According to a new market report published by Lucintel, the future of the global electric motor market looks promising with opportunities in the automotive, HVAC, medical equipment, industrial machinery, home appliances, and others markets. The global electric motor market is expected to grow with a CAGR of 6% to 8% from 2023 to 2028. The major drivers for this market are increase in demand for heating, ventilation, and air conditioning (HVAC) systems along with favourable regulatory norms for electric vehicles, and rising awareness regarding green vehicles among customers.
Alternate current motor (AC) and direct current motor (DC) are the major market segments of the electric motor market by motor. On the basis of its comprehensive research, Lucintel forecasts that alternate current motor (AC) will remain the largest segment over the forecast period as these motors are smaller, cheaper, and lighter in weight and has longer service life than DC motors.
Within this market, industrial machinery is expected to remain the largest segment due to electric motors used in pumping systems, compressors, and other turbo machinery equipment for the manufacturing and processing of products in various industries such as chemicals, oil and gas production and refining, mining, food and beverages industry.
APAC will remain the largest region due to rapid industrialization, massive demand of electric vehicles, and increasing government regulations regarding motor efficiency.
Nidec, ABB, Siemens, WEG, Robert Bosch, Toshiba Corporation, Denso Corporation, ARC Systems, Rockwell Automation, and Emerson Electric are the major suppliers in the global electric motor market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global electric motor market by motor type, output power, application, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Electric Motor Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global electric motor market by motor type, output power, application, and region, as follows:
Electric Motor Market by Motor Type [Value ($M) Shipment Analysis from 2017 to 2028]:
· Alternate Current (AC) Motor
· Direct Current (DC) Motor
Electric Motor Market by Output Power [Value ($M) Shipment Analysis from 2017 to 2028]:
· Integral Horsepower (IHP) Output
· Fractional Horsepower (FHP) Output
Electric Motor Market by Application [Value ($M) Shipment Analysis from 2017 to 2028]:
· Automotive
· HVAC
· Medical Equipment
· Industrial Machinery
· Home Appliances
· Others
Electric Motor Market by Region [Value ($M) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Electric Motor Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the electric motor market by motor type (alternate current (AC) motor and direct current (DC) motor), output power (integral horsepower (IHP) output and fractional horsepower (FHP) output), application (automotive, HVAC, medical equipment, industrial machinery, home appliances, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?