Smart Motor Market Analysis

Based on voltage, the market is divided into up to 18V, 19V-24V, 25V-36V, 48V, and above. The 19V-24V segment is expected to reach over USD 1.4 by 2032.

• The 19V-24V voltage range is versatile, serving diverse applications in automotive, robotics, industrial automation, and consumer electronics. It powers components, such as motors, sensors, and control systems, efficiently. Its compatibility with various devices and systems makes it a preferred choice, ensuring seamless integration and optimal performance across multiple industries, thereby boosting its market share and growth.
  
• The components and systems designed to operate within this voltage range are often more affordable compared to higher voltage alternatives, making them a cost-effective option for businesses & consumers.
  

Based on industry vertical, the market is segmented into industrial manufacturing, automotive, aerospace & defense, energy & utilities, consumer electronics, healthcare, and others. The automotive segment is expected to register a CAGR of over 8% during the forecast period.

• The automotive sector is embracing Industry 4.0 principles including automation, data exchange, and digital technologies. Smart motors are crucial in this transformation by enabling connectivity, real-time data analysis, and remote monitoring, leading to improved production processes and product quality.
  
• The development of autonomous vehicles relies heavily on sophisticated control systems, which require high-performance motors for various applications such as steering, braking, and propulsion. These motors provide the necessary intelligence & precision required for autonomous driving technologies.
  

North America dominated the global market in 2023 with over 35% of the total revenue share. The region’s smart motor market is witnessing significant growth owing to strict energy efficiency requirements, robust industrial automation, and a strong emphasis on technological innovation. Furthermore, the region is home to major players advancing smart motor technology. North American enterprises are progressively implementing smart motor solutions to boost productivity, save energy costs, and maintain a competitive edge in the global market. This is made possible by the region's developed industrial landscape and emphasis on sustainability.