The global Electric Motor Market is estimated to be valued at US$ 144.44 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Electric motors convert electrical energy into rotational mechanical energy through electromagnetism. They provide efficient operation, high reliability and are used across various industrial, commercial and residential applications like fans, pumps, compressors, machine tools and disc drives. Electric motor drives allows precise control over speed, torque and position of electric motors through built-in electronic controls. The demand for electric motor drives is growing rapidly as they improve process efficiency and enable automation across industries.
Market Overview:
Electric motors are the most widely used electromechanical devices for converting electrical energy into mechanical energy. They are found in various machines from household appliances to industrial equipment. The growing awareness about environmental protection and government policies promoting energy efficiency are fueling the adoption of electric motors across industries.
Market key trends:
One of the key trends in the electric motor market is the rise of sensorless motor control. Sensorless control eliminates the need for rotational position sensors and their associated cabling. This reduces system complexity and cost. It works by estimating rotor position and speed based on current draw characteristics of the motor during operation. Other trends include growing demand for permanent magnet synchronous motors due to their high efficiency. Manufacturers are also focusing on developing innovative electric motor technologies like linear actuators and torque motors to improve machine performance. Electric vehicles are another potential growth area driving adoption of specialized electric motors.
Segment Analysis
The electric motor market can be segmented by type, voltage, application, and region. By type, the market is dominated by AC motors as they perform better in variable load conditions and have simpler construction compared to DC motors. Within AC motors, induction motors account for the largest share due to their robustness, efficiency, and cost-effectiveness. By voltage, low voltage motors generate higher revenue as they are used in a wide range of household and industrial equipments. By application, the motor vehicles segment dominates due to high use of electric motors in engine systems, power steering, and electric power-assisted steering of vehicles.
Key Takeaways
The global Electric Motor Market Growth is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing industrial automation and rising sales of electric vehicles.
Regional analysis – Asia Pacific dominates the global market currently and is expected to remain the fastest growing region due to rapid industrialization and rising automobile production in China and India. Europe is another major market due to growing focus on energy efficiency and use of variable speed drives for motors in the region.
Key players – Key players operating in the electric motor market are Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc., and TECO-Westinghouse Motor Company. Nidec Corporation leads the market due to its diversified product portfolio and strong presence across all major geographic regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
