Global Smart Motors Market Size & Outlook, 2023-2030
Global smart motors market, 2018-2030 (US$M)
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Global smart motors market highlights
- The global smart motors market generated a revenue of USD 2,309.3 million in 2023 and is expected to reach USD 3,631.3 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 6.7% by 2030.
- In terms of segment, industrial accounted for a revenue of USD 855.3 million in 2023.
- Industrial is the most lucrative end use segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, Spain is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 2,309.3 million |
| Market revenue in 2030 | USD 3,631.3 million |
| Growth rate | 6.7% (CAGR from 2023 to 2030) |
| Largest segment | Industrial |
| Fastest growing segment | Industrial |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Industrial, Automotive, Consumer Electrionics, Airospace & Defense, Other |
Other key industry trends
- In terms of revenue, the North America accounted for 34.2% of the global smart motors market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Spain is the fastest growing regional market and is projected to reach USD 72.4 million by 2030.
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Smart Motors Market Scope
Smart Motors Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global smart motors market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to smart motors market will help companies and investors design strategic landscapes.
Industrial was the largest segment with a revenue share of 37.04% in 2023. Horizon Databook has segmented the Global smart motors market based on industrial, automotive, consumer electrionics, airospace & defense, other covering the revenue growth of each sub-segment from 2018 to 2030.
- Global Smart Motors End Use Outlook (Revenue, USD Million, 2018-2030)
- Industrial
- Automotive
- Consumer Electrionics
- Airospace & Defense
- Other
- Global Smart Motors Product (voltage type) Outlook (Revenue, USD Million, 2018-2030)
- 18V
- 24V
- 36V
- 48V and above
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Our clientele includes a mix of smart motors market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of global-level data and insights on the Global smart motors market , including forecasts for subscribers. This global databook contains high-level insights into Global smart motors market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global smart motors market size, by regions, 2018-2030 (US$M)
Top 10 countries: Smart motors market size, 2023 (US$M)
Global smart motors market share, by end use, 2023 & 2030 (%, US$M)
Smart motors market: Opportunity assessment by country
Global smart motors market, by region, 2023 (US$M)
| End Use | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 655.6 | 689.1 | 730.2 | 704.1 | 744.3 | 790.4 | 840.4 | 896.0 | 957.0 | 1,025.7 | 1,100.8 | 1,184.6 | 1,277.1 | 7.1% |
| Europe | 523.4 | 545.4 | 572.8 | 547.5 | 573.7 | 603.9 | 636.5 | 672.7 | 712.2 | 756.7 | 804.9 | 858.6 | 917.5 | 6.2% |
| Asia Pacific | 339.1 | 359.3 | 383.9 | 373.2 | 397.7 | 425.7 | 456.3 | 490.4 | 528.0 | 570.5 | 617.2 | 669.6 | 727.7 | 8.0% |
| Latin America | 232.7 | 241.5 | 252.6 | 240.5 | 251.0 | 263.1 | 276.2 | 290.7 | 306.6 | 324.4 | 343.7 | 365.2 | 388.7 | 5.7% |
| MEA | 202.4 | 209.8 | 219.0 | 208.0 | 216.4 | 226.2 | 236.5 | 247.8 | 259.9 | 273.4 | 287.7 | 303.4 | 320.2 | 5.1% |
| Overall | 1,953.2 | 2,045.0 | 2,158.5 | 2,073.2 | 2,183.1 | 2,309.3 | 2,446.0 | 2,597.6 | 2,763.6 | 2,950.7 | 3,154.3 | 3,381.4 | 3,631.3 | 6.7% |
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