“Global Smart Motors Market to reach a market value of USD 3.3 Billion by 2030 growing at a CAGR of 6.7%”
The Global Smart Motors Market size is expected to reach $3.3 billion by 2030, rising at a market growth of 6.7% CAGR during the forecast period.
The increasing shift towards electric vehicles is driving the adoption of smart motor technologies in automotive applications. Therefore, the Automotive segment acquired $459.5 million revenue in 2022. Electric vehicles rely on electric motors for propulsion, and smart motor technologies such as variable frequency drives (VFDs), and motor control algorithms are essential for optimizing energy efficiency, performance, and range in electric vehicle platforms.
Advancements in motor control technologies serve as a pivotal driver propelling the market forward. These innovations range from variable frequency drives to sophisticated field-oriented control (FOC) algorithms. Therefore, the ongoing advancements in motor control technologies propel the market’s growth.
Additionally, predictive maintenance allows organizations to schedule maintenance activities only when needed, reducing unnecessary downtime and maintenance costs. Smart motors with sensors can provide real-time data about their operational health, enabling predictive maintenance strategies. Hence, the growing emphasis on predictive maintenance drives the market’s growth.
However, Smart motor technology involves advanced sensors, and communication infrastructure, which require substantial initial investment to develop, manufacture, and implement. Developing smart motor technologies involves extensive research and development efforts to create innovative solutions for efficient motor control and predictive maintenance. In conclusion, high initial investment costs are hampering the market’s growth.
On the basis of end-use, the market is segmented into industrial, consumer electronics, automotive, aerospace & defense, and others. In 2022, the automotive segment attained a noteworthy 23.3% revenue share in the market. It plays a critical role in electric vehicles (EVs) and hybrid vehicles, powering propulsion systems, electric drivetrains, and ancillary components such as power steering, braking, and HVAC systems.
Based on product, the market is divided into 18V, 24V, 36V, and 48V & above. In 2022, the 24V segment acquired 39.2% revenue share in the market. The 24V segment is well-suited for low-power applications across various industries, including automotive, robotics, home automation, and IoT devices. Therefore, the compatibility with low-power applications is driving the segment’s growth.
Free Valuable Insights: Global Smart Motors Market size to reach USD 3.3 billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated 34.6% revenue share in the market. Smart motors are integral to infrastructure projects, enabling efficient operation, automation, and remote monitoring of critical assets such as power plants, transportation systems, and smart buildings.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 2 Billion |
| Market size forecast in 2030 | USD 3.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.7% from 2023 to 2030 |
| Number of Pages | 196 |
| Number of Tables | 290 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, End-Use, Region |
| Country scope |
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| Companies Included | Rockwell Automation, Inc., Moog, Inc., Fuji Electric Co. Ltd., ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Dunkermotoren GmbH (Ametek, Inc.), RobotShop Inc., Roboteq, Inc. (Nidec Motor Corporation) |
By End-use
By Product
By Geography
The Market size is projected to reach USD 3.3 billion by 2030.
Ongoing advancements in motor control technologies are driving the Market in coming years, however, High initial investment costs of smart motors restraints the growth of the Market.
Rockwell Automation, Inc., Moog, Inc., Fuji Electric Co. Ltd., ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Dunkermotoren GmbH (Ametek, Inc.), RobotShop Inc., Roboteq, Inc. (Nidec Motor Corporation)
The expected CAGR of this Market is 6.7% from 2023 to 2030.
The Industrial segment is leading the Market, by End-use in 2022; there by, achieving a market value of $1.3 billion by 2030.
The Asia Pacific region dominated the Market, by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $1.2 billion by 2030.
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