WILMINGTON, DE / ACCESSWIRE / November 28, 2022 / Transparency Market Research Inc. - The Global Electric Motor Market is projected to rise at a CAGR of 5.5% during the forecast period, 2022 to 2031. The increasing use of highly-efficient electric motors in industrial machinery will boost the demand for both AC and DC electric motors. There is also high demand for electric motors from oil & gas, and mining, as well as packaging industries on account of the increasing trend of industrial automation.

As per the report on Electric Motor Market, the growing popularity of electric motors is attributed to the increasing demand for air conditioning, ventilation, and heating systems. This is further accounted to the rapidly growing rate of urbanization, coupled with the rise in disposable incomes of people and the increasing rate of electronic product purchases.

The global Electric Motor Market size is anticipated to increase from US$ 140.2 Bn, generated in 2021, to reach a value of US$ 237.9 Bn by the end of 2031. HVAC equipment, consumer electronics, and other industries are growing at a rapid pace, especially after the advent of automation and mechanization and this automatically propels the demand for electric motors in the market.

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Key Findings of Study

• Increasing Number of New Production Plant Facilities Will Boost Growth: The advent of automation and robotics across multiple industry verticals will propel the demand for electric motors. Besides this, manufacturers operating in the Electric Motor Market are making heavy investments in smart factory automation and this also bodes well for the overall growth of this market in the future.
  
• The advent of Government Supported Energy Management Programs Will Propel Growth: The increasing efforts by government agencies to organize management programs that offer reduced exposure to the continuously changing prices of energy consumption, and lower costs will help the Electric Motor Market gain impetus in the forecast period.

Key Drivers

• The increasing use of electric motors for water management purposes is anticipated to drive the Electric Motor Market growth.
• The increasing demand for pumps used for heavy-duty water supply will also help create lucrative growth opportunities for the electric motor industry
• The rising adoption of electric motors to cut down the production of greenhouse gases into the environment is projected to propel market growth in the future.

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Regional Growth Dynamics

• North America and Europe earned significant shares in the global Electric Motor Market in 2021 and will continue to generate significant revenues in the forecast period. The growth of the respective regions is attributed to the increasing demand from aerospace and defense industries as well as processing factories. High demand from HVAC equipment industries will also bode well for the regional markets.
  
• Asia Pacific will also generate notable revenues for the Electric Motor Market in the forecast period. This is owing to the rapid expansion of machinery into industrial setups and the growing need for electric motors across energy-saving machines. Besides this, the adoption of the latest technologies for economic development in India, China, and Japan will further add impetus to the growth of the regional market in the future.

Key Players

Heavy investments in research and development activities by prominent players of the global Electric Motor Market will help intensify the competition. Besides this, some vendors are indulging in joint ventures and collaborative agreements to obtain a notable position in the market. Other players are focusing on expanding their product portfolios across scattered regions so as to globally generate revenues and attain a notable position in the market competition.

Some of the key electric motors market manufacturers include

• WEG,
• Toshiba Corporation,
• Siemens AG,
• Robert Bosch GmbH,
• Nidec Corporation,
• Mitsubishi Heavy Industries,
• Johnson Electric,
• Buhler Motor GmbH,
• Allied Motion Technologies Inc.,
• ABB Group, and others.

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Electric Motor Market Segmentation

Product Type

• AC Motor
  • Synchronous
  • Induction
    
• DC Motor
  • Separately Excited
  • Self-excited

Power Rating

• Below 1 KW
• 1 KW - 2 KW
• 2 KW - 375 KW
• Above 375 KW

Output Power

• Below 1 HP
• 1 HP - 500 HP
• Above 500 HP

Rotor Type

• Inner Rotor
• Outer Rotor

Application

• Automotive
• Aerospace & Defense
• Industrial Machinery
• HVAC Equipment
• Process Industry
• Mining Industry
• Others (Consumer Appliances, etc.)

Distribution Channel

• Online
• Offline
  • Direct Sales
  • Indirect Sales

Regions

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

Countries

• U.S.
• Canada
• Germany
• U.K.
• France
• Spain
• Italy
• Russia & CIS
• China
• India
• Japan
• ASEAN
• Brazil
• Mexico
• GCC
• South Africa

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