Electric Motor Market is driven by growing manufacturing sector

Electric Motor Market is driven by growing manufacturing sector

The electric motor is an electromechanical device that converts electrical energy into rotational mechanical energy. Electric motors are the conversion machines that power a wide variety of household and industrial tools, machinery, equipment, and many other applications. They are available in different types including AC (alternating current) and DC (direct current) motors and rated based on their horsepower and speed. The demand for electric motors is driven by growing manufacturing sector where motors are extensively used in industrial equipment, machines, tools, and compressors.

 The global Electric Motor Market is estimated to be valued at US$ 144.44 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

With rising awareness about energy conservation and efficiency, industrial equipment manufacturers are increasingly focusing on developing efficient motors that consume lesser energy. For instance, IE4 (super-premium efficiency) class motors provide efficiency as high as 98% compared to traditional motors. Also, adoption of new motor technologies such as permanent magnet motors is contributing to higher efficiency. Permanent magnet synchronous motors offer superior efficiency compared to induction motors due to absence of rotor losses. Rising focus on reducing operating costs is a major driver for adoption of efficient motors across industries.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires high R&D investment and manufacturing expertise. However, the growing demand could attract new players.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several established players providing substitutes. Buyers can negotiate on price and demand discounts.

Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials required are commodity chemicals and equipment available from numerous global suppliers.

Threat of new substitutes: The threat of substitutes is low as electric motors have limited substitutes and are widely used across industries.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of global and regional players competing on the basis of technology, quality, and price.

Key Takeaways
The Global Electric Motor Market Size is expected to witness high growth. The market size is projected to reach USD 144.44 Billion by 2024, growing at a CAGR of 10%.

Regional analysis: The Asia Pacific region currently dominates the global electric motor market and is expected to maintain its leading position over the forecast period. This can be attributed to growing industrialization and infrastructure development activities in China, India, and Southeast Asian countries. Europe and North America are also significant markets amid growing adoption of electric vehicles.

Key players: Key players operating in the electric motor market are Leidos Holdings Inc., SAAB AB, Nuctech Company Limited, Thales Group, OSI Systems Inc., Leonardo SpA, Smiths Group PLC, Elbit Systems Ltd., Kongsberg Gruppen ASA, Airbus SE, Westminster Group PLC, BAE Systems PLC, and Terma AS. Leidos Holdings Inc. and SAAB AB have a strong presence across regions due to their diversified product portfolio and widespread distribution network.

For more Insights, Read –

https://www.marketwebjournal.com/electric-motor-market-size-market-share-analysis/

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