Low Voltage Electric Motor Market Report by Efficiency (Standard Efficiency, High Efficiency, Premium Efficiency, Super Premium Efficiency), End-Use Industry (Commercial HVAC Industry, Food, Beverage and Tobacco Industry, Mining Industry, Utilities, and Others), Application (Pumps and Fans, Compressors, and Others), and Region 2024-2032

Low Voltage Electric Motor Market Report by Efficiency (Standard Efficiency, High Efficiency, Premium Efficiency, Super Premium Efficiency), End-Use Industry (Commercial HVAC Industry, Food, Beverage and Tobacco Industry, Mining Industry, Utilities, and Others), Application (Pumps and Fans, Compressors, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A596
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Low Voltage Electric Motor Market Size:

The global low voltage electric motor market size reached US$ 14.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 14.7 Billion
Market Forecast in 2032
US$ 21.2 Billion
Market Growth Rate 2024-2032 4%

Low Voltage Electric Motor Market Analysis                                   

  • Market Growth and Size: The global low voltage electrical equipment market is experiencing dynamic growth, driven by increasing technology across the globe and shift towards more efficient equipment The market is expected to expand greatly by improving quality, performance, and safety standards.        
  • Major Market Drivers: The growing demand for automation in various industries is the major factor driving the global trend towards energy efficiency including the demand for more efficient and energy-efficient machines. Furthermore, residential construction and maintenance services contribute to the growth of the market.         
  • Key Market Trends: The market is currently dominated by high-performance simple electrical appliances, with the largest segment in the commercial HVAC end-use industry pumps and fans are the main applications for appliances in premises including elevators, compressor and air conditioning reflects the demand for powerful equipment.       
  • Geographical Trends: Europe, Middle East, and Africa lead the market, followed by North and South America and China. These areas attest to the growing demand for low-energy electric motors in industries such as food and beverage trucking and mining.     
  • Competitive Landscape: Major market players are ABB, Siemens, WEG, TECO E&M, and others. Competition is fierce, and companies focus on innovation, energy efficiency and geographical expansion to gain a competitive advantage.  
  • Challenges and Opportunities: Challenges include competition, regulatory compliance and fluctuating raw material prices. However, there are opportunities for increased demand in energy efficient devices, technological advances and market expansion in emerging markets.
     

A low-voltage electric motor refers to a device that uses voltage below 1000V. The main characteristics of these devices are quality and efficiency, energy balance and high safety standards. For this reason, elevators, compressors, fans, chillers, air conditioners and pumps have been equipped with more simple electrical devices. In addition, they find applications in various industries such as food and beverage, automotive packaging, mining, oil, and gas. 

Increasing technology across the globe is propelling the automation industry. This has led to the need for low energy power plants which greatly reduce the additional cost of production. Furthermore, construction and residential renovations across the globe are expected to impact the market growth in the coming years once there is a shift in consumer preferences from inefficient appliances towards energy efficient appliances inefficiency has led to a demand for more energy efficient devices.

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global low voltage electric motor market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on efficiency, end-use industry and application.

Breakup by Efficiency:

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Standard Efficiency
  • High Efficiency
  • Premium Efficiency
  • Super Premium Efficiency


Based on efficiency, the market has been segmented into standard, high, premium and super premium efficiency. Currently, high efficiency low-voltage electric motors dominate the market, holding the largest share.

Breakup by End-Use Industry:

  • Commercial HVAC Industry
  • Food, Beverage and Tobacco Industry
  • Mining Industry
  • Utilities
  • Others


On the basis of end-use industry, commercial HVAC represents the largest segment.

Breakup by Application:

  • Pumps and Fans
  • Compressors
  • Others


The market has also been segregated on the basis of application into pumps and fans, and compressors. Amongst these, pumps and fans hold the majority of the total market.

Breakup by Region:

 

 
 

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  • North and South America
  • Europe, Middle East and Africa
  • China
  • Others


Region-wise, Europe, Middle East and Africa is the leading market, accounting for the largest share globally. Other major markets include North and South America, and China.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being ABB, Siemens, WEG, TECO E&M, Regal Beloit, Leroy-Somer, Shandong Huali, Hyundai Heavy Industries, Hyosung Corporation and NIDEC.

This report provides a deep insight into the global low-voltage electric motor industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a low-voltage electric motor manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the low-voltage electric motor industry in any manner.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Efficiency, End-Use Industry, Application, Region
Region Covered  North and South America, Europe, Middle East and Africa, China, Others
Companies Covered ABB, Siemens, WEG, TECO E&M, Regal Beloit, Leroy-Somer, Shandong Huali, Hyundai Heavy Industries, Hyosung Corporation, NIDEC
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global low voltage electric motor market was valued at US$ 14.7 Billion in 2023.

We expect the global low voltage electric motor market to exhibit a CAGR of 4% during 2024-2032.

The rising consumer awareness towards the numerous benefits associated with low voltage electric motors, such as improved quality and productivity, positive energy balance, high safety standards, etc., is primarily driving the global low voltage electric motor market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for low voltage electric motors.

Based on the efficiency, the global low voltage electric motor market can be categorized into standard efficiency, high efficiency, premium efficiency, and super premium efficiency. Currently, high efficiency accounts for the majority of the global market share.

Based on the end-use industry, the global low voltage electric motor market has been segregated into commercial HVAC industry, food, beverage and tobacco industry, mining industry, utilities, and others. Among these, the commercial HVAC industry currently holds the largest market share.

Based on the application, the global low voltage electric motor market can be bifurcated into pumps and fans, compressors, and others. Currently, pumps and fans exhibit a clear dominance in the market.

On a regional level, the market has been classified into North and South America, Europe and Middle East and Africa, China, and others, where Europe, Middle East and Africa currently dominates the global market.

Some of the major players in the global low voltage electric motor market include ABB, Siemens, WEG, TECO E&M, Regal Beloit, Leroy-Somer, Shandong Huali, Hyundai Heavy Industries, Hyosung Corporation, and NIDEC.

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Low Voltage Electric Motor Market Report by Efficiency (Standard Efficiency, High Efficiency, Premium Efficiency, Super Premium Efficiency), End-Use Industry (Commercial HVAC Industry, Food, Beverage and Tobacco Industry, Mining Industry, Utilities, and Others), Application (Pumps and Fans, Compressors, and Others), and Region 2024-2032
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