The electric motor market is on a trajectory of sustained growth, projecting an average Compound Annual Growth Rate (CAGR) of 6.64% between 2023 and 2033, as per Future Market Insights reports. By 2033, this dynamic market is expected to reach a substantial valuation of approximately US$ 252.6 billion.

What distinguishes this market is its transformative journey. In 2023, the projected value of the global electric motor market stands at US$ 132.8 billion, reflecting significant growth from the 2022 figure of US$ 131.4 billion. This surge can be attributed to various factors, with a primary driver being the substantial increase in government incentives aimed at promoting the widespread adoption of eco-friendly vehicles.

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High efficiency and the rise in demand for machine control in the automotive sector, have led to the expansion in the electric motor market. Energy-efficient motors have led to the development as it achieves maximum motor output.

The global electric motors market growth has been raised due to the adoption of efficient motors for appliances. Electric motors are considered to be in high demand for HVAC (heating, ventilation, and air conditioning) applications due to their low noise and torque.

Key Takeaways:

Sales of global electric motors market expanded at a CAGR of 5.43% from 2018 to 2022
The North American market for global electric motor market is likely to have a market share of 28.6%
The Unites States market for global electric motor market is likely to expand at a share of 17.8%.
AC motors are expected to generate maximum demand for the global electric motor market.
Electric motor market is growing at a CAGR of 3.6%
1HP Power Output is Said to Hold a Dominant Share
<1HP is the leading category and it is expected to account for 26% of the value share of the electric motor market
Industrial sector is Said to Hold a Lucrative Portion of the Market.
"The electric motor market is witnessing significant growth driven by the increasing adoption of electric vehicles, industrial automation, and renewable energy initiatives. The study reveals a promising trajectory for the market, with advancements in motor technology and a growing emphasis on energy efficiency playing pivotal roles in shaping its future. The research findings suggest that the electric motor market is poised for substantial expansion in the coming years." - says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.

Competitive Landscape:

Some of the prominent players in the global market are-

Competition Deep Dive
Robert Bosch GmbH
Hitachi, Ltd.
Nidec Corporation
WEG S.A.
Siemens AG
ABB Group
Regal Beloit Corporation
Toshiba Corporation
Johnson Electric
Hyosung Corporation
Schneider Electric SE
Bonfiglioli Riduttori S.p.A.
Kirloskar Electric Company Ltd.
Allied Motion Technologies Inc.
East West Manufacturing, LLC
Hyundai Electric Co. Ltd.
Some of the important developments of the key players in the market are:

In January 2023, Hitachi, Ltd. announced that it had been bolstering the global development of its line-building business leveraging industrial robots ("the robotic SI*1 business") and will merge Hitachi Automation, Ltd. ("Hitachi Automation") and Kyoto Robotics Corporation ("Kyoto Robotics"), Hitachi Group companies in Hitachi's Industrial Digital Business Unit, on April 1, 2023, to strengthen the robotic SI business in Japan and ASEAN countries.
In March 2023, ABB Group, focused on electrification and robotics, wants to invest $40 million through a new 90,000-square-foot manufacturing facility in west Albuquerque as the facility will be used to increase ABB's production of cable products and will include robotics and digital automation technology, according to a Thursday news release from the company.
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Key Segments Covered:

Power Output:

<1 HP
1-5 HP
5 – 10 HP
10 -20 HP
20 – 50 HP
50 – 100 HP
100 – 300 HP
300 – 500 HP
Above 500 HP
Product Type:

AC Motor
Induction Motor
Synchronous Motor
DC Motor
Brushed DC
Brushless DC
Application:

Pumps
Fans
Drives
Compressor
General Machinery
Centrifugal Machinery
Grinders
Extruders
Robotics
Others
End Use:

Industrial
Oil & Gas
Power Generation
Mining
Food & Beverages
Pulp & Paper
Chemicals
Air Separation Plant
Other Manufacturing
Residential
HVAC & Refrigeration
Medical
Municipal Water Treatment
Transportation
Automotive
Aviation
Electric Vehicles
Railways
Boats
Others
Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa
Read More: https://www.futuremarketinsights.com/reports/electric-motor-market