The global electric motors market size was worth around USD 186.6 billion in 2023 and is predicted to grow to around USD 388.1 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.60% between 2024 and 2032.
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Electric Motors Market Overview
An electric motor is a device that transforms electrical energy into mechanical energy. It generates pressure in the form of rotation by integrating the magnetic field and winding currents. Direct current sources, such as motor vehicles, rectifiers, and batteries, or alternating current sources, such as inverters, electrical generators, and power circuits, are used to charge electric motors.
In comparison to the past few years, the automobile industry is currently enduring a significant transformation, with the majority of car manufacturers concurring that the world will experience numerous changes in the next few years in terms of the powering of automobiles. Manufacturers are in the process of preparing and planning to phase out automobiles that are powered by internal combustion engines as a result of government regulations that restrict fuel emissions. Hybrid and electric vehicles are experiencing an increase in popularity. It is anticipated that electric and hybrid vehicles will constitute nearly 30% of vehicle sales in the years ahead.
The global sales of hybrid vehicles are expected to increase from 3% to over 23%, or 25 million vehicles, during the projected time frame. Over the next few years, electric and hybrid vehicles are anticipated to dominate in North America and Europe. By 2025, the percentage of BEVs and PHEVs in Europe will increase from 2% in 2017 to nearly 9%. By 2025, it is anticipated that there will be a significant transition from internal combustion engine (ICE) vehicles to hybrid electric vehicles (HEVs). In the years to come, the number of plug-in electric vehicles in Korea and Japan will reach 384,000, which will represent a 6% market share.
The market dynamics of electric motors are evaluated to provide a concise understanding of the drivers and restraints of the market, as well as their potential influence on demand in the future. Furthermore, the report encompasses an examination of the global opportunities in the electric motors market.
The electric motors market is presented in a transparent manner in the report. We have incorporated a comprehensive competitive scenario and portfolio of the top vendors in the electric motors market. An analysis of Porter’s Five Forces model for the electric motors market has also been incorporated to gain insight into the competitive landscape. The research includes a market attractiveness analysis, which evaluates the market size, growth rate, and general attractiveness of all segments.
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The Global Electric Motors Market is segmented based on product, application and region
Global Electric Motors Market: Product Segment Analysis
● Alternate Current Motor
● Direct Current Motor
● Hermetic Motor
Global Electric Motors Market: Application Segment Analysis
● Industrial Machinery
● Automobile
● HVAC Equipment
● Aerospace
● Household Appliances
● Others
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The Global Electric Motors market profiles key players such as:
● ABB
● General Electric Company
● Emerson Electric Co.
● Hitachi
● Johnson Electric Holdings Limited
● Robert Bosch GmbH
● Rockwell Automation Inc.
● Siemens
● Toshiba International
● WEG
● Nidec Corporation
● Allied Motion Inc.
● AMETEK Inc.
● Arc Systems Inc.
● Denso
● Brook Crompton
Regional Analysis of the Electric Motors Market
Regional segmentation encompasses the current and projected demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe. The U.S., Canada, Mexico, UK, France, Germany, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Argentina, UAE, Saudi Arabia, and South Africa are further classified.
The global electric motors market is anticipated to experience significant growth in North America in the future, as a result of the presence of developed economies such as the United States and Canada. It is anticipated that the United States will make substantial contributions to the expansion of the North American electric motors market. The European electric motors market is anticipated to be influenced by the growing demand for electric vehicles in the United Kingdom and Germany in the years ahead.
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