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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Electric Motor Market Trends
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.
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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