Bangladesh Electric Motor Market (2024-2030) | Trends, Industry, Segmentation, Share, Analysis, Growth, Size, Revenue, Value, Outlook

Topics Covered in the Bangladesh Electric Motor Market

Bangladesh Electric Motor Market report thoroughly covers the market by motor type, by voltage range, by application, and by speed. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Bangladesh Electric Motor Market Synopsis

Bangladesh Electric Motor Market is growing rapidly and is expected to continue its upward trend in the coming years. Factors such as government initiatives, the growing industrial and consumer sectors, and the country's strategic advantages are contributing to this growth. The market size is expected to increase exponentially with the expansion of various sectors that use electric motors in their machinery and equipment. The growth of the electric motor industry is not only supporting the development of country’s economy but also contributing to its efforts to combat global climate change by promoting energy efficiency and reducing carbon emissions.

According to 6Wresearch, the Bangladesh Electric Motor Market Size was valued at $6.7 billion and is estimated to reach $8.5 billion, growing at a CAGR of 4% during the forecast period of 2024-2030. One of the key drivers of the electric motor market in Bangladesh is the country's increasing demand for energy. The population is growing rapidly, and as the middle class expands, so does the demand for electric appliances and vehicles. This has led to a push for the adoption of electric motors in various sectors, such as industrial, commercial, and transportation. The government's initiatives to promote sustainable energy solutions, such as solar power, has also helped to drive the Bangladesh Electric Motor Market Growth. The electric motor market in Bangladesh is witnessing several interesting trends. One of them is the shift towards higher-efficiency motors. As companies look for ways to reduce energy costs and increase operational efficiency, they are opting for motors that consume less energy while maintaining the same level of performance.

Moreover, the market is experiencing a surge in demand for electric vehicles such as electric bikes and rickshaws, which are becoming increasingly popular in cities. Despite the potential for growth in the electric motor market in Bangladesh, there are several challenges that stakeholders need to overcome. One of them is the lack of awareness and knowledge about electric motors among the public. Furthermore, electricity infrastructure in Bangladesh is not yet fully developed, which limits the adoption of electric motors in some areas. High capital costs associated with electric motor installations and maintenance is another challenge.

There are several opportunities that stakeholders can explore in the electric motor market in Bangladesh. For instance, there is a growing opportunity for manufacturers and distributors of electric motors to partner with the government, private sector, and financial institutions to provide financing and other support to customers. Another opportunity lies in the development of local manufacturing capabilities for electric motors, which will enable the country to reduce its reliance on imports.

Government policies and schemes introduced in the Bangladesh Electric Motor Market 

The government of Bangladesh has introduced a national energy policy that aims to increase the use of renewable energy. The policy includes incentives for the use of electric motors in different sectors. The policy also aims to develop a renewable energy-based electric motor industry in the country. To promote the use of electric motors, the government has exempted Value Added Tax (VAT) on the sale of electric motors in the country.

Companies that manufacture electric motors or import them from other countries can avail themselves of this exemption. The government has set energy efficiency standards for electric motors. The standards aim to increase the efficiency of electric motors and reduce energy consumption. They apply to electric motors used in different sectors, such as agriculture, manufacturing, and commercial. The government provides incentives to companies that manufacture energy-efficient electric motors that meet these standards.

Leading players in the Bangladesh Electric Motor Market

Some of the leading players in the Bangladesh Electric Motor Industry include BARI Electric Industries Ltd., Super Star Group (SSG), Bengal Electric Ltd., Bangladesh General Electric Company Ltd. (BGE), and Bangla CAT Electric Ltd. These companies have a significant market share and are involved in the manufacturing and distribution of different types of electric motors, such as AC/DC motors, standard motors, and energy-efficient motors.

Market Analysis by Motor Type

According to Mohit, Senior Research Analyst, 6Wresearch, the AC motors are prevalent in the market with their efficiency and robustness making them perfect for industrial machinery and household applications. DC Motor has long been used in household equipment and vehicles due to their cost-effectiveness, reliability, and simplicity. 

Market Analysis by Application

By Application, the industrial machinery segment dominates the Bangladesh Electric Motor Market share, followed by HVAC equipment and motor vehicles. However, the household appliances segment is expected to grow at a considerable rate in the coming years.

Market Analysis by Speed

By Speed, medium-speed electric motors are the most preferred ones among the industries in Bangladesh, followed by high-speed electric motors. The growing demand from the automotive and aerospace sectors has boosted the market growth for high-speed and ultrahigh-speed electric motors.

Key Attractiveness of the Report 

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Bangladesh Electric Motor Market Outlook
• Market Size of Bangladesh Electric Motor Market, 2023
• Forecast of Bangladesh Electric Motor Market, 2030
• Historical Data and Forecast of Bangladesh Electric Motor Revenues & Volume for the Period 2020 - 2030
• Bangladesh Electric Motor Market Trend Evolution
• Bangladesh Electric Motor Market Drivers and Challenges
• Bangladesh Electric Motor Price Trends
• Bangladesh Electric Motor Porter's Five Forces
• Bangladesh Electric Motor Industry Life Cycle
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Motor Type for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Alternate Current (AC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Direct Current (DC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Hermetic Motor for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Voltage Range for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By 9 V & Below for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By 10-20 V for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By 21-60 V for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By 60 V & Above for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Industrial Machinery for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Motor Vehicles for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Heating, ventilating, and cooling (HVAC) equipment for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Aerospace & transportation for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Household Appliances for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Other for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Speed (RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Low-Speed Electric Motors (Less Than 1,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Medium-Speed Electric Motors (1,001-25,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By High-Speed Electric Motors (25,001-75,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Bangladesh Electric Motor Market Revenues & Volume By Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM) for the Period 2020 - 2030
• Bangladesh Electric Motor Import Export Trade Statistics
• Market Opportunity Assessment By Motor Type
• Market Opportunity Assessment By Voltage Range
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Speed (RPM)
• Bangladesh Electric Motor Top Companies Market Share
• Bangladesh Electric Motor Competitive Benchmarking By Technical and Operational Parameters
• Bangladesh Electric Motor Company Profiles
• Bangladesh Electric Motor Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Motor Type

• Alternate Current (AC) Motor
• Direct Current (DC) Motor
• Hermetic Motor

By Voltage Range

• 9 V & Below
• 10-20 V
• 21-60 V
• 60 V & Above

By Application

• Industrial Machinery
• Motor Vehicles
• Heating
• Ventilating
• And Cooling (HVAC) Equipment
• Aerospace & Transportation
• Household Appliances
• Other

By Speed (RPM)

• Low-Speed Electric Motors (Less Than 1,000 RPM)
• Medium-Speed Electric Motors (1,001-25,000 RPM)
• High-Speed Electric Motors (25,001-75,000 RPM)
• Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM))

Bangladesh Electric Motor Market: FAQs