Electric motors refer to mechanical devices which work on the basic principle of electromagnetism. Over the years, these motors have gained traction due to their growing usage in a number of applications ranging from hair dryers, toys, electric shavers and extractor fans to washing machines, dishwashers, coffee grinders, microwaves and electric can openers. A new research report by IMARC Group, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global electric motor market reached a volume of around 546 Million Units in 2017. The report further anticipates the market to reach a volume of 982 Million Units by 2023, at a projected CAGR of more than 10% during 2018-2023.

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Global Electric Motor Market Drivers/Constraints:

Electric vehicles are environment friendly since they do not emit toxic gases or smoke into the environment and also minimise energy consumption. As a result, there is a rise in the demand for hybrid and electric vehicles which, in turn, is further elevating the growth of the electric motor market globally.
The various government initiatives and regulatory policies aimed to promote energy efficiency and reduce carbon emissions in various industrial verticals are bolstering the demand for high-efficiency motors.
Some of the other factors contributing to the growth of the global electric motor market are rapid advancements in technology, increasing automation and rapid industrialisation.
The high cost of manufacturing and assembling efficient electric motors and the limited portability of large motors hinder the market growth. Moreover, the intense competition in the market also acts as a major deterrent.

Global Electric Motor Market Segmentation:

Market Performance by Type

• AC Motor
• Induction AC Motor
• Synchronous AC Motor
• DC Motor
• Brushed DC Motor
• Brushless DC Motor
• Others

On the basis of motor type, the market has been segmented into AC and DC motors. The AC motors segment is further categorised into induction and synchronous AC motors, whereas the DC motors segment is segregated into brushed and brushless DC motors. Currently, AC motors are the most popular motor type, accounting for the majority of the global share.

Market Performance by Voltage

• Low Voltage Electric Motors
• Medium Voltage Electric Motors
• High Voltage Electric Motors

Based on voltage, low voltage electric motors dominate the market as these motors consume less energy and are highly efficient. Low voltage electric motors are followed by medium and high voltage electric motors.

Market Performance by Rated Power

• Fractional Horsepower Motors
• Integral Horsepower Motors

On the basis of rated power, the market has been segregated into fractional and integral horsepower electric motors. Currently, fractional horsepower motors are the leading segment as these motors are extensively used in household appliances, surgical devices, floor scrubbers, car windows, conveyors, etc.

Market Performance by Fractional Horsepower

• Fractional Horsepower (< 1/8) Motors
• Fractional Horsepower (1/8 – 1/2) Motors
• Fractional Horsepower (1/2 – 1) Motors

Based on fractional horsepower, the report finds that fractional horsepower (1/8 – 1/2) motors dominate the market. These motors are followed by fractional horsepower (< 1/8) motors and fractional horsepower (1/2 – 1) motors.

Market Performance by Integral Horsepower

• Integral Horsepower (1 - 5) Motors
• Integral Horsepower (10 - 50) Motors
• Integral Horsepower (50 - 100) Motors
• Integral Horsepower (>100) Motors

On the basis of integral horsepower, electric motors with integral horsepower between 1 – 5 hold the largest share of the global electric motor market. They are followed by motors with horsepower in the range 10 – 50, 50 – 100 and > 100.

Market Performance by Magnet Type

• Ferrite
• Neodymium (NdFeB)
• Samarium Cobalt (SmCo5 and Sm2Co17)

Based on magnet type, the market has been classified as ferrite, Neodymium (NdFeB) and Samarium Cobalt (SmCo5 and Sm2Co17) magnets. Amongst these, ferrite magnets are the most popular type of magnets used in electric motors worldwide.

Market Performance by Weight

• Low Weight Motors
• Medium Weight Motors
• High Weight Motors

On the basis of weight, low weight electric motors hold the largest share, followed by medium and high weight electric motors.

Market Performance by Speed

• Ultra-High-Speed Motors
• High-Speed Motors
• Medium Speed Motors
• Low Speed Motors

Based on speed, the report finds that high speed electric motors hold the biggest share. They are followed by ultra-high speed, medium speed and low speed electric motors.

Market Performance by Region

• Asia-Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

Region-wise, Asia-Pacific enjoys the leading position in the global electric motor market on account of rising inclination towards energy-efficient motors. Other major regions include North America, Europe, Middle East and Africa, and Latin America.

Competitive Landscape:

The global electric motor market is essentially fragmented with the presence of numerous small and large manufacturers who compete in terms of price and quality. Some of the leading players operating in the market are:

• ABB Group
• Siemens Ag
• WEG SA
• TECO
• Regal Beloit Corporation
• Nidec Corporation

Browse Electric Motor Market Report with TOC: https://www.imarcgroup.com/electric-motor-market

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