Home > Semiconductors & Electronics > Automation > Industrial Automation > Smart Motor Market
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.
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.
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.