Electric Motors Market Revenue, Growth, Demand, Segment, Share, Forecast By 2031
Research Reports
Nov 20, 2023
Electric Motors Industry Overview:
The study documents by MRFR state that the Electric Motors Market Research Report Information by Voltage, Type, End Users, Output Power, and Region – Forecast Till 2031, the Electric Motors market is predicted to expand substantially during the evaluation era from 2022 to 2031 at a sizable CAGR of closely 5.32%. The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 214.96 billion by the end of 2031. As per the reports, the market was priced at almost USD 135.61 billion in 2022.
Market Research Future Insights
The Electric Motors market has recently advanced. The main feature causing a rise in market performance is the growing demand for enhanced and energy-efficient electric boat motors across the globe. Furthermore, the rapidly expanding HVAC industry is also considered to be one of the vital parameters enhancing the performance of the global market.
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Competitive Analysis
- ABB Ltd (Switzerland)
- Ametek, Inc. (U.S.)
- Siemens AG (Germany)
- Robert Bosch GmbH (Germany)
- General Electric (U.S.)
- Emerson Electric Co. (U.S.)
- Nidec Motor Corporation(Japan)
- Hitachi, Ltd. (Japan)
- Denso Corporation (Japan)
- Johnson Electric Holdings Limited (China)
- Allied Motion Technologies Inc. (U.S.)
- WEG S.A. (Brazil)
- Rockwell Automation, Inc. (U.S.)
- Toshiba Corporation(Japan)
- ARC Systems, Inc. (U.S.)
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Market Drivers
The Electric Motors market has recently advanced. The main feature causing a rise in market performance is the growing demand for enhanced and energy-efficient electric boat motors across the globe. Furthermore, the rapidly expanding HVAC industry is also considered to be one of the vital parameters enhancing the performance of the global market. In addition, the fast-rising adoption of air conditioning systems is also likely to have a positive impact on the development of the global market over the coming years.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Electric Motors. One of the main restraints in advancing the market’s growth is the elevated prices allied with raw materials.
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Segment Analysis
The global market for electric motors has been segregated into numerous segments based on output power, voltage, output power, end-users, and region.
Based on the voltage, the global market for electric motors is divided into Above 6.6 kV, 1kV-6.6kV, and up to 1 kV.
Based on the Output Power, the global market for electric motors is divided into Above 1 H.P. and up to 1 H.P.
Based on the end-users, the global market for electric motors is divided into agriculture, industrial, commercial, residential, and transportation.
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Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The Asia-Pacific Region ensured the prime position across the Electric Motors market in 2022. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Electric Motors market is the rapid expansion of the industrial sector. Furthermore, the continuous growth in sectors such as fertilizer, chemical, automotive, and petrochemical industries is also anticipated to present enormous potential opportunities for the electric motor players.
The North American region is estimated to grow at the highest pace across the Electric Motors market over the assessment era. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Electric Motors market is the region’s growth in industrialization. Furthermore, the technological advancements in the electric motors segment are also likely to have a positive impact on the growth of the regional market over the coming years.
The European Region will grow substantially across the Electric Motors market from 2023 to 2032. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Electric Motors market is the rising demand from the end-user sector. Furthermore, the growing adoption of electric motors in the HVAC industry across the region is also likely to have a positive influence on the development of the regional industry.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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