Electric Motors Market Revenue Share, Competition Strategy, Forecast By 2031

Electric Motors Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), Electric Motors Market Information by Voltage, Output Power, End-user, and Region – Forecast till 2031″, The electric motors industry is bound to go from USD 142.02 billion in 2023 to touch USD 214.96 billion in 2031, at a 5.32% rate from 2023 to 2031.

An electric motor is described as a type of electrical machine since it can convert electrical energy into mechanical energy. The majority of electrical motors on the market today operate by interacting between their magnetic field and a wire winding to produce torque that is then applied to the motor shaft, which is how they produce force. The three primary sectors where such motors are most frequently employed are industrial, agricultural, and automotive. In spite of this, urbanization and the development of technology have increased the need for motors in both the commercial and residential sectors. Additionally, the sector with the quickest rate of increase in terms of motor deployment has been found to be the HVAC sector.

Download Research Sample with Industry Insights:

https://www.marketresearchfuture.com/sample_request/2376

Market Competitive Landscape:

• General Electric (U.S.)
• Siemens (Germany)
• ABB (Switzerland)
• Robert Bosch GmbH (Germany)
• Emerson Electric Co. (US)
• Hitachi, Ltd. (Japan)
• Johnson Electric Holdings Limited (China)
• Rockwell Automation Inc. (US)

Market Drivers:

The usage rate of electrical motors has been elevated by the rising urbanization, which eventually raises the demand for a range of services. For instance, because there are so many construction-related tasks that require motors, the volume of building activities is increasing, which supports the usage of electrical motors. In the home sector, additional motors are required for a variety of domestic applications. Increasing energy-producing capacity is another impact of the rising demand for electricity. Crop cultivation also has a direct impact on the use of electric machinery in the agricultural sector because motors are essential for watering of crops. These factors should help the global electric motor market grow over the future years.

Through a number of initiatives made by the automotive industry, the use of fossil fuels in cars is gradually being phased out. Fuel cell electric vehicles (FCEVs), which are powered by fuel cell reactions, and battery-powered electric vehicles (BEVs) have both been developed by businesses. For instance, Toyota stated in 2019 that it would increase its global production to 30,000 fuel cell stacks by 2020 and had already started employing its hydrogen forklifts, buses, and heavy vehicles. A new strategy was also launched by Hyundai Motor Group in December 2018 with the aim of producing 700,000 fuel cell systems annually, of which 500,000 MW will be used for residential and commercial FCEVs.

Buy this Premium Research Report at:

https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=2376

Market Restraints:

The biggest factor standing in the way of the global market’s expansion is the substantial cost of motor maintenance. In some circumstances, its operational expense, which can be rather considerable, may prevent clients from adopting it. An increase in the operation’s cost per hour is shown, for example, when a high horsepower motor is used with a low load factor. Some motors do not, however, have a self-starting torque like induction motors do. In addition, single-phase motors could also require auxiliary devices to start. Therefore, these elements may prevent the market from expanding.

Market Segmentation

Up to 1 kV, 1 kV-6.6 kV, and Above 6.6 kV are the voltage-based sectors of the electric motors industry. Up to 1 kV is anticipated to experience the highest growth and hold the bulk of market share during the time of the forecast. 

Access Complete Report:

https://www.marketresearchfuture.com/reports/electric-motors-market-2376

In terms of output power, there are two segments of the electric motor market: up to 1 HP and over 1 HP. Globally, a substantial expansion of the up to 1 HP market is projected. 

According to end-user, the electric motors market is divided into industrial, residential, commercial, agricultural, and transportation sectors. The industrial category is anticipated to grow quickly during the anticipated time frame.

Regional Insights

Asia Pacific is currently the most lucrative market for electric motors and will continue to be so, given the fast-growing industrial sector. The area is anticipated to rule the market in 2022 as a result. Along with other industries, the petrochemical, chemical, fertilizer, and automotive sectors are all gradually growing in the area, and this is anticipated to open up a wide range of new business opportunities for individuals in the electric motor manufacturing industry.   

Top Trending Reports: –

Heat Pump Market Size, Share, Trends Report 2030 – Industry Growth Analysis

Low Voltage Switchgear Market Size, Share, Trends Report 2030 – Industry Growth Analysis

Building Integrated Photovoltaics Market Size, Trends Report – Industry Growth Analysis

Green Hydrogen Market Size, Share, Trends Report 2030 – Industry Growth Analysis

Lead Acid Battery Market Size, Share, Trends Report 2030 – Industry Growth Analysis

About:

Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

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.

Tags: Electric Motors Market, Electric Motors Market Share, Electric Motors Market Size, Electric Motors Market Scope See Campaign: https://www.marketresearchfuture.com/reports/electric-motors-market-2376

Contact Information:

Contact: Market Research Future 99 Hudson Street,5Th Floor New York, New York 10013 United States of America Sales: +1 628 258 0071(US)  +44 2035 002 764(UK) Email: sales@marketresearchfuture.com

Tags:
Research Newswire, English