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

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.

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