Low Voltage Motors Market Growth to Nearly Double amid Surging Application in Automotive and HVAC Systems

Low Voltage Motors Market Growth to Nearly Double amid Surging Application in Automotive and HVAC Systems

PR Newswire

NEW YORK, Nov. 19, 2021

Commercial HVAC Low Voltage Motors to Contribute Over 45% Sales through 2031

The low voltage motors market study by Fact.MR offers exclusive insights for various companies, helping them identify growth opportunities and navigate through challenges in the market. It covers growth drivers and restrains influencing low voltage motors demand worldwide. The study also highlights growth prospects existing in key segments including efficiency class, sector, application, capacity, and region.

NEW YORK, Nov. 19, 2021 /PRNewswire/ -- As per the newly released data by Fact.MR analysis, the global low voltage motors market size is expected to reach US$ 36.6 Bn by the end of 2021. Global sales of low voltage motors are projected to rise at 6.8% CAGR, with overall valuation reaching around US$ 70.6 Bn by 2031.

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Increasing adoption of low voltage motors across various applications such as pumps, fans, compressors and automotive is driving the low voltage motor market.

Swift transition of energy sector from fuel powered motors to green and efficient technologies is creating a plethora of opportunities for growth within the low voltage motors market. Low voltage motors offer various advantages such as long operating life, low maintenance cost and high energy efficiency.

Hence, they are being increasingly utilized in various industries, ranging from manufacturing and agriculture to automotive. On the back of this, sales of low voltage motors are expected to increase by 2x by the end of 2031.

Technological advancements in low voltage motors are anticipated to boost their sales during the forecast period. Manufacturers are integrating modern technologies such as smart sensors in low voltage motors to monitor to track accurate measurement of various parameters.

Additionally, rising adoption of electric vehicles and expanding construction sector will continue to create lucrative growth avenues for the market.

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In terms of sector, the commercial HVAC low voltage motors segment is expected to hold around 45% of global revenue share by 2031. As low voltage motors are energy efficient and comply with governmental guidelines, they are being increasingly adopted in HVAC systems.

Expansion of residential and commercial sectors will continue to boost the sales of HVAC low voltage motors over the assessment period. Additionally, commercial HVAC low voltage motors market is expected to witness significant growth.

Regionally, Asia low voltage motors market is projected to witness the fastest growth, owing to the rising demand for energy-efficient motors across various applications. Moreover, introduction of favorable policies by government is helping the manufactures to penetrate deeper into emerging economies such as India, China, and Japan.

"Growing preference for automation in various industries such as construction, automotive, and others is fuelling the demand for low voltage motors. In order to capitalize on the rising demand, key manufacturers are establishing new facilities in emerging economies. This also will help them strengthen their global footprint" says a Fact.MR analyst

Key Takeaways from Low Voltage Motors Market Survey

Key Drivers

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Competitive Landscape

Leading companies operating in low voltage motors market are focusing on developing advanced products integrated with modern technologies. They have adopted various strategies such as product launches, mergers, partnerships and acquisitions to expand their global footprint.

Some of the prominent players operating in the low voltage motors market profiled by Fact.MR are:

More Insights on the Global Low Voltage Motors Sales Outlook

Fact.MR provides an unbiased analysis of low voltage motors market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for low voltage motors with a detailed segmentation on the basis of:

Efficiency Class

Sector

Application

Capacity

Regions

Key Questions Covered in the Low Voltage Motors Market Outlook Report

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