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

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.

Electric Motors Market Report Snapshots

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Electric Motors Market Growth

Electric Motors Market Trends

Electric Motors Market Share

Electric Motors Manufacturers

Electric Motors Market Regional Analysis