Geared Motor Market - Forecasts from 2023 to 2028

The global geared motor market is estimated to grow at a CAGR of 4.08% during the forecast period.

A geared motor is an electromechanical device that combines an electric motor with a gear reducer and is designed to provide a higher torque output and lower speed than a motor without gears. The different types of geared motors include right-angle geared motors, incline geared motors, and parallel shaft geared motors. The geared motors are used in food & beverages, automotive, and medical & healthcare industries for applications like material handling equipment, robotics, conveyor drives, and medical tools to provide precise control, efficient power transmission, and torque multiplication. The increasing automotive production, coupled with the developments in robotic arms and patient care equipment in the medical & healthcare sector, is expected to accelerate the demand for geared motors, boosting their market expansion.

Growing automotive production is expected to boost the market growth.

Workers usually assemble a mass-produced automobile using equipment and conveyors to move the parts to the assembly line. Mechanics used in the mass-production of cars use geared motors to reduce speed while maximizing torque, and this is essential as conveyor systems that move car parts along the line must have a slow speed so that workers can work on it while having enough torque to lift these heavy parts down the line successfully. The growth in automotive production will accelerate the demand for geared motors. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the production of passenger vehicles has grown globally by more than 26% from 2021 to 2022. According to the European Automobile Manufacturers' Association (ACEA), in 2021, Europe manufactured 21% of the world's passenger cars. According to the Society of Indian Automobile Manufacturers (SIAM), in 2022, the total automobile production in India increased from 23.04 million in 2021 to 25.93 million in 2022. This shows that geared motors will be in high demand in the future.

The surge in medical and healthcare applications will propel the geared motor market growth.

The medical and healthcare industry relies on geared motors for applications like surgical robotics and patient care equipment, such as hospital beds and adjustable chairs. Geared motors provide precise control over the movement of robotic arms, allowing surgeons to navigate in tight spaces and perform minimally invasive procedures with greater accuracy, leading to improved patient outcomes. Patient care equipment relies on geared motors for controlled movement and positioning, as these motors enable smooth adjustments of bed height, backrests, and leg supports, enhancing patient comfort and facilitating caregiver tasks. The rise in medical and healthcare activities will boost the demand for geared motors. According to the World Health Organization, in 2021, healthcare spending was expected to have increased significantly in 2020 in 22 nations, mostly in high-income economies. According to the Athar Institute of Health & Management Studies (AIHMS), in 2020, India was anticipated to be one of the top three healthcare markets.

The Asia Pacific region is expected to hold a significant market share throughout the forecast period.

The Asia-Pacific region will account for a major market share due to rapid industrialization and economic growth in China, and India, coupled with the growing automotive industry and the progress in the medical & healthcare sector in such nations. For instance, in November 2021, Chinese health authorities announced a five-year plan, namely the "1000-county Project" The major goal was to meet the medical needs of people in less developed areas by improving healthcare resources. The Vehicle Scrappage Policy, introduced by Prime Minister Narendra Modi in August 2021, aims to gradually phase out obsolete, environmentally hazardous vehicles, increasing the production of new vehicles. Such growing developments in the automotive and medical & sectors will boost the demand for geared motors as it provides efficient power transmission and torque multiplication, thereby fostering regional market growth.

Market Developments:

• March 2023: Siemens announced that the company, under its new subsidiary "Innomotics," will operate its motor & drives business, selling low to high-voltage and geared motors.
• September 2022: Premium Transmission launched "MI Inline Vertical Agitator Geared Motor," a highly efficient product due to the rapidly changing landscape in the manufacturing sector.
• May 2022: Bonfiglioli introduced its new helical Inline geared motor platform EVOX which has great efficiency, reliability, modularity, and performance. The specific "low noise" gear design makes the EVOX platform a benchmark product suitable for any application environment.

Market Segmentation:

By Type

• Right Angle Geared Motor
• Inline Geared Motor
• Parallel Shaft Geared Motor

By Application

• Conveyor Drives
• Material Handling Equipment
• Robotics
• Medical Tools
• Others

By End-Users

• Manufacturing
• Food & Beverage
• Automotive
• Healthcare
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others