Global Low Voltage Electric Motor Market to Reach US$ 18.5 Billion by 2028, Propelled by Considerable Expansion in Automotive Industry

December 12, 2022

According to the latest report by IMARC Group, titled “Low Voltage Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global low voltage electric motor market size reached US$ 14.0 Billion in 2022. Low voltage electric motors are energy-saving motors that can convert electrical energy into mechanical energy by operating at voltages less than 1000V and produce a standard output with a low power input. These motors work by generating force in the form of torque applied on the motor shaft by interacting with the magnetic field in the motor and electric current in a wire winding in an efficient manner that can improve productivity and reduce energy consumption. Compared to standard motors, low-voltage motors are more effective and efficient by up to 8%, providing upto 1000kW of power. Among the characteristics of low-voltage motors are their positive energy balance, improved load fluctuation management, guarantee of stability, lower energy consumption and enhanced accuracy. Low-voltage motors are commonly used as a power source in a variety of applications, such as heating, ventilation and air-conditioning (HVAC) units, compressors, pumps, elevators, and fans.

Global Low Voltage Electric Motor Market Trends:

The global market is majorly driven by considerable expansion in the automotive industry. This can be attributed to the rapid utilization of power-efficient motors in the manufacturing of newer automobiles. Moreover, a paradigm shift in consumer preference toward high-efficiency for improved energy savings from the conventional motors is providing an impetus to the market. Apart from this, the rising construction and remodeling activities across the globe are creating a positive outlook for the market. The introduction of smart sensors in low voltage electric motors enabling effective monitoring various parameters with enhanced accuracy is also acting as a significant growth-inducing factor for the market. The market is further propelled by the extensive research and development (R&D) activities conducted by key players for focusing on sustainable development. Besides this, the growing sales of HVAC appliances are resulting in a higher product uptake on the global level. Some of the other factors contributing to the market include rapid urbanization and industrialization, inflating disposable income of the individuals, and favorable government initiatives promoting energy conservation. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 18.5 Billion by 2028, exhibiting a CAGR of 4.6% during 2023-2028.

Market Summary:

  • Based on the efficiency, the market has been segmented into standard efficiency, high efficiency, premium efficiency, and super premium efficiency. At present, high efficiency low voltage electric motors hold the largest market share.
  • On the basis of the end-use industry, the market has been divided into commercial HVAC industry, food, beverage and tobacco industry, mining industry, utilities, and others. Among these, commercial HVAC represents the largest segment.
  • Based on the application, the market has been categorized into pumps and fans, compressors, and others. Presently, pumps and fans exhibit a clear dominance in the market.
  • On the geographical front, the market has been segregated into North and South America, Europe and Middle East and Africa, China and others, wherein Europe and Middle East and Africa holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ABB, Siemens, WEG, TECO E&M, Regal Beloit, Leroy-Somer, Shandong Huali, Hyundai Heavy Industries, Hyosung Corporation, and NIDEC.
     

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Global Low Voltage Electric Motor Market to Reach US$ 18.5 Billion by 2028, Propelled by Considerable Expansion in Automotive Industry
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