The Latin America, Middle East and Africa Electric Motor Market would witness market growth of 9.7% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 28,067.9 thousand units, showcasing a growth of 11.2% (2023-2030).
The increasing adoption of industrial automation and Industry 4.0 initiatives is another key driver of the market. They are pivotal in automating manufacturing processes powering conveyor systems, robots, pumps, and machinery. Automation enhances productivity, reduces labour costs, and improves product quality, all stimulating demand for these motors in industrial applications. The rapid expansion of renewable energy sources depends heavily on these motors. Wind turbines and solar tracking systems use these motors for power generation and precise control. The development of renewable energy installations is a driving force behind the market's growth. These motors contribute to a sustainable and clean energy future.
The ongoing trend of urbanization and infrastructure development leads to increased demand for these motors in building services, transportation systems, and construction equipment. Elevators, escalators, HVAC (heating, ventilation, and air conditioning) systems, and various industrial machinery rely on electric motors to function efficiently. Household appliances, including washing machines, refrigerators, air conditioners, and vacuum cleaners, all rely on electric motors for essential functions. As the middle class continues to grow, there is increasing demand for these appliances, driving the market. Additionally, consumer electronics like smartphones and laptops use vibration motors for haptic feedback. The reduction in the cost of these motor components, such as rare-earth magnets, and the scalability of production have made them more accessible for a broader range of applications. This has democratized the use of these motors in various industries.
According to the Dubai Water and Electricity Authority (DEWA), the number of EVs in Dubai is estimated to be approximately 7,331 in 2023 and is expected to reach 12,852 by 2025. This supports Dubai's Green Mobility Strategy 2030, mandating 30% of public sector vehicles and 10% of all vehicle sales to be electric and hybrid by 2030. As electric vehicles become more popular and the infrastructure for EV charging and maintenance improves, the demand for them is expected to increase. The above aspects will expand the market growth across the region in the upcoming years.
The Brazil market dominated the LAMEA Electric Motor Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,458.6 million by 2030. The Argentina market is exhibiting a CAGR of 10.2% during (2023 - 2030). Additionally, The UAE market would experience a CAGR of 9.4% during (2023 - 2030).
Based on Output Power, the market is segmented into Fractional Horsepower (FHP), and Integral Horsepower (IHP). Based on Type, the market is segmented into AC Motor (Induction, Synchronous), DC Motor (Brushless, Brushed), and Hermetic Motor. Based on End User, the market is segmented into Motor Vehicles, Industrial Machinery, HVAC Equipment, Household Appliances, Aerospace & Transportation, Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Electric Motor Market is Projected to reach USD 236.3 Billion by 2030, at a CAGR of 7.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, General Electric Company, Siemens AG, Hitachi, Ltd., Mitsubishi Electric Corporation, ABB Group, Denso Corporation, Magna International, Inc., Toshiba Corporation, Emerson Electric Co.
By Output Power (Volume, Thousand Units, USD Billion, 2019-2030)
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By End User (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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