Thailand Electric Motor Market revenue is projected to grow at a CAGR of over 3.7% during 2024E-2030F

HVAC sector by Application held the highest revenue share of Thailand Electric Motor Market -6Wresearch

The HVAC sector led Thailand's electric motor market, fueled by rising energy efficiency demands and expanding construction. Advances in HVAC technology, including smart systems and variable frequency drives (VFDs), rely on electric motors for optimized performance.

According to 6Wresearch, Thailand Electric Motor Market revenue is projected to grow at a CAGR of over 3.7% during 2024E-2030F. The Thailand electric motor market has seen substantial growth recently, fueled by robust demand across manufacturing, automotive, HVAC, and consumer appliances sectors. However, the COVID-19 pandemic disrupted supply chains, causing delays in production and delivery. Lockdowns and restrictions impacted both local and international manufacturing leading to factory closures, reduced workforce, and lower production output which caused a temporary dip in electric motor sales.

Thailand is the second-largest producer of air conditioners and washing machines, with a 30% growth in 2022. These appliances depend heavily on electric motors for components like fans, compressors, pumps, and blowers. Additionally, the Manufacturing Production Index (MPI) saw a 5-10% increase in production and exports in 2022, driven by global economic recovery and heightened demand from Thailand's key export markets for machinery and equipment.

According to Parth, Senior Research Analyst, 6Wresearch, Low voltage motors dominate the electric motor market due to their extensive application across small to medium-sized equipment, requiring power ratings under 1,000 volts. They offer a cost-effective solution, being more affordable to purchase and install compared to medium and high voltage motors.

Thailand Electric Motor Market (2024-2030) report provides an in-depth analysis with 20 figures and 5 tables, covered in 70 pages. The report thoroughly covers market by motor type, voltage, and applications. Thailand Electric Motor Market outlook report provides an unbiased and detailed analysis of the on-going Thailand Electric Motor 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.