The Electric Motors Accessories Market is expected to grow at a CAGR of 5.77% to reach USD 1303.4 million by 2028. The global Electric Motors Accessories Market is experiencing significant growth due to the increasing demand for Heating, Ventilation, and Air Conditioning (HVAC) systems in residential, commercial, and industrial sectors. HVAC systems are essential components of modern infrastructure, providing indoor air quality and thermal comfort for large-scale buildings such as offices and shopping complexes. To optimize HVAC system performance, electric motor accessories are frequently utilized. The expanding industrial and commercial sectors in China and India have fueled a surge in demand for HVAC systems worldwide. Furthermore, growing environmental concerns and government incentives for energy-efficient HVAC systems are driving HVAC companies to launch eco-friendly products, expanding their market share globally.
APAC dominates the regional market because of The Electric Motors Accessories Market encompasses a wide range of components that enhance the functionality and efficiency of electric motors. Key accessories include starters, generators, brakes, couplings, and sensors. These components facilitate seamless motor operation, optimize energy consumption, and ensure safety and reliability. Market growth is driven by increasing demand for energy-efficient solutions and the expanding applications of electric motors in various industries.
There are various factors that drive the Electric Motors Accessories Market market which are as following: The global electric motors accessories market is poised for significant growth, driven by the automotive industry's shift towards electrification and the increasing adoption of electric vehicles (EVs). This transition is fueling the demand for electric motor accessories, which play a crucial role in improving the efficiency and performance of auxiliary systems in EVs. Notably, electric motor accessories are essential components of electric power steering systems in automobiles. With the industry's focus on converting mechanical systems into direct drive systems powered by electric motor accessories, the market for this segment is projected to expand substantially during the forecast period. Manufacturers are continually seeking ways to enhance vehicle efficiency, making the need for electric motor accessories increasingly vital.
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Electric Motors Accessories Market Segmentation
Channel (Aftermarket, OEM) End-user (Automotive, Household appliances, HVAC, Industrial machinery, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)
The market witnesses several challenges, which are as follows The production of electric motor accessories with high power ratings involves significant costs, largely due to the necessity of utilizing robust permanent magnets to construct high-performing motors. These magnets are primarily composed of rare earth elements, such as neodymium, which are essential for generating strong magnetic fields. The scarcity of these materials, with most reserves found in countries like China and Australia, contributes to their volatile pricing. Trade disputes, such as export restrictions on rare-earth metals by China, have disrupted the global supply chain, leading to a substantial increase in neodymium prices. As a key component in the manufacturing of powerful permanent magnets utilized in high-power electric motor accessories, the price volatility of neodymium significantly impacts the market.
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Some of the key companies that have been profiled in the report include:
The Electric Motors Accessories Market is a significant segment of the larger Global Electrical Components and Equipment Market. This market encompasses businesses involved in the production of motor accessories, including encoders and amplifiers, motor control components, and wire and cable accessories. According to Technavio's market analysis, the Global Electrical Components and Equipment Market size is determined by the consolidated revenue of various sectors, such as water heaters and accessories, motors, electrical distribution and protection equipment, and small generators, among others. This market scope also includes the rental and leasing of electrical components and equipment to diverse industries, including industrial, commercial, and residential sectors. - The Electric Motors Accessories Market is experiencing significant growth, fueled by the Growing use of electric motors accessories in automotive sector. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Electric Motors Accessories Market is witnessing significant growth due to the increasing demand for electric motor functionality in various applications. Next generation technologies such as the Internet of Things (IoT) are driving the market, enabling remote monitoring and control of electric motors in various industries. In the transportation sector, the market is witnessing a surge in demand for electric motor accessories in electric scooters and motorcycles. Manufacturing facilities are also adopting electric motors for material handling applications, leading to the demand for accessories such as commutators, speed controllers, and end bells. AC induction motors and brushless DC motors are the most commonly used types of electric motors, and their accessories such as rotor windings, rotor cores, end caps, and bearings are in high demand. The market for electric motor accessories is also expanding in the residential and commercial sectors, with applications in machine tools, water pumps, fans, and HVAC systems. Energy efficiency is a key factor driving the market, with manufacturers focusing on developing low weight and high power density motors. Brushes and commutators are being replaced with brushless technology to improve efficiency and reduce maintenance costs. The market is expected to continue growing, with new applications and technologies emerging in the electric vehicles segment.
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