Global Electric Motors Market to Grow at a CAGR of 5.9% During 2024-2032, Aided by the Increasing Demand for High-Efficiency Vehicles and Industrial Machinery

The global electric motors industry is being driven by the heightened demand for high-efficiency vehicles and machinery. In addition, the growing population and the rising disposable incomes are leading to a rise in demand for passenger vehicles. At the same time, the increased construction activities due to rapid urbanisation have elevated the requirements for high-performance industrial vehicles and equipment. Moreover, the growing implementation of HVAC systems is also expected to aid the market growth. Furthermore, in the pursuit of reducing carbon emissions, the leading automobile manufacturers are developing electric cars, which is expected to spearhead the demand for electric motors.

The growing focus of the leading players, such as General Electric (NYSE: GE), Ametek Inc (NYSE: AME), and others, to develop electric motors by incorporating advanced technological solutions is expected to positively stimulate the industry growth in the forecast period. According to a press release issued by General Electric, dated September 2020, the company announced its plans to research and develop a hybrid-electric propulsion system that runs on carbon-neutral biofuels under two projects ARPA-E’s Aviation-class Synergistically Cooled Electric-motors with iNtegrated Drives (ASCEND) and Range Extenders for Electric Aviation with Low Carbon and High Efficiency (REEACH) programs, which awarded the company with a sum of $4.8 million. This is expected to tap deep research capabilities across associated areas, including electric motors, thermal management, power conversion, and others. Such developments are expected to drive the growth of the electric motors industry in the forecast period.

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Market Breakup by Type, Power Output, Application, and Region:

• The market is divided based on type into AC motors, DC motors, and hermetic motors. Among these, AC motors can be further bifurcated by type into synchronous AC motors and induction AC motors. Meanwhile, DC motors can be further categorised by type into brushed DC motors and brushless DC motors.
• On the basis of power output, the market can be bifurcated into integral HP output and fractional HP output.
• The industry is segmented, on the basis of application, into industrial machinery, motor vehicles, HVAC equipment, aerospace and transportation, household appliances, and others.
• Region-wise, the global market for electric motors can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for electric motors is being driven by the growing demand for high-efficiency vehicles and industrial machinery. 
• The increased demand for AC motors in many industry verticals, such as the automotive industry, has significantly contributed to the market expansion. 
• The escalating eco-consciousness among consumers is also aiding the industry growth. 
• The rising technological advancements are expected to further propel the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for electric motors for the periods (2018-2023) and (2024-2032). 
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, power outputs, applications, and regions of electric motors.
• The market report also analyses the trade data by covering the major importing and exporting countries.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global electric motors market are ABB Ltd., Allied Motion Technologies Inc, Ametek Inc, General Electric, Johnson Electric Holdings Limited, Rockwell Automation, Inc., Siemens AG, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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