Electric Motors Market Size 2022 - Free Research Sample Study & Huge Growth

1. global electric motor market was valued at USD 131.4 billion in 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 6.8% and is expected to reach USD 253.7 billion in 2032. Electric motors are electrical devices that convert electricity to mechanical energy. Modern electric motors work by the interaction between their magnetic field and wire windings, producing torque applied to the shaft of the motor. Agriculture, industrial and automotive industries commonly utilize these motors. However, with the advancement in technology and urbanization processes, motor demand has surged across residential and commercial sectors alike. Furthermore, HVAC (HVAC) systems are emerging as one of the fastest-growing applications for motors deployment. Request For Sample Report Before Purchasing Report: https://market.us/report/electric- motor-market/request-sample/ Market Key Players ABB AMETEK Johnson Electric Siemens Rockwell Automation General Electric Nidec Motor Corporation WEG Toshiba Corporation Hitachi Mitsubishi Heavy Industries TECO-Westinghouse Motor Company Arc Systems Inc. DENSO (Japan) Regal Beloit Corporation Other Key Players Key Market Segments Based on Type DC Motors AC Motors Hermetic Motors Based on Power Output Integral Horsepower (Above 1HP) Fractional Horsepower (UpTo 1HP) Based on Application

2. Motor Vehicles Industrial Machinery Electrical Appliances HVAC Equipment Others Driver The demand for more energy-efficient motors is on the rise. At present, the International Electrotechnical Commission (IEC), a regulatory body in Europe, has set energy efficiency standards. Many countries have implemented regulations to enhance the efficiency of motors powered by electricity. IEC has created a variety of regulations for motor efficiency, such as IE1, IE2, IE3, and IE4, that aim to reduce carbon emissions from these machines. Regulations from Control Engineering Europe (CEE) for electric motors went into effect in January 2017 and require all AC motors with rated power between 0.75-375 kW to run efficiently. Recently, efficient electric motors with superior magnetic materials and higher tolerance levels have been developed. Highly efficient IE4 and IE5 motors offer immediate advantages to OEMs as well as end users alike. Electric motors typically need little maintenance and can generate significant torque even at low speeds, leading to an increasing demand for electric motors in the 0.75- 375 kW power range. Increased Demand from Commercial & Residential Sector to Foster Growth According to the International Energy Agency, CO2 emissions from energy-related sources will decrease globally by ~6% by 2020 due to decreased energy consumption. Coronavirus-related restrictions on movement were announced by government authorities, leading to reduced mobility and the suspension of industrial applications. Nonetheless, concerns over vehicle emissions remain and as air quality degradation becomes more urgent, producers are turning towards alternative energy sources for production. This has led to an increasing need for electric motors in the automotive industry in order to meet emissions-free standards. Furthermore, the rapid urbanization trend is likely to result in an increasing demand for HVAC products such as vacuum cleaners, washing machines and others. This will likely support the expansion of the electric motor market during the forecast period. Purchase This Report Via Secured Link And Avail Discount: Buy Report Now Restrain High Maintenance Costs to Restrain Market Growth

3. The primary factor slowing the main market growth is the high cost of engine maintenance. In some cases, these operational expenses may be prohibitively expensive, potentially discouraging consumers from purchasing it. For instance, when a motor with high horsepower and an extremely low load factor is employed, its cost per hour of operation will increase significantly. On the other hand, some motors don’t offer self-starting torques such as induction motors; additionally, an auxiliary component may be necessary to start motors operating on a single phase; therefore, these factors could potentially hinder market expansion due to these constraints. The fluctuating price of raw materials The cost of electric motors is determined by the price of raw materials such as permanent magnets, copper wires, steel bars, and precision-tiny metals like specialty alloys. Electric motors largely rely on raw materials from China, Africa, and South American countries. Cost-related considerations will determine which suppliers dominate in this market. Any change in the cost of raw materials will directly affect motor prices, necessitating other manufacturers/suppliers to absorb these fluctuations. At present, neodymium holds the largest share of this market and is predicted to expand at an exponential rate over the forecast period. Due to its high energy content and abundance of residual flux, neodymium magnets are highly sought-after industrial applications due to their superior performance characteristics. Opportunities The growth of robotics will increase the demand for electric motors. Robotics technology is expected to open up a world of opportunities for companies in the electric motors market over the coming years. Robots are already commonly employed in workplaces to perform routine tasks. They can also be employed in environments with a high potential for close exposure to hazardous chemicals or radioactive materials. Technology is employed for various tasks, such as assembly line work and military services, space exploration including warehouse delivery and surgery assistance, clearing mines underwater for duct cleaning purposes, and commercialized agricultural tasks. Electric motors, such as brushless DC motors, AC motors, and stepping motors, are used in industrial and portable robots to operate their tracks, wheels and legs, sensors turrets, or weapons systems. According to the International Federation of Robotics (IFR), ~1.7 million new robots will revolutionize manufacturing by 2020 – driving up demand for electric motors used in robotics. According to Automation, a division of the International Society of Automation, robotic technologies will become ~75% cheaper by 2025 compared to 2010 prices. This is expected to remove one major obstacle for small and medium-sized enterprises (SMEs). Meanwhile, the International Federation of Robotics released a report on the world of robotics in 2022. According to this document, small and medium-sized businesses (SMEs) have been adopting automation of their infrastructures, leading to improvements in efficiency and quality for these smaller firms. Challenges

4. Components are not available and supply chain issues result in more expensive product costs In the near future, supply chains for electric motors that are being constructed or in production will be hit hardest. Industry executives anticipate delays in delivery and construction due to economic slowdown, higher inflation rates, and fluctuating energy prices. Many components used in making electric motors come from China or US as well as certain areas of Europe; potential interruptions within those countries could contribute to slow growth rates for this market over the coming years. Due to the economic and inflationary crisis, currencies in many countries have weakened. This is the result of a misalignment between demand and supply that caused financial loss for parts and component producers. Key components used in manufacturing electric motors are often purchased in US dollars, leading to higher component costs. Contact us Contact Person: Mr. Lawrence John Market.us (Powered By Prudour Pvt. Ltd.) Tel: +1 718 618 4351 Send Email: inquiry@market.us