by Electric motors are electromechanical devices that convert electrical energy into mechanical energy and are used extensively in various industrial and commercial applications such as HVAC systems, machine tools, home appliances like refrigerators, washing machines and others. Some advantages of electric motors include high power conversion efficiency, high reliability, and low maintenance.
The global Electric Motor Market is estimated to be valued at US$ 144.44 billion in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growing industrialization and manufacturing activities along with increased adoption of electric vehicles have augmented the demand for electric motors globally in recent years. The industrial and commercial sectors have witnessed significant growth driving the need for various industrial machineries and mechanical equipment powered by electric motors. Further, the increasing sales of consumer electric appliances is also contributing to the electric motor market growth.
SWOT Analysis
Strength: Electric motors are highly efficient and economical to operate which reduces overall energy costs. They can also provide torque precisely when needed.
Weakness: Upfront capital costs associated with replacing conventional motors can be high. Maintenance and repairs of electric motors require technical expertise.
Opportunity: Increasing adoption of electric vehicles worldwide is generating demand for more efficient electric motors. Growing focus on renewable energy also offers opportunities.
Threats: Developments in alternate technologies like fuel cells can reduce dependency on electric motors over time. Trade barriers and tariffs impact supply chains of motor manufacturers.
Key Takeaways
The Electric Motor Market Analysis is expected to witness high growth. Regional analysis shows that Asia Pacific currently dominates the market due to large manufacturing capacities in China, Japan, and India. Europe and North America are other major regional markets.
Key players operating in the electric motor market are Smurfit Kappa, Optopack Ltd., Amcor plc, Montibox, Aran Packaging, Liquibox, Peak Liquid Packaging, DS Smith, Graficas Digraf Sl, and Goglio SpA. Rising automotive production and expanding industrial sector in Asia Pacific is driving the electric motor demand. Key players are focusing on building capacities to tap opportunities arising from electric vehicles, renewable energy, and other growth verticals.
The global electric motor market size for 2023 is US$ 144.44 billion and is forecast to reach US$ 177.56 billion by 2030, growing at a CAGR of 3.2% during the forecast period. Stringent regulations to curb emissions are prompting industries and automakers to incorporate more energy-efficient electric motors in various applications. Their maintenance-free operations also contribute to the rising popularity of electric motors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
