Global Electric Motor Market Growth Analysis - Forecast Trends and Outlook (2024-2032)

Global Electric Motor Market Size

The electric motors market reached a value of approximately USD 124.33 billion in 2023. The market is projected to grow at a CAGR of 5.3% between 2024 and 2032, reaching a value of around USD 197.89 billion by 2032.

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Electric Motors Market Outlook

• France intends to allocate €2.5 billion in its 2030 investment strategy to increase the manufacture of approximately two million electric and hybrid cars.

• According to ITA, Canada shipped around 57.38% of products from the Aircraft, Engine, and Parts Manufacturing sector to the United States in 2022.

• In 2022, Australia's car sector witnessed more than a million new vehicle transactions, with SUVs, according to FCAI.

Electric Motor Market Growth

Electric motors use electromagnetic induction to convert electrical energy into mechanical energy, powering a wide range of equipment and vehicles in various industries. They operate on either direct current (DC) or alternating current (AC) from sources like batteries or power grids and are categorised by power source, application, and design features. Motors may be brushless or brushed, and come in separate phases and cooling methods, enhancing their versatility and applicability in the electric motor sales market.

Standardised motors provide the necessary mechanical power for industrial tasks, operating machinery such as blowers, pumps, and fans, as well as household appliances and vehicles. They are even used in smaller devices like watches. In specific scenarios like regenerative braking, they can function as generators, reclaiming lost energy. Electric motors are pivotal in numerous sectors, driving machinery, transportation, appliances, HVAC, robotics, electronics, and aerospace systems, highlighting their adaptability and significance.

The International Trade Administration reports that in 2022, Canada maintained its status as one of the foremost aerospace markets globally. It leads in civil flight simulator manufacturing, ranks third in civil engine production, and holds fourth place in civil aircraft production, contributing to the global electric motor market.

CANADA’S AEROSPACE SECTOR ACTIVITIES, 2022

Key Trends and Developments

The rise of electric vehicles (EVs), efficiency improvements, integration of IoT and industry 4.0, and focus on sustainable manufacturing are the major trends impacting electric motor industry.

March 29, 2024

Rolls-Royce built the prototype of its 320-kilowatt electric motor and initiated tests in Trondheim, Norway. This motor was designed for prospective application in compact electric and hybrid-electric regional aircraft.

February 2, 2024

At the Bharat Mobility Expo 2024, Attron Automotive highlighted its electric motors and controllers, including three alpha series motors and an advanced controller, designed to improve EVs' speed and efficiency.

January 25, 2024

CFR Calatori collaborated with ABB to upgrade 19 Electroputere LE 5100 locomotives with complete traction systems, boosting efficiency and speed. ABB supplied transformers, converters, and electric motors, installed by Reloc specialists.

January 16, 2024

Equipmake partnered with H55 to develop a 100kW Electric Propulsion System (EPS) for BRM AERO's Bristell B23 Energic aircraft. Equipmake supplied electric motors, while H55 provided the motor controller.

Rise of electric vehicles (EVs)

Sustainability initiatives and government support for electric vehicles propel the automotive industry's demand for electric vehicle motor market, resulting in heightened EV adoption.

Efficiency improvements

Enhancing motor efficiency is pivotal in the electric motors market size in technology. Manufacturers innovate with advanced materials and designs, aiming to reduce energy consumption and costs.

Integration of IoT and Industry 4.0

Electric motors integrated with IoT and Industry 4.0 enhance operations, enabling remote monitoring, predictive maintenance, and performance optimisation, thereby increasing efficiency, and reducing downtime.

Focus on sustainable manufacturing

Manufacturers are placing greater emphasis on sustainability, adopting eco-friendly practices in electric motor production to reduce resource consumption and emissions.

Electric Motor Market Trends/Drivers

The growing utilisation of renewable energy sources, such as wind and solar power, propels the demand for electric motors in renewable energy systems. Simultaneously, industries like robotics and consumer electronics drive demand for compact, lightweight electric motors due to space and weight limitations, contributing to the electric motor market share.

Progress in motor control technologies, like variable frequency drives and sophisticated control algorithms, improves motor efficiency and performance. As industrial processes transition to electricity, demand for electric motors increases, driven by the need for enhanced efficiency and reduced fossil fuel dependence. Solid-state motor technology presents prospects for improved efficiency and reliability.

As per INVEST India, the automotive sector in India manufactured approximately 25.93 million vehicles, encompassing various categories like passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles from April 2022 to March 2023, thereby enhancing the electric motor market size in India.

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Electric Motors Industry Segmentation

“Electric Motor Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• AC Motors
  • Synchronous AC Motors
  • Induction AC Motors
• DC Motors
  • Brushed DC Motors
  • Brushless DC Motors
• Hermetic Motors

Market Breakup by Power Output

• Integral HP Output

• Fractional HP Output

Market Breakup by Application

• Industrial
  • Low Power (less than 1KW)
  • Medium Power (1 KW to 100 KW)
  • High Power (More than 100 KW)
• Residential and Commercial
  • HVAC
  • Home Appliances
  • Others
• E-Mobility
  • 2 and 3 Wheelers
  • Light Vehicle (Passenger Vehicle)
  • Commercial Vehicle (Light and Medium Commercial)
  • Heavy Truck (Heavy Commercial)
  • Marine
  • Train
  • Aerospace
  • Others
• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Electric Motor Market Share

AC motors contribute to the electric motor market growth due to their versatility, being widely accessible in diverse sizes and configurations, making them suitable for diverse applications.

AC Motors are available in varied sizes and configurations, suitable for diverse applications, and operate more efficiently than DC motors, reducing energy consumption. With simpler construction, they require less maintenance and offer a longer lifespan. AC motors are easy to control and regulate speed, making them versatile, particularly in high-power applications.

DC Motors offers precise speed control and high starting torque, ideal for applications requiring accurate speed regulation and quick acceleration, such as electric vehicles. They easily reverse direction, simplifying bidirectional motion control. DC motors integrate well with batteries, suitable for portable devices and electric vehicles. Additionally, brushed DC motors are cost-effective and simple, suitable for household appliances and power tools.

According to recent findings by the Australian Research Council, Australia has approximately sixteen million operational IoT devices. These devices include a diverse range of categories like home appliances, health trackers, agricultural sensors, and automated facilities in industries such as mining and manufacturing thus boosting the electric motor industry market size.

Integral HP output drives growth in the electric motor market share, tailored for high-power applications like industrial machinery, pumps, and compressors. These motors deliver robust performance, catering to heavy-duty equipment needs in various industries.

Integral HP motors excel in high-power applications such as industrial machinery, pumps, and compressors. They offer efficient operation, cost savings through reduced energy consumption, and a compact design suitable for confined spaces. These motors are dependable, requiring minimal maintenance and enduring harsh industrial conditions, thus minimising downtime, and maintenance costs.

Fractional HP motors provide versatility in applications such as household appliances, fans, and small machinery. They are economical and compact, suitable for budget-conscious and space-restricted uses. Although slightly less efficient than integral HP motors, they still offer favourable energy efficiency, minimizing operational expenses. Moreover, their straightforward installation adds to their convenience across various applications.

INVEST India highlights key government incentives in the consumer durables sector, including the PLI for White Goods for ACs and LEDs to stimulate domestic manufacturing. Additionally, initiatives like the Street Lighting National Programme (SLNP) aim to install/retrofit approximately 30 million LED streetlights by 2024. Furthermore, the UJALA Scheme, distributing over 366 million LEDs to households from 2015 to 2022, further propels the growth of the electric motor market.

E-mobility drives the electric motors for electric vehicle market based on its application, primarily due to its substantial reduction of greenhouse gas emissions when compared to internal combustion engines. This fosters environmental sustainability and contributes to the market's expansion.

Electric mobility vehicles, driven by electric motors, provide notable environmental advantages by curbing emissions and advancing sustainability. They boast high energy efficiency, diminishing fuel usage and operational expenses. Reduced moving parts translate to decreased maintenance costs, while their silent operation aids in mitigating noise pollution. Furthermore, they stimulate innovation in the automotive sector, enticing consumers and nurturing the expansion of the global electric vehicle motor market.

According to the Electric Vehicle Council, the purchase of electric vehicles surged by 86 per cent in 2022, constituting 3.8 per cent of all new car purchases. Australia is approaching the milestone of 100,000 electric vehicles, with over 83,000 estimated to be in operation, thereby driving growth in the electric vehicle motor market.

Electric motors used in residential and commercial environments prioritize energy efficiency, reducing electricity consumption and costs, thus supporting environmental sustainability by lowering carbon emissions. Their silent operation enhances comfort, and their reliability and minimal maintenance ensure continuous functionality across a variety of applications, demonstrating versatility in HVAC systems, elevators, and appliances.

Leading Manufacturers in the Electric Motors Market

In a competitive landscape, the company specialises in electric motors, actuators, motion subsystems, and related technologies. They design, manufacture, and supply a wide range of products used in various industries such as automotive, industrial, consumer electronics, healthcare, and more.

ABB Ltd: Established in 1988, ABB Ltd, headquartered in Zurich, Switzerland, focuses on power and automation technologies, catering to global utility, industry, transportation, and infrastructure sectors.

Allied Motion Technologies Inc: Founded in 1962, Allied Motion Technologies Inc, situated in Amherst, New York, specializes in motion control products and systems, serving diverse industries worldwide.

Ametek Inc: Tracing its roots back to 1930, Ametek Inc., based in Berwyn, Pennsylvania, is a prominent global producer of electronic instruments and electromechanical devices.

General Electric: Founded in 1892, General Electric, headquartered in Boston, Massachusetts, is a multinational conglomerate with operations spanning aviation, healthcare, renewable energy, and power sectors.

Other global electric motors market key players are Johnson Electric Holdings Limited, Rockwell Automation, Inc., and Siemens AG, among others.

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Electric Motors Market Analysis by Region

The Asia-Pacific region is leading the global electric motor market, driven by rising demand across industrial, automotive, and power sectors.

The Asia-Pacific region serves as a central hub for automation and is witnessing substantial demand for electric vehicles, household appliances, and HVAC systems. Moreover, rapid urbanisation in China, Japan and India is fuelling a notable increase in power demand in the region.

According to Japan's statistical data, there were 111,214 non-residential buildings erected in 2023, alongside 819,623 new residential dwellings constructed. This surge in construction activity is driving demand for household appliances like air conditioners, washing machines, fans, lighting fixtures, and kitchen appliances.

Europe is expected to undergo significant expansion due to heightened emphasis on renewable energy and green energy objectives. Moreover, there is a growing emphasis on utilizing electric motors for various purposes including personal transportation, public transportation, commercial fleets, and specialized applications like delivery services, ride-sharing, and municipal services.

As per the European Environment Agency, approximately 56,500 electric vans were purchased in the EU-27 in 2022, accounting for 5.5% of the market share, marking a rise of approximately 2.0 percentage points from 2020. Most of these sales comprised battery electric vehicles (BEVs), contributing to the growth of the electric vehicle motor market size.

The electric motors market in US finds extensive application across a range of industries including automotive manufacturing, industrial machinery, HVAC systems, consumer appliances, and renewable energy projects. These motors drive a wide array of equipment, from electric vehicles to factory machinery, air conditioning units, refrigeration systems, and wind turbines, playing a vital role in the region's economic development and technological progress.

As per Statistics Canada, Canada holds a prominent position globally in both the generation and utilization of energy derived from renewable sources. In 2022, renewable energy accounted for 16.9% of Canada's total primary energy supply. Hydroelectric power stands out as the most significant renewable energy source in Canada, contributing 61.7% to the country's electricity generation in 2022. Canada ranks as the third-largest producer of hydroelectricity worldwide, thereby fostering growth in the electric motor market.

Latin America and the Middle East & Africa regions are anticipated to experience remarkable expansion attributed to increasing investments in the oil and gas industry and escalating construction endeavours. These developments are fostering growth in both residential and commercial sectors within the regions, thus enhancing the electric motor market share in the region.

According to the International Trade Administration (ITA), Saudi Arabia's construction market leads the Middle East and North Africa, estimated at USD 70.33 billion in 2024 and projected to reach USD 91.36 billion by 2029.

Recent Developments:

In Saudi Arabia, the growth stems from the Vision 2030 National Development Plan, driving significant infrastructure investments. The Saudi government and giga-projects actively pursue innovative technologies, including 3D printing, modular construction, Building Information Modelling (BIM), mobile tech, Internet of Things (IoT), smart devices, and virtual, augmented, and mixed reality applications.

Key Highlights of the Report

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Electric Motors Market Report Snapshots

Electric Motors Market Size

Electric Motors Market Growth

Electric Motors Market Trends

Electric Motors Market Share

Electric Motors Manufacturers

Electric Motors Market Regional Analysis