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Press release content from Wired Release. The AP news staff was not involved in its creation.
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Press release content from Wired Release. The AP news staff was not involved in its creation.

Electric Motor Market 2019, Global Industry Overview, Sales Revenue, Demand and Forecast by 2024

February 17, 2020 GMT

Noida, Uttar Pradesh, Feb 14, 2020 (Wired Release) IMARC Services Private Limited According to the global electric motor market report by IMARC Group, the market reached a value of nearly US$ 125 Billion in 2018. The report further anticipates the market to reach a value of US$ 162 Billion by 2024, at a projected CAGR of 4.35% during 2019-2024. Electric motors refer to mechanical devices which work on the basic principle of electromagnetism. Over the years, these motors have gained traction due to their growing usage in a number of applications ranging from hair dryers, toys, electric shavers and extractor fans to washing machines, dishwashers, coffee grinders, microwaves and electric can openers.

Global Electric Motor Market Drivers/Constraints:

Electric vehicles are environment friendly since they do not emit toxic gases or smoke into the environment and also minimise energy consumption. As a result, there is a rise in the demand for hybrid and electric vehicles which, in turn, is further elevating the growth of the electric motor market globally.

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The various government initiatives and regulatory policies aimed to promote energy efficiency and reduce carbon emissions in various industrial verticals are bolstering the demand for high-efficiency motors.

Some of the other factors contributing to the growth of the global electric motor market are rapid advancements in technology, increasing automation and rapid industrialisation.

The high cost of manufacturing and assembling efficient electric motors and the limited portability of large motors hinder the market growth. Moreover, the intense competition in the market also acts as a major deterrent.

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Electric Motor Market Segmentation

Market Performance by Voltage

1. Low Voltage Electric Motors

2. Medium Voltage Electric Motors

3. High Voltage Electric Motors

Market Performance by Rated Power

1. Fractional Horsepower Motors

2. Integral Horsepower Motors

Market Performance by Fractional Horsepower

1. Fractional Horsepower ( 1/8) Motors

2. Fractional Horsepower (1/8 1/2) Motors

3. Fractional Horsepower (1/2 1) Motors

Market Performance by Integral Horsepower

1. Integral Horsepower (1 5) Motors

2. Integral Horsepower (10 50) Motors

3. Integral Horsepower (50 100) Motors

4. Integral Horsepower (100) Motors

Market Performance by Magnet Type

1. Ferrite

2. Neodymium (NdFeB)

3. Samarium Cobalt (SmCo5 and Sm2Co17)

Market Performance by Region

1. Asia-Pacific

2. North America

3. Europe

4. Middle East and Africa

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5. Latin America

Market Performance by Weight

1. Low Weight Motors

2. Medium Weight Motors

3. High Weight Motors

Market Performance by Speed

1. Ultra-High-Speed Motors

2. High-Speed Motors

3. Medium Speed Motors

4. Low Speed Motors

Market Performance by Applications

1. Industrial Machinery

2. HVAC

3. Transportation

4. Household Appliances

5. Motor Vehicles

6. Aerospace

7. Marine

8. Robotics

9. Others

The global electric motor market is essentially fragmented with the presence of numerous small and large manufacturers who compete in terms of price and quality. Some of the leading players operating in the market are: ABB Group (NYS: US:ABB), Siemens Ag, WEG SA, TECO, Regal Beloit Corporation and Nidec Corporation

Browse related reports:

Global Motor Repair and Maintenance Market Report: https://www.imarcgroup.com/motor-repair-maintenance-market

Global Induction Motor Market Report: https://www.imarcgroup.com/induction-motor-market

Global Alternators Market Report: https://www.imarcgroup.com/alternator-market

Global Industrial Gas Generator Market Report: https://www.imarcgroup.com/industrial-gas-generator-market

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