The electric motor market is estimated to be valued at US$ 134.71 Bn in 2024 and is expected to reach US$ 218.25 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.
Report Description:
The global electric motor market has witnessed significant growth in recent years due to the faster adoption of energy efficient electric motors across industries. Electric motors find wide applications in Heat ventilation and Air Conditioning (HVAC), industrial machinery, home appliances, and automotive. Increasing focus on energy conservation and stringent regulations regarding carbon emissions are driving the demand for advanced and efficient electric motors globally. Moreover, rapid industrialization and infrastructure development in emerging economies have also boosted the electric motor market growth. However, high initial costs remain a major challenge. Ongoing technological advancements in motor designs to achieve higher efficiencies are expected to unlock new opportunities for market players in the coming years.
Market Dynamics:
The global electric motor market is primarily driven by stringent energy efficiency standards and growing demand from industrial sector. Strict regulations regarding carbon footprint reduction and energy conservation are prompting industries to replace conventional motors with high-efficiency electric motors. Rapid industrialization in Asia Pacific and Middle East is a key demand driver as electric motors are essential machineries across manufacturing industries. However, high costs of technologically advanced premium efficiency motors is a major challenge for widespread adoption. Ongoing R&D in motor designs to reduce production costs can help mitigate this restraint. Additionally, increasing focus on renewable energy is opening new avenues. Integrating electric motors with solar Photo Voltaic (PV) systems is expected to gather steam in the coming years.
Key features of the study:
Detailed Segmentation-
Key Players
Table of Contents
*Browse 60 market data tables and 40 figures on "Global Electric Motor Market - forecast to 2031”.
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