Motor Market Size, Share, Growth, and Industry Analysis by Type (Alternating Current (AC), Direct Current (DC)), by Application (Motor Vehicles, Heating & Cooling Equipment, Household Appliances, Machinery, Others), Regional Insights and Forecast To 2032

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MOTOR MARKET REPORT OVERVIEW

Global motor market size in 2023 was estimated to be USD 163.22 billion, with projections to grow to USD 391.61 billion by 2032 at a CAGR of 10.21% during the forecast period.

Motors are an indispensable piece of vehicle that assist with playing out its activity easily. Motors are engaged with different uses of a vehicle such as seat cooling fans, battery cooling fans, motor cooling fans, power window motors and others. It has led to development of new energy-efficient motors to achieve maximum output from the motors. This has promote to adoption of energy efficient motors in applications thus drives the growth. Due to the increase in electric vehicles and the booming transportation industry, the DC motors market will see substantial growth in the market. The rising demand from the developing economies is motivating the growth of the motors which are used for heating, compression, and ventilation. Alternating current(AC) is anelectric currentwhich periodically reverses direction and changes its magnitude continuously with time, in contrast todirect current(DC), which flows only in one direction. Alternating current is the form in whichelectric power is delivered to businesses and residences, and it is the form ofelectrical energythat consumers typically use when they plugkitchen appliances, televisions, fans and electric lamps into awall socket. Home and office outlets are almost always used in AC.

This is because generating and transporting AC across long distances and relatively easy. AC can be converted from high voltages easily using transformers. AC is also proficient of powering electric motors. Direct current means the unidirectional flow of electric charge. It is produced from sources such as batteries, power supplies, solar cells, thermocouples or dynamos. Direct current may flow in a conductor such as a wire, but can also flow through insulators, semiconductors, or vacuum as in electron or ion beams. Due to an increase in investments in the electric vehicles and automotive industries which are trying to reduce carbon emission globally, the motor vehicle segment will dominate the market globally. The growing demand for the industrial sector and the rising demand for the energy-efficient motors drives the demand for industrial machinery. Participating are fixing their efforts on encouraging R&D. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 IMPACT

"Pandemic hampered the market due to unexpected disruption in the sector"

The global COVID-19 pandemic has been unprecedented and staggering, with motor market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

MOTOR MARKET SEGMENTATION

By Type

According to type, the market can be segmented into Alternating Current (AC), Direct Current (DC).

Alternating Current (AC) will capture the maximum market share through forecast period.

By Application

According to application, the market can be segmented into motor vehicles, heating & cooling equipment, household appliances, machinery, others.

Motor market players cover segment as motor vehicles will dominate the market share during forecast period.

DRIVING FACTORS

"Increase in development in automotive sector to boost the market growth"

The electric car market has witnessed speedy development with the constant growths in automotive sector and positive government policies and support in terms of subsidies and grants, tax rebates. Governments of several countries have been investing heavily for the development of electric vehicles. The rising logistics and passenger transportation industries are driving up demand for commercial vehicles.

"Technological advancement and development to upsurge the market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the motor market growth. Growing investment in research and development activities and growing awareness about benefits of motor are expected to deliver profitable opportunities for the market. Advancement in electric vehicle fabrication technology and rising emphasis on renewable source of energy has proved to be the key factor driving the motor market.

RESTRAINING FACTOR

"High cost to hamper the market growth"

High cost is hampering development of motor market. Investment cost required for the industry is not affordable for all companies. High initial cost are involved in the restraining factors. Technical difficulties will reduce the industry revenue.

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MOTOR MARKET REGIONAL INSIGHTS

"Asia Pacific to dominate the region due to technological development"

Asia Pacific is further expected to witness growth in the motor market share. The region is dominating the market due to rising demand for electric automobiles. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key players focus on partnerships to gain competitive advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Top Motor Companies

• Toshiba (Japan)
• Hitachi (Japan)
• Denso Corporation (Japan)
• Maxon motor (Switzerland)
• Franklin Electrics (U.S.)

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.