The global electric motor market, which projected a size of US$ 131.4 billion in 2022, is poised for a gradual upswing, touching US$ 132.8 billion in 2023. Underscoring its significance, the global electric motor market gains prominence as government incentives surge, bolstering the cause of green vehicle sales—a pivotal stride towards curbing carbon emissions and preserving the environment.

In recent times, the electric motor industry has undergone substantial technological leaps, igniting a surge in market demand. Reports from Future Market Insights illuminate a robust growth trajectory, showcasing an anticipated Compound Annual Growth Rate (CAGR) of 6.64% between 2023 and 2033. This dynamic pathway culminates in an impressive market valuation of approximately US$ 252.6 billion by the year 2033. As the market propels forward, the amalgamation of innovation and sustainability paves the way for a future of cleaner and more efficient mobility solutions.

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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.
Global electric motor market in 2022 was US$ 131.4 billion
Electric motor market will rise at 5.6% CAGR in 2021
Electric motor market rose above 3.8% CAGR registered during 2016-2020.
Demand in the China market is expected to rise at nearly 5.5% CAGR with a market share of 16.8% over the forecast period
German market grows at a CAGR of 5.1%
India will account for over 27% of sales in South Asia & Pacific.
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.
Electric motor market is expected to reach a market value of US$ 72.3 billion by 2031 which is growing at a CAGR of 4.22%
AC Motor is Said to Have a Dominant Share in the market
AC electric motor segment is estimated to hold the dominant share of 25.4%
Robotics Segment is Said to Hold a High Position in the Market
Robotics segment is expected to exhibit a 5.9% CAGR in the global electric motor market through the assessment period.
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:

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