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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Electric Motors Market Report Snapshots
Electric Motors Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market was valued at USD 124.33 billion in 2023.
The market is projected to grow at a CAGR of 5.3% between 2024 and 2032.
The revenue generated from the electric motor market is expected to reach USD 197.89 billion in 2032.
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 the electric motor industry.
The market is categorised according to the type, which includes AC motors, DC motors and hermetic motors.
The market key players are ABB Ltd, Allied Motion Technologies Inc., Ametek Inc., General Electric, Johnson Electric Holdings Limited, Rockwell Automation, Inc., and Siemens AG, among others.
Based on the power output, the market is divided into integral HP output and fractional HP output.
Based on the application, the market is divided into industrial, residential, commercial, e-mobility and others.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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.
The Asia-Pacific region is the fastest growing region in the global electric motor market, driven by rising demand across industrial, automotive, and power sectors.
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