Product Code: SR1323A304_Report
The global electric motor market size reached US$ 107.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 135.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
Electric motors are electro-mechanical devices which work on the principle of electromagnetic induction. They are durable and highly efficient, require low maintenance, consume less energy, and have high endurance for fluctuating voltages. In addition, electric motors cost considerably lower than a fossil-fuel engine. Owing to this, electric motors find applications in diverse industries ranging from automobiles to oil and gas, where they are installed in industrial fans, machine tools, compressors, electric cars, domestic appliances, hard disk drives, etc.
Electric Motor Industry Drivers:
- There are several factors currently driving the electric motor market growth globally. Expansion in industrial automation along with advancements in technology is the major growth-inducing factor of the market. Moreover, the trend of replacing gas turbines with electric motors in large industrial plants is propelling their demand. Further, the growth of the market is gaining traction owing to the increasing demand for vehicles supported by improving standards of living and rising purchasing power of the consumers. Additionally, government initiatives aimed to boost the sales of electric vehicles so as to reduce carbon emissions is expected to fuel the electric motor market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global electric motor market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on motor type, voltage, rated power, magnet type, weight, speed and application.
Breakup by Motor Type:
- AC Motor
- Induction AC Motor
- Synchronous AC Motor
- DC Motor
- Brushed DC Motor
- Brushless DC Motor
- Others
- Based on motor type, the market has been bifurcated into AC and DC motors, wherein AC motors holds the largest share. The AC motors segment is further divided into induction and synchronous AC motors, whereas the DC motors segment is segregated into brushed and brushless DC motors.
Breakup by Voltage:
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
- On the basis of voltage, low voltage electric motors account for majority of the total global market.
Breakup by Rated Power:
- Fractional Horsepower Motors
- Fractional Horsepower (< 1/8) Motors
- Fractional Horsepower (1/8 - 1/2) Motors
- Fractional Horsepower (1/2 - 1) Motors
- Integral Horsepower Motors
- Integral Horsepower (1 - 5) Motors
- Integral Horsepower (10 - 50) Motors
- Integral Horsepower (50 - 100) Motors
- Integral Horsepower (>100) Motors
- The market has also been segmented on the basis of rated power into fractional horsepower and integral horsepower electric motors. Amongst these, fractional horsepower electric motors dominate the market. Based on fractional horsepower, the market has been segregated into fractional horsepower (< 1/8) motors, fractional horsepower (1/8 - 1/2) motors and fractional horsepower (1/2 - 1) motors. Amongst these, fractional horsepower (1/8 - 1/2) motors dominates the market. On the basis of integral horsepower, electric motors with integral horsepower between 1 - 5 hold the largest share.
Breakup by Magnet Type:
- Ferrite
- Neodymium (NdFeB)
- Samarium Cobalt (SmCo5 and Sm2Co17)
- Based on magnet type, ferrite magnets represent the leading segment.
Breakup by Weight:
- Low Weight Motors
- Medium Weight Motors
- High Weight Motors
- On the basis of weight, low weight motors hold the largest share.
Breakup by Speed:
- Ultra-High-Speed Motors
- High-Speed Motors
- Medium Speed Motors
- Low Speed Motors
- The market has also been divided on the basis of speed into high speed, ultra-high speed, medium speed and low speed electric motors. Currently, high speed electric motors hold the biggest share.
Breakup by Application:
- Industrial Machinery
- HVAC
- Transportation
- Household Appliances
- Motor Vehicles
- Aerospace
- Marine
- Robotics
- Others
- Industrial machinery is the leading application sector, accounting for majority of the total global market.
Breakup by Region:
- Asia-Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for majority of the market share.
Competitive Landscape:
- The competitive landscape of the market has also been examined with some of the key players being
- ABB Group
- Siemens Ag
- WEG SA
- TECO
- Regal Beloit Corporation
- Nidec Corporation
- This report provides a deep insight into the global electric motor market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the electric motor industry in any manner.
Key Questions Answered in This Report:
- 1. What was the size of the global electric motor market in 2022?
- 2. What is the expected growth rate of the global electric motor market during 2023-2028?
- 3. What are the key factors driving the global electric motor market?
- 4. What has been the impact of COVID-19 on the global electric motor market?
- 5. What is the breakup of the global electric motor market based on the motor type?
- 6. What is the breakup of the global electric motor market based on the voltage?
- 7. What is the breakup of the global electric motor market based on the rated power?
- 8. What is the breakup of the global electric motor market based on the magnet type?
- 9. What is the breakup of the global electric motor market based on the weight?
- 10. What is the breakup of the global electric motor market based on the speed?
- 11. What is the breakup of the global electric motor market based on the application?
- 12. What are the key regions in the global electric motor market?
- 13. Who are the key players/companies in the global electric motor market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Electric Motor Industry
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Breakup by Motor Type
- 5.5 Market Breakup by Voltage
- 5.6 Market Breakup by Rated Power
- 5.7 Market Breakup by Magnet Type
- 5.8 Market Breakup by Region
- 5.9 Market Breakup by Weight
- 5.10 Market Breakup by Speed
- 5.11 Market Breakup by Application
- 5.12 Market Forecast
6 Market Performance by Motor Type
- 6.1 AC Motor
- 6.1.1 Current and Historical Market Trends
- 6.1.2 Market Breakup by Type
- 6.1.2.1 Induction AC Motor
- 6.1.2.1.1 Market Trends
- 6.1.2.1.2 Market Forecast
- 6.1.2.2 Synchronous AC Motor
- 6.1.2.2.1 Market Trends
- 6.1.2.2.2 Market Forecast
- 6.1.3 Market Forecast
- 6.2 DC Motor
- 6.2.1 Current and Historical Market Trends
- 6.2.2 Market Breakup by Type
- 6.2.2.1 Brushed DC Motor
- 6.2.2.1.1 Market Trends
- 6.2.2.1.2 Market Forecast
- 6.2.2.2 Brushless DC Motor
- 6.2.2.2.1 Market Trends
- 6.2.2.2.2 Market Forecast
- 6.2.3 Market Forecast
- 6.3 Others
- 6.3.1 Current and Historical Market Trends
- 6.3.2 Market Forecast
7 Market Performance by Voltage
- 7.1 Low Voltage Electric Motors
- 7.1.1 Current and Historical Market Trends
- 7.1.2 Market Forecast
- 7.2 Medium Voltage Electric Motors
- 7.2.1 Current and Historical Market Trends
- 7.2.2 Market Forecast
- 7.3 High Voltage Electric Motors
- 7.3.1 Current and Historical Market Trends
- 7.3.2 Market Forecast
8 Market Performance by Rated Power
- 8.1 Fractional Horsepower Motors
- 8.1.1 Current and Historical Market Trends
- 8.1.2 Market Forecast
- 8.2 Integral Horsepower Motors
- 8.2.1 Current and Historical Market Trends
- 8.2.2 Market Forecast
9 Market Performance by Fractional Horsepower
- 9.1 Fractional Horsepower (< 1/8) Motors
- 9.1.1 Current and Historical Market Trends
- 9.1.2 Market Forecast
- 9.2 Fractional Horsepower (1/8 - 1/2) Motors
- 9.2.1 Current and Historical Market Trends
- 9.2.2 Market Forecast
- 9.3 Fractional Horsepower (1/2 - 1) Motors
- 9.3.1 Current and Historical Market Trends
- 9.3.2 Market Forecast
10 Market Performance by Integral Horsepower
- 10.1 Integral Horsepower (1 - 5) Motors
- 10.1.1 Current and Historical Market Trends
- 10.1.2 Market Forecast
- 10.2 Integral Horsepower (10 - 50) Motors
- 10.2.1 Current and Historical Market Trends
- 10.2.2 Market Forecast
- 10.3 Integral Horsepower (50 - 100) Motors
- 10.3.1 Current and Historical Market Trends
- 10.3.2 Market Forecast
- 10.4 Integral Horsepower (>100) Motors
- 10.4.1 Current and Historical Market Trends
- 10.4.2 Market Forecast
11 Market Performance by Magnet Type
- 11.1 Ferrite
- 11.2 Neodymium (NdFeB)
- 11.3 Samarium Cobalt (SmCo5 and Sm2Co17)
12 Market Performance by Region
- 12.1 Asia-Pacific
- 12.1.1 Current and Historical Market Trends
- 12.1.2 Market Forecast
- 12.2 North America
- 12.2.1 Current and Historical Market Trends
- 12.2.2 Market Forecast
- 12.3 Europe
- 12.3.1 Current and Historical Market Trends
- 12.3.2 Market Forecast
- 12.4 Middle East and Africa
- 12.4.1 Current and Historical Market Trends
- 12.4.2 Market Forecast
- 12.5 Latin America
- 12.5.1 Current and Historical Market Trends
- 12.5.2 Market Forecast
13 Market Performance by Weight
- 13.1 Low Weight Motors
- 13.1.1 Current and Historical Market Trends
- 13.1.2 Market Forecast
- 13.2 Medium Weight Motors
- 13.2.1 Current and Historical Market Trends
- 13.2.2 Market Forecast
- 13.3 High Weight Motors
- 13.3.1 Current and Historical Market Trends
- 13.3.2 Market Forecast
14 Market Performance by Speed
- 14.1 Ultra-High-Speed Motors
- 14.1.1 Current and Historical Market Trends
- 14.1.2 Market Forecast
- 14.2 High-Speed Motors
- 14.2.1 Current and Historical Market Trends
- 14.2.2 Market Forecast
- 14.3 Medium Speed Motors
- 14.3.1 Current and Historical Market Trends
- 14.3.2 Market Forecast
- 14.4 Low Speed Motors
- 14.4.1 Current and Historical Market Trends
- 14.4.2 Market Forecast
15 Market Performance by Application
- 15.1 Industrial Machinery
- 15.1.1 Current and Historical Market Trends
- 15.1.2 Market Forecast
- 15.2 HVAC
- 15.2.1 Current and Historical Market Trends
- 15.2.2 Market Forecast
- 15.3 Transportation
- 15.3.1 Current and Historical Market Trends
- 15.3.2 Market Forecast
- 15.4 Household Appliances
- 15.4.1 Current and Historical Market Trends
- 15.4.2 Market Forecast
- 15.5 Motor Vehicles
- 15.5.1 Current and Historical Market Trends
- 15.5.2 Market Forecast
- 15.6 Aerospace
- 15.6.1 Current and Historical Market Trends
- 15.6.2 Market Forecast
- 15.7 Marine
- 15.7.1 Current and Historical Market Trends
- 15.7.2 Market Forecast
- 15.8 Robotics
- 15.8.1 Current and Historical Market Trends
- 15.8.2 Market Forecast
- 15.9 Others
- 15.9.1 Current and Historical Market Trends
- 15.9.2 Market Forecast
16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Market Breakup by Key Players
17 Key Players Profiles
- 17.1 ABB Group
- 17.1.1 Company Overview
- 17.1.2 Company Description
- 17.1.3 Product Portfolio
- 17.1.4 Financials
- 17.1.5 Key Contacts
- 17.2 Siemens Ag
- 17.2.1 Company Overview
- 17.2.2 Company Description
- 17.2.3 Operations
- 17.2.4 Product Portfolio
- 17.2.5 Geographic Reach
- 17.2.6 Sales and Marketing
- 17.2.7 Strategy
- 17.2.8 Mergers and Acquisitions
- 17.2.9 SWOT Analysis
- 17.2.10 Financials
- 17.2.11 Key Contacts
- 17.3 WEG SA
- 17.3.1 Company Overview
- 17.3.2 Company Description
- 17.3.3 Product Portfolio
- 17.3.4 Financials
- 17.3.5 Key Contacts
- 17.4 TECO
- 17.4.1 Company Overview
- 17.4.2 Company Description
- 17.4.3 Product Portfolio
- 17.4.4 Financials
- 17.4.5 Key Contacts
- 17.5 Regal Beloit Corporation
- 17.5.1 Company Overview
- 17.5.2 Company Description
- 17.5.3 Product Portfolio
- 17.5.4 Operations
- 17.5.5 Geographic Reach
- 17.5.6 Sales and Marketing
- 17.5.7 Strategy
- 17.5.8 Mergers and Acquisitions
- 17.5.9 Financials
- 17.5.10 Key Contacts
- 17.6 Nidec Corporation
- 17.6.1 Company Overview
- 17.6.2 Company Description
- 17.6.3 Product Portfolio
- 17.6.4 Geographic Reach
- 17.6.5 Strategy
- 17.6.6 SWOT Analysis
- 17.6.7 Financials
- 17.6.8 Key Contacts