The global Electric Motors Market is expected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8%. This market is mainly driven by increasing investments in electric vehicles. Increasing demand for HVAC systems among residential, commercial, and industrial end-users, and growing demand for electric motors in manufacturing industries are the major driving factor for the electric motor market.
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The emerging robotics technology is likely to offer several opportunities for players in the electric motors market in the near future. Robots are extensively used in industries for simple repetitive tasks and also used in hazardous environments involving direct exposure to explosive chemicals and radioactive substances. This technology is used to perform specific tasks such as assembly-line work, space exploration, military services, warehouse delivery, surgical assistance, clearing mines, underwater exploration, duct cleaning, and commercialized agricultural activities. Electric motors such as brushless DC motors, AC motors, and stepping motors are used in portable and industrial robots to operate their wheels, tracks, legs, sensor turrets, or weapon systems. This will spur the demand for electric motors used in robotics.
Transportation is expected to be the fastest-growing segment in the electric motors market
The electric motors market, by end user, has been segmented into industrial, commercial, residential, transportation, and agriculture. Transportation segment is expected to be the fastest-growing market during the forecast period. The increasing demand for electric vehicles is fueling the growth of the transportation segment of the electric motors market.
Asia Pacific is expected to be the largest segment in the electric motors market
In this report, the electric motors market has been analyzed for five regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to be the largest segment during the forecast period. Increased investments in the manufacturing and automotive industries are expected to fuel the demand for electric motors in Asia Pacific.
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Some of the top players in the Electric Motors Market include ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan).
