The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

An increase in the sale of electric vehicles are expected to drive innovation in template manufacturing, thus driving the market during the forecast period.

The global electric motors market is expected to grow from $97.15 billion in 2022 to $102.68 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The global electric motors market size is expected to grow to $123.54 billion in 2027 at a CAGR of 4.7%.

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Global Electric Motors Market Segments Include:

• By Type: Alternate Current (AC) Motor, Direct Current (AC) Motor, Hermetic Motor
• By Output Power: Integral Horsepower (IHP), Fractional Horsepower (FHP)
• By Voltage Range: 9v & Below, 10-20 v, 21-60 v, 60 v And Above
• By Application: Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & Transportation, Household Appliances, Other Commercial Applications
• By Speed: Low-Speed (less than 1,000 rpm), Medium-Speed (1,001 to 25,000 rpm), High-Speed (25,001 to 75,000 rpm), Ultra-High Speed (greater than 75,001 rpm)
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global electric motors market in 2021.

Major Market Players in the electric motors market include ABB Ltd., ARC Systems, Inc., Asmo Co., Ltd., Brook Crompton UK Ltd., Emerson Electric Co., Regal Beloit Corporation, Rockwell Automation Inc.

Motor manufacturing companies are increasingly manufacturing IoT-enabled smart motors. These motors are equipped with sensors that monitor and track the motor’s health and performance. Sensors are connected to a control database that continuously collects data, and uses artificial intelligence (AI) to learn normal behavior and sends an alert upon detecting any deviation from normal behavior. Smart motors offer several benefits such as increased lifespan of equipment and improved safety.

The Electric Motors Global Market Report 2023  provides a electric motors market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric motors market forecast analyzes electric motors market size, electric motors market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The electric motor is defined as an electric machine that converts electrical energy into mechanical energy and supplies power to the devices. It works on the principles of electromagnetism with properties such as durability, high efficiency, low energy consumption, and low maintenance.

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