Dublin, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The "Electric Motors Market Report 2023-2033" has been added to ResearchAndMarkets.com's offering.
World revenue for the Electric Motors Market, in terms of value is forecast to surpass US$132.8 billion in 2023, with strong revenue growth predicted through to 2033.
Accelerated Transition to Electric Mobility is Driving the Market growth
The electric motor market is being driven by the soaring demand for electric vehicles (EVs) as governments, consumers, and industries worldwide seek cleaner and more sustainable transportation options. With growing concerns over greenhouse gas emissions and fossil fuel dependence, EVs offer a compelling solution, powered by electric motors. These motors are at the heart of EV propulsion, converting electrical energy into mechanical power to drive the vehicle. As governments implement stricter emission regulations and consumers embrace eco-friendly choices, the electric motor market is witnessing substantial growth. The trend is particularly evident in passenger cars, commercial vehicles, and public transport systems, fostering innovation and investment in electric motor technologies to meet the rising demand for efficient and powerful propulsion solutions.
Consumers Are Increasingly Valuing Sustainability with Their Vehicle Choices
Consumers are increasingly valuing sustainability, and their vehicle choices often reflect their commitment to reducing their environmental footprint. Electric vehicles powered by electric motors are seen as symbols of responsible consumption and environmental consciousness. Owning an electric vehicle enhances the owner's image as an eco-conscious individual contributing to a greener future. This positive perception is reinforced by media coverage, celebrity endorsements, and government campaigns promoting electric mobility. As consumers seek to align their lifestyles with their values, the electric motor market benefits from this consumer-driven demand for environmentally friendly transportation options.
Market Dynamics
Market Driving Factors
- Rising Demand for Energy-Efficient Motors in Industrial Applications
- Increasing Adoption of Electric Vehicles (Evs) and Hybrid Vehicles
- Integration of Electric Motors in Consumer Electronics and Appliances for Improved Efficiency
Market Restraining Factors
- High Initial Cost and Maintenance of Electric Motors
- Electric Motors Rely on Critical Materials Such as Rare Earth Elements, Which Can Lead to Supply Chain Vulnerabilities
- Overheating and Potential Fire Hazards are Safety Concerns With High-Power Electric Motors, Necessitating Advanced Safety Measures
Market Opportunities
- Improvement in Design Methods to Reduce Carbon Emissions
- Technological Advancements in Electric Motor Technology
- The Increasing Adoption of Automation and Robotics in Industries Creates a Demand for Precision Electric Motors
Segments Covered in the Report
Market Segment by Type
- AC Motors
- DC Motors
Market Segment by Power Output
- Integral HP Output
- Fractional HP Output
Market Segment by Voltage
- Low Voltage Motors
- Medium Voltage Motors
- High Voltage Motors
Market Segment by Power Rating
- < 1 kW Motors
- 1-2.2 kW Motors
- 2.2-375 kW Motors
- 375 -500 kW Motors
- >500 kW Motors
Market Segment by Application
- Motor Vehicles
- Industrial Machinery
- HVAC Equipment
- Aerospace & Transportation
- Household Appliances
- Other Application
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.
The report also includes profiles and for some of the leading companies in the Electric Motors Market, 2023 to 2033, with a focus on this segment of these companies' operations.
Leading companies and the potential for market growth:
- ABB Ltd
- AMETEK, Inc.
- ARC Systems, Inc.
- ASMO Co. Ltd.
- DENSO Corporation
- Emerson Electric Co.
- General Electric Company
- Hitachi, Ltd
- Johnson Electric
- Maxon Motor AG
- Nidec Corporation
- Robert Bosch GmbH
- Rockwell Automation, Inc.
- Siemens AG
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/r/1kj6mp
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