indispensable part of modern machinery and appliances.

The surging global emphasis on sustainability is primarily fuelling the electric motors market growth. With climate change at the forefront of global discourse, there's a pronounced move away from fossil fuels, positioning electric motors as vital in the transition to cleaner energy alternatives. Vehicles, being chief contributors to global emissions, are undergoing an electric transformation, and electric motors are at the heart of this vehicular evolution.

The multiplicity of applications for electric motors in diverse sectors significantly bolsters the electric motors market demand. In the industrial realm, they drive machinery in manufacturing units, playing a crucial role in production processes. The household sector sees electric motors in appliances like washing machines, refrigerators, and air conditioners. Furthermore, with the rise of automated technologies and robotics, electric motors, especially those of higher precision and compact design, are witnessing an upsurge in demand.

Moreover, the advent of Industry 4.0 has brought about a paradigm shift in manufacturing and industrial operations. Smart factories require integrated and interconnected machinery, and electric motors, especially those with IoT capabilities, are rising to this challenge. Such motors can be monitored remotely for performance, wear and tear, and efficiency, thereby significantly reducing downtime and increasing operational productivity.

Additionally, the growth of the renewable energy sector, especially wind power, has spotlighted the importance of electric motors. Wind turbines utilise these motors to generate electricity, and with the growing emphasis on clean energy, the demand in this sector is poised for a substantial uptick.

Regionally, Asia Pacific accounts for a significant portion of the electric motors market share, bolstered by rapid industrialisation and the widespread adoption of electric vehicles, especially in countries like China and India. North America and Europe follow suit, driven by stringent emission norms and a robust manufacturing sector.

Market Segmentation

The market can be divided based on type, power output, application, and region.

Market Breakup by Type

• AC Motors

-Synchronous AC Motors

-Induction AC Motors

• DC Motors

-Brushed DC Motors

-Brushless DC Motors

• Hermetic Motors

Market Breakup by Power Output

• Integral HP Output
• Fractional HP Output

Market Breakup by Application

• 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

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric motors market. Some of the major players explored in the report by Expert Market Research are as follows:

• ABB Ltd.
• Allied Motion Technologies Inc.
• Ametek Inc.
• General Electric
• Johnson Electric Holdings Limited
• Rockwell Automation, Inc.
• Siemens AG
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.