Market Forecast by Countries (Brazil, Mexico, Argentina, Rest of Latin America), By Motor Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, Hermetic Motor), By Output Power, 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)) And Competitive Landscape
Product Code: ETC058935 | Publication Date: Dec 2023 | Updated Date: Jan 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 89 | No. of Tables: 30 | |
Latin America Electric Motor Market report thoroughly covers the market by countries, 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.
Latin America Electric Motor Market is rapidly evolving, driven by increasing demand for renewable energy, industrialization, and automation. Electric motors are rapidly emerging as one of the most transformative technologies in modern times. As the world moves towards renewable and sustainable energy, electric motors are playing a crucial role in driving this transition. Latin America, with its abundant natural resources, growing industrialization, and increasing demand for sustainable energy, is fast becoming a major market for electric motors.
According to 6Wresearch, the Latin America Electric Motor Market size was valued at USD 4.63 billion and is expected to reach USD 7.88 billion, growing at a CAGR of 11.89% during the forecast period of 2024-2030. One of the primary drivers of Latin America electric motor market growth is the increasing focus on renewable energy sources. Countries across the region are increasingly adopting renewable energy policies, with wind and solar power leading the way. Electric motors, with their high efficiency and low emissions, are an ideal choice for powering renewable energy systems. Another key driver is increasing industrialization and automation across the region, especially in the automotive, manufacturing, and construction sectors. Despite the growing demand for electric motors, there are several challenges that the market is facing in Latin America. The first challenge is the lack of infrastructure for charging and power supply, which is hindering the adoption of electric vehicles and other electric-powered machinery. The second challenge is the high cost of electric motors, which is often a barrier for small and medium-sized enterprises. The electric motor market in Latin America is witnessing some key trends that are shaping its future. For instance, the adoption of smart and connected electric motors, which are integrated with sensors and control systems for efficient and intelligent operation. These motors offer real-time monitoring and diagnosis, predictive maintenance, and energy optimization, which can lead to significant cost savings and efficiency gains. Despite the challenges, the Latin America electric motor industry offers significant opportunities for growth and innovation. One of the key opportunities is the development of local manufacturing capabilities, which can help reduce costs and create jobs.
Brazil has been at the forefront of promoting the adoption of clean energy solutions and has introduced several policies and schemes in support of the Latin America electric motor industry. The Brazilian Development Bank (BNDES) offers financing for companies wanting to invest in electric motors. The Brazilian Energy Research Office (EPE) runs an R&D program aimed at promoting innovation in the electric motor industry. In recent years, the government has taken significant steps towards promoting sustainable transportation. The country's electric motor industry has been on an upward trajectory, with the government introducing policies and schemes to support its growth. The government has recognized the need for energy-efficient solutions, and several policies and schemes have been introduced to support its growth. The National Action Plan on Climate Change aims to reduce greenhouse gas emissions by 50% by 2050. Additionally, the Energy Transition Law mandates the integration of clean energy sources in the power sector.
The Latin America Electric Motor Market is dominated by several prominent players. One of the leading players is WEG SA, a Brazil-based company that manufactures electric motors and automation technology solutions. Another major player is ABB Group, a Switzerland-based company that offers a range of electric motors and drives. Additionally, Siemens AG, a Germany-based company, provides solutions for electric motor applications in industries such as healthcare, manufacturing, and transportation.
By Motor Type, AC motors hold the largest market share due to their high efficiency, easy maintenance, and low noise level. DC motors, on the other hand, are growing in demand due to their ability to operate at varying speeds and torque levels. Hermetic motors, which are used in refrigeration and HVAC systems, are also seeing a rise in demand as energy-efficient products become more popular.
By Voltage, Motors with a voltage range of 21-60V is currently leading the Latin America Electric Motor Market Share due to their wide range of applications, such as industrial machinery, aerospace, and household appliances. However, the 60V & above segment is predicted to grow at a faster rate due to the increasing adoption of electric vehicles and renewable energy sources.
According to Pallavi, Senior Research Analyst, 6Wresearch, the industrial machinery segment holds the largest market share due to the widespread use of electric motors in this industry. However, the motor vehicle segment is growing at a faster rate due to the increasing production of electric vehicles and a shift towards electric mobility.
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Latin America Electric Motor Market Overview |
3.1 Latin America Regional Macro Economic Indicators |
3.2 Latin America Electric Motor Market Revenues & Volume, 2020 & 2030F |
3.3 Latin America Electric Motor Market - Industry Life Cycle |
3.4 Latin America Electric Motor Market - Porter's Five Forces |
3.5 Latin America Electric Motor Market Revenues & Volume Share, By Countries, 2020 & 2030F |
3.6 Latin America Electric Motor Market Revenues & Volume Share, By Motor Type, 2020 & 2030F |
3.7 Latin America Electric Motor Market Revenues & Volume Share, By Output Power, 2020 & 2030F |
3.8 Latin America Electric Motor Market Revenues & Volume Share, By Voltage Range, 2020 & 2030F |
3.9 Latin America Electric Motor Market Revenues & Volume Share, By Application, 2020 & 2030F |
3.10 Latin America Electric Motor Market Revenues & Volume Share, By Speed (RPM), 2020 & 2030F |
4 Latin America Electric Motor Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Latin America Electric Motor Market Trends |
6 Latin America Electric Motor Market, 2020 - 2030 |
6.1 Latin America Electric Motor Market, Revenues & Volume, By Motor Type, 2020 - 2030 |
6.2 Latin America Electric Motor Market, Revenues & Volume, By Output Power, 2020 - 2030 |
6.3 Latin America Electric Motor Market, Revenues & Volume, By Voltage Range, 2020 - 2030 |
6.4 Latin America Electric Motor Market, Revenues & Volume, By Application, 2020 - 2030 |
6.5 Latin America Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020 - 2030 |
7 Brazil Electric Motor Market, 2020 - 2030 |
7.1 Brazil Electric Motor Market, Revenues & Volume, By Motor Type, 2020 - 2030 |
7.2 Brazil Electric Motor Market, Revenues & Volume, By Output Power, 2020 - 2030 |
7.3 Brazil Electric Motor Market, Revenues & Volume, By Voltage Range, 2020 - 2030 |
7.4 Brazil Electric Motor Market, Revenues & Volume, By Application, 2020 - 2030 |
7.5 Brazil Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020 - 2030 |
8 Mexico Electric Motor Market, 2020 - 2030 |
8.1 Mexico Electric Motor Market, Revenues & Volume, By Motor Type, 2020 - 2030 |
8.2 Mexico Electric Motor Market, Revenues & Volume, By Output Power, 2020 - 2030 |
8.3 Mexico Electric Motor Market, Revenues & Volume, By Voltage Range, 2020 - 2030 |
8.4 Mexico Electric Motor Market, Revenues & Volume, By Application, 2020 - 2030 |
8.5 Mexico Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020 - 2030 |
9 Argentina Electric Motor Market, 2020 - 2030 |
9.1 Argentina Electric Motor Market, Revenues & Volume, By Motor Type, 2020 - 2030 |
9.2 Argentina Electric Motor Market, Revenues & Volume, By Output Power, 2020 - 2030 |
9.3 Argentina Electric Motor Market, Revenues & Volume, By Voltage Range, 2020 - 2030 |
9.4 Argentina Electric Motor Market, Revenues & Volume, By Application, 2020 - 2030 |
9.5 Argentina Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020 - 2030 |
10 Rest of Latin America Electric Motor Market, 2020 - 2030 |
10.1 Rest of Latin America Electric Motor Market, Revenues & Volume, By Motor Type, 2020 - 2030 |
10.2 Rest of Latin America Electric Motor Market, Revenues & Volume, By Output Power, 2020 - 2030 |
10.3 Rest of Latin America Electric Motor Market, Revenues & Volume, By Voltage Range, 2020 - 2030 |
10.4 Rest of Latin America Electric Motor Market, Revenues & Volume, By Application, 2020 - 2030 |
10.5 Rest of Latin America Electric Motor Market, Revenues & Volume, By Speed (RPM), 2020 - 2030 |
11 Latin America Electric Motor Market Key Performance Indicators |
12 Latin America Electric Motor Market - Opportunity Assessment |
12.1 Latin America Electric Motor Market Opportunity Assessment, By Countries, 2020 & 2030F |
12.2 Latin America Electric Motor Market Opportunity Assessment, By Motor Type, 2020 & 2030F |
12.3 Latin America Electric Motor Market Opportunity Assessment, By Output Power, 2020 & 2030F |
12.4 Latin America Electric Motor Market Opportunity Assessment, By Voltage Range, 2020 & 2030F |
12.5 Latin America Electric Motor Market Opportunity Assessment, By Application, 2020 & 2030F |
12.6 Latin America Electric Motor Market Opportunity Assessment, By Speed (RPM), 2020 & 2030F |
13 Latin America Electric Motor Market - Competitive Landscape |
13.1 Latin America Electric Motor Market Revenue Share, By Companies, 2023 |
13.2 Latin America Electric Motor Market Competitive Benchmarking, By Operating and Technical Parameters |
14 Company Profiles |
15 Recommendations |
16 Disclaimer |
Market Forecast by Countries (Brazil, Mexico, Argentina, Rest of Latin America), By Motor Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, Hermetic Motor), By Output Power, 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)) And Competitive Landscape
Product Code: ETC058935 | Publication Date: May 2021 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 |
Latin Americaย Electric Motorย Marketย is projected to grow over the coming years. Latin Americaย Electric Motorย Market is a part of our various regional publications globally. 6W tracksย Electric Motorย Market for over 60 countries with individual country-wise market opportunity assessment and publishes the report titled Globalย Electric Motorย Market outlook report annually.
Latin America Electric Motor Market report thoroughly covers market by motor type, speed, voltage, application and Countries. The market report provides an unbiased and detailed analysis of the on-going 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.
Latin America Electric Motor Market Synopsis
Latin America Electric Motor Market is expected to gain momentum during the upcoming period on account of increasing industrialization. Growing urbanization coupled with rising per capita income is driving the need for green vehicle further leading to the development of the market. Moreover, rising penetration towards environment concern beholds the shift towards electric vehicle further leading to the development of electric motor market. Rising global warming and carbon emission is further contributing to the growth of the market.
According to 6Wresearch, Latin America Electric Motor Market size is projected to register growth during 2021-2027. High efficiency and low operational cost is driving the growth of the electric motor market. The market is also riven by the development of agriculture, industrial and commercial sector. Growing industrial sector drives the demand for heavy machinery further beholds the development of the market. Government initiatives in order to reduce the consumption of fossil fuel and promote the electric vehicle further led to the development of the market. However, the global emergency od COVID-19 led to the negative growth of the market. Nationwide lockdown led to the disruption in supply chain. However, the market is expected to re-gain its growth during the upcoming years.
Market Analysis by Speed
On the basis of speed, high-speed segment is anticipated to dominate the market throughout the forecast period on account of rising preference
Market Analysis by Geography
ย
Based on Geography, Columbia is the fastest growing in the Latin America on account of increasing government initiatives to promote electric vehicle.
Other Related Reports:
ย
Key Attractiveness of the Report
Key Highlights of the Report:
Market Segmentation:
The report provides a detailed analysis of the following market segments: