February 27, 2024 07:00 ET | Source: Straits Research Straits Research
New York, United States, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Electric motors convert electrical to mechanical energy. Rotor, bearing, stator, air pressure, windings, commutator are its parts. AC motors are suitable for robotics due to angular motions, torque requirements, velocity, speed, and control. DC motors include shunt, series, and permanent magnets; AC motors include synchronous and reluctance motors. OEM items, pump systems, conveyor systems, compressors and fans, and industrial machinery employ electric motors. Low-Voltage Permanent Magnet Motors
Automated production has spread to electronics, food, and automotive industries. Smart industrial automation investment, especially in large production facilities, has also risen. Automation and robots will increase electric motor demand. Electric motor sales will likely grow with industrial robotics and automation in the next years.
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Global Electric Motor Sales Market: DRIVERS
Indoor HVAC systems provide thermal comfort and air quality. Modern office buildings and malls rely significantly on them. DC motors are used in HVAC systems to enhance efficiency, life, and power. In Asia-Pacific, where commercial and industrial sectors are expanding, a rising tide lifts all boats, notably in China and India. In the next four to five years, Timetric-Construction-Intelligence-Center (CIC) anticipates USD 1.08 trillion will be spent in the worldwide construction industry, largely on industrial structures.
High-Speed Electric Motors Are a Key Driver
The global electric motor industry has four sub-markets: low speed, medium speed, high speed, and ultra-high speed. Due of its versatility, high-speed has the largest market share. Cutting, grinding, and winding all require high rotational speed and benefit from high-speed electric motors. These motors feature a high spinning speed, controllable torque, and can be operated by low or high voltage. This helps them operate fast-paced machinery and expand their business. This factor drives global sales of electric motors.
Global Electric Motor Sales Market: KEY FUTURE OPPORTUNITIES
The Global Automobile Industry's Shift Toward E-Vehicles and Robotics
With electric car technology advancing, the automobile industry is switching to electric mobility. As Europe tries to lessen its ecological footprint, electric vehicles with electric motors are gaining popularity. Technology has lowered battery costs and sped up charging. Government assistance for eco-friendly, battery-powered automobiles, including tax breaks and incentive schemes, boosts the electric motor market.
Robotics technology may also open up new sales opportunities for electric motor companies in Europe. Industrial robots are used for simple repetitive operations and in hazardous chemical and radioactive settings. These will create new commercial opportunities.
Regional Overview of Global Electric Motor Sales Market
North America, Europe, Asia-Pacific (APAC), Latin America, and Middle East & Africa make up the Global Electric Motor Sales Market (MEA).
Asia Pacific held 50% of the electric motor market's revenue in 2021. This is because China, India, South Korea, and Australia, among others, have made substantial investments in industrialization.
Growing production and sales of electric vehicles in China and Japan, as well as the presence of Hyundai Motor Company, Honda Motor Co., Ltd., Toyota Industries Corporation, and Nissan Motor Corporation, are expected to boost market revenue in this area. Between 2022 and 2030, the market is expected to expand 7.91%.
Asia Pacific had the largest electric motor sales market share in 2021, followed by Europe and North America, where demand is rising. These regions have the largest market for premium efficiency motors used in HVAC, industrial applications, and electric cars.
Increased government funding is expected to improve the industry's growth potential in Latin America, Middle East, and Africa. The market in such locations benefits from the oil and gas industry's expanding demand for motors, the mining sector's rapid growth, and the construction industry's cement demand.
List of major competitor companies in the Electric Motor Sales Market across the globe are:
Global Electric Motor Sales Market: Segmentation
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