Smart Motors Market Size To Reach $3.63 Billion By 2030

Smart Motors Market Growth & Trends

The global smart motors market size is expected to reach USD 3.63 billion by 2030 and expand at a CAGR of 6.8% over the forecast period, according to a new report by Grand View Research, Inc. The growing demand for smart motors is primarily fueled by the automotive sector, with a notable surge in sales of electric vehicles worldwide. Manufacturers in the automotive industry are increasingly incorporating advanced features such as electric seats, power windows, and mirrors, driving the need for smart motors. These motors, equipped with sensors, controllers, and communication systems, enable precise control and responsiveness, making them integral components for enhanced automotive functionalities.

Integrating smart motors contributes to improved efficiency and performance in electric vehicles. As the automotive landscape continues to shift towards electric mobility, the demand for smart motors is expected to witness sustained growth, positioning them as pivotal elements in the evolution of automotive technology. The surging demand for smart motors in robotic applications is a significant driver of the market growth. These motors offer precise motion control and versatile adaptability, making them crucial components in the advancement of sophisticated robotic systems. The increasing adoption of robots for material handling operations and automation is fueling the demand for smart motors.

Manufacturers of smart motors and robots are actively engaged in partnerships to create innovative drive systems that can swiftly respond to a heavy pool of information, enabling precise movements, rapid stops, efficient braking, and quick accelerations in robotic applications. This collaborative effort is anticipated to be pivotal in expanding the global smart motors market, especially within industrial automation and robotics.

The market is anticipated to face challenges in the adoption from end-users due to high product costs. The availability of alternative motors, including conventional and servo motors, provides cost-effective options for end-users. While conventional motors are more budget-friendly, they often lack the precision control capabilities of smart motors. The latter, equipped with integrated sensors and controllers, offers superior control over various applications. Despite the competitive pricing of alternative motors, smart motors' advanced features and precise control may continue to position them as preferred solutions for applications requiring heightened performance and automation capabilities.

The market players are adopting strategies such as partnerships, collaborations, and new product launches to attract customers and gain a competitive edge. For instance, in April 2022, Moog Animatics, a global smart motors manufacturer, announced the launch of the new Class 6 D-style SmartMotor range. The newly launched product allows significant reductions in machine development costs and build times. This new product launch is expected to help the company attract new customers.

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Smart Motors Market Report Highlights

• The 24V segment held the largest market share of 39.2% in 2023. It will retain its dominance over the forecast period due to increasing demand for 24V smart motors from the industrial sector

• The automotive segment is expected to have the highest CAGR over the forecast period, owing to increasing demand for electric vehicles globally. The automotive sector is experiencing a surge in demand for smart motors, driven by their versatile application in electric systems, including seats, window systems, and mirror systems. The improved efficiency and precise control offered by smart motors make them integral components in enhancing the functionality of various electric features within vehicles

• The North America region accounted for the largest revenue share in the market in 2023 due to increasing demand from consumer electronic and industrial manufacturers. Smart motors are widely used in conveyor and winding systems as they provide precise control over the equipment

Smart Motors Market Segmentation

Grand View Research has segmented the smart motors market on the basis of product, end-use, and region.

Smart Motors Product Outlook (Revenue, USD Million, 2018 - 2030)

• 18V

• 24V

• 36V

• 48V and above

Smart Motors End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Industrial

• Automotive

• Consumer Electronics

• Aerospace & Defense

• Other

Smart Motors Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Spain

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • UAE

  • KAS

  • South Africa

List of Key Players in the Smart Motors Market

• Moog, Inc.

• General Electric, Ltd.

• ABB Ltd.

• Siemens AG

• Technosoft SA

• Schneider Electric SE

• Rockwell Automation

• Dunkermotoren GmbH

• Fuji Electric Co.

• RobotShop, Inc.

• Roboteq, Inc.