Electric Motor Market Size, Growth, Industry Trends and Forecast Report 2024-2032

An electric motor is a machine that converts electrical energy into mechanical energy by use of electromagnetic interactions. It functions on the principle that a current-carrying conductor in a magnetic field experiences a force perpendicular to the field and the current, which moves the conductor. The rotational force, or movement, is utilized to carry out mechanical tasks. Electric motors find application in a wide range of technologies, including industrial gear, robotics, fans, washing machines, and electric cars. Design and intricacy can vary significantly depending on the intended use. Motors using alternating current (AC) and direct current (DC) are two of its more widely used types. Because of their efficiency, durability, and versatility, electric motors are a mainstay of modern technology and are necessary for automation, transportation, and energy conversion systems.

The global electric motor market size reached US$ 111.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 153.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.

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Leading manufacturers in the fiercely competitive global electric motor market share, such as Siemens, ABB, TECO, Nidec Corporation, and WEG, are promoting innovation and strategic growth with a range of programs. Siemens, for instance, is leveraging its expertise in digitalization and automation to enhance the performance and efficiency of its electric motors. In order to enable real-time monitoring and predictive maintenance, it focuses on integrating smart technologies and other features into its motor systems. This approach not only improves operational efficiency but also extends the lifespan of the motors, providing significant value to customers. Siemens is also financing research to build energy-efficient motors that meet international environmental standards. This company aims to fulfill the growing need for ecologically friendly solutions by enhancing energy efficiency and lowering carbon footprints.

ABB, another significant participant, is prioritizing sustainability and energy efficiency in its product development approach. A variety of high-efficiency motors that meet strict international requirements, including the IE4 and IE5 classes, have been introduced by the company. These motors are designed to deliver superior performance while minimizing energy consumption, making them ideal for applications in industries such as manufacturing and transportation. Nidec Corporation, a leading Japanese manufacturer of electric motors, is expanding its reach through strategic investments and technological advancements. Nidec is focusing on the miniaturization and high efficiency of its motors to cater to the burgeoning demand in consumer electronics, automotive, and home appliance sectors.

Electric Motor Manufacturers in the World:

• ABB Group
• Siemens AG
• WEG SA
• TECO
• Regal Beloit Corporation
• Nidec Corporation

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