The global electric motors market is set to experience robust growth, reaching $254.1 billion by 2031, according to the latest report by Meticulous Research®. The market is projected to grow at a CAGR of 7.1% from 2024 to 2031, driven by rising demand for energy-efficient motors, increased industrial automation, and growing adoption of electric motors in consumer electronics and appliances.
Download Sample Copy: https://www.meticulousresearch.com/download-sample-report/cp_id=5815
Key Market Drivers
Several trends are contributing to the expansion of the electric motors market:
Rising Demand for Energy Efficiency: With growing environmental concerns and the need to reduce energy costs, industries are increasingly adopting energy-efficient electric motors. These motors are designed to optimize energy consumption while providing reliable performance.
Increased Automation in Manufacturing: The industrial sector is rapidly moving toward automation, and electric motors play a vital role in powering automated systems. Motors are used in conveyor belts, robotic arms, pumps, and fans, making them indispensable in modern manufacturing.
Growing HVAC Demand: The HVAC sector is another major driver of electric motor demand. As residential, commercial, and industrial spaces require precise climate control, the use of electric motors in HVAC systems is becoming more widespread.
Consumer Electronics: In developing markets, the surge in sales of consumer electronics and household appliances is creating opportunities for electric motor manufacturers. These devices rely on electric motors for various functions, ranging from cooling to operation of small household gadgets.
Get Customized Report: https://www.meticulousresearch.com/request-customization/cp_id=5815
Segmentation: AC Motors Lead, DC Motors Growing Fast
Based on type, the electric motors market is segmented into AC motors and DC motors. AC motors, particularly induction and synchronous motors, are expected to hold the largest market share—around 66%—by 2024. These motors are commonly used in industrial applications due to their robust design and ability to operate in demanding environments.
Meanwhile, DC motors are projected to grow at the fastest rate, with a CAGR of 9% during the forecast period. The rise of brushless DC motors is particularly notable, as they offer higher efficiency and lower maintenance compared to their brushed counterparts. Brushless DC motors are increasingly used in electric vehicles, drones, and high-performance consumer electronics.
Power Output: Fractional Horsepower Motors Dominate
When categorized by power output, fractional horsepower motors (up to 1 HP) are expected to account for the largest share—85%—of the electric motors market in 2024. These motors are widely used in residential appliances, industrial equipment, and small machinery. As automation and robotics gain momentum, the demand for small motors capable of precise control is expected to grow.
Integral horsepower motors (1 HP to 400 HP) are also witnessing strong demand, especially in HVAC systems and electric vehicles. These motors are essential for powering larger equipment and providing energy-efficient solutions in industrial settings.
Buy Now: https://www.meticulousresearch.com/Checkout/78399561
Industrial Sector Takes the Lead
Among the various end users, the industrial sector is anticipated to dominate the electric motors market, holding a 32% market share in 2024. Electric motors are extensively used in industrial processes that require high levels of precision and control. They are commonly used in pumps, fans, conveyor belts, and machine tools, which are critical for efficient manufacturing operations.
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
