Mordor Intelligence has published a new report on the Electric Motors Market, offering a comprehensive analysis of trends, growth drivers, and future projections.
The global electric motors market is projected to grow significantly, with an estimated market size of USD 136.95 billion in 2024, expected to reach USD 191.82 billion by 2029, at a CAGR of 6.97% during the forecast period. This growth is driven by the rising adoption of electric motors in industries such as automotive, HVAC, and industrial machinery, alongside the increasing focus on energy efficiency and sustainability. The market is also benefiting from advancements in electric motor technologies and the global shift toward electrification across various sectors.
Key Trends Driving the Electric Motors Market
- Rising Demand in the Automotive Sector
The electric motors market is experiencing unprecedented growth in the automotive sector, fueled by the transition to electric vehicles (EVs). Electric motors are essential components in EV powertrains, and technological advancements in this field are enhancing motor efficiency and performance. - Energy Efficiency Initiatives
Governments worldwide are implementing stringent regulations to improve energy efficiency, which has accelerated the adoption of energy-efficient electric motors. These motors help reduce energy consumption and operational costs, making them a preferred choice for industrial and commercial applications. - Industrial Automation Growth
Industries are increasingly integrating automation technologies to enhance productivity, boosting the demand for electric motors in robotics, conveyor systems, and other automated machinery. This trend is particularly prominent in manufacturing and logistics. - Expansion of HVAC Systems
The global growth in construction activities, particularly in residential and commercial buildings, is driving demand for HVAC systems. Electric motors, integral to these systems, are witnessing increased demand due to the focus on energy efficiency and comfort solutions. - Technological Advancements in Electric Motors
Innovations such as the integration of Internet of Things (IoT) capabilities, improvements in motor materials, and the development of compact and high-efficiency designs are reshaping the electric motors market landscape.
Report Overview: https://www.mordorintelligence.com/industry-reports/electric-motor-sales-market
Market Segmentation
The electric motors market is segmented into various categories to cater to diverse applications and consumer needs.
- By Motor Type
- AC Motors
- DC Motors
- Hermetic Motors
- By Voltage
- Low Voltage Motors
- Medium Voltage Motors
- High Voltage Motors
- By Application
- Industrial Machinery
- HVAC Systems
- Automotive (Electric and Hybrid Vehicles)
- Home Appliances
- Others
- By End-User
- Industrial
- Commercial
- Residential
- By Geography
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
This segmentation offers a detailed analysis of market size, trends, and growth opportunities across regions and applications.
Get a Customized Report Tailored to Your Requirements. – https://www.mordorintelligence.com/market-analysis/electric-motor
Key Players Shaping the Electric Motors Market
The electric motors market is characterized by intense competition and innovation. Major players are focusing on strategic partnerships, mergers and acquisitions, and research and development to maintain their competitive edge. Key companies include:
- ABB Ltd.
A global leader in automation, ABB offers a diverse range of electric motors designed to enhance energy efficiency and sustainability across industries. - Siemens AG
Siemens is at the forefront of electric motor innovation, providing advanced solutions for industrial and commercial applications worldwide. - Nidec Corporation
Renowned for its comprehensive electric motor portfolio, Nidec caters to various industries, including automotive, HVAC, and home appliances. - General Electric (GE)
GE focuses on delivering high-performance electric motors tailored for industrial and energy applications. - WEG Electric Corp.
WEG specializes in energy-efficient electric motors and drives, catering to global demand in industrial and commercial sectors.
Conclusion
The global electric motors market is poised for substantial growth, driven by the increasing adoption of energy-efficient technologies, the expansion of electric vehicle production, and the rise in industrial automation. As industries worldwide emphasize sustainability and operational efficiency, the demand for innovative electric motors is expected to surge. Key players are focusing on technological advancements and strategic collaborations to capitalize on emerging opportunities and expand their market presence. With robust growth anticipated over the forecast period, the electric motors market is set to play a pivotal role in powering the future of industrial and consumer applications.
Industry Related Reports
Electric Traction Motor Control System Market: The Global Electric Traction Motor Control System Market is categorized based on Type, Power Rating, Application, and Geography. By Type, the market is divided into Alternating Current (AC) and Direct Current (DC) systems. Regarding Power Rating, the segments include Below 200 kW, 200-400 kW, and Above 400 kW. The market also covers various Applications such as Railway, Electric Vehicles, Industrial Machinery, and Others. Geographically, it spans North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
Electric Motors for Electric Vehicle Market: The Electric Motors for Electric Vehicle Market is categorized based on assembly type, application, motor type, power, and geography. By assembly type, the market is segmented into wheel hub motors and central powertrain motors. Based on application, it is divided into passenger cars and commercial vehicles. The motor type segmentation includes brushless DC motors, permanent magnet DC motors, asynchronous electric motors, synchronous reluctance motors, and other motor types such as axial flux ironless permanent magnet motors and switched reluctance motors. Regarding power, the market is classified into up to 100 kW, 101-250 kW, and above 250 kW. Geographically, the market spans North America, Europe, Asia Pacific, and the rest of the world.
Canada Electric Motor for Electric Vehicle Market: The Canada Electric Motor for Electric Vehicle Market is categorized by vehicle type, propulsion type, and motor type. By vehicle type, the market is divided into passenger cars and commercial vehicles. Based on propulsion type, it is segmented into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHEVs). By motor type, the market includes AC motors and DC motors.
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
media@mordorintelligence.com
https://www.mordorintelligence.com/