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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Electric Motor Market Trends
India's electric motor market is expected to grow as a result of factors such the high cost of batteries for electric cars, lack of infrastructure for charging, and the popularity of low-quality, low-priced imports. The growing popularity of electric vehicles is one of the key developments in the India electric motor market. The government of India has set an ambitious goal to electrify all forms of transportation by 2030, which is anticipated to increase demand for electric motors in this country. India offers an extensive number of chances for companies operating in the electric motor industry. The country's need for electric motors will be driven by the growing popularity of electric vehicles and government programs to support sustainable energy sources.
India Electric Motor Market Report Snapshots
India Electric Motor Market Size
India Electric Motor Market Trends
India Electric Motor Market Analysis
India Electric Motor Market Share
India Electric Motor Market Growth
India Electric Motor Companies
*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
In the 2018-2023 period, the India electric motor market attained a value of nearly INR 118.30 billion.
The market is projected to grow at a CAGR of 11% between 2024 and 2032.
The major drivers of the market include increasing construction activities, the introduction of favourable government initiatives aimed at boosting the use of energy-efficient motors, and rapid industrialisation.
The rising use of electric motors in versatile end-use sectors, the growing population in tier-II and tier-III Indian cities, and the increasing manufacturing of electric motors in the country are the key trends guiding the market.
The major regions in the market are North, South, East, and West.
The major types of electric motors are AC and DC, among others.
The significant voltage segments in the market are low voltage, medium voltage, and high voltage.
The various segments on the basis of rated power in the market include fractional horsepower motors and integral horsepower motors.
The major weight segments in the market are low, medium, and high.
The various segments on the basis of rated power in the market include fractional horsepower motors and integral horsepower motors.
The different magnet types considered in the market report are ferrite, neodynmium (NdFeB), and samarium cobalt (SmCo5 and Sm2Co17).
The major applications of the product include fans, pumps, compressors, and mechanical movement, among others.
The major end uses of the product are residential, commercial, industrial, and transportation, among others.
The major players in the market are Hindustan Electric Motors, ABB India Limited, Siemens Limited, Bharat Heavy Electricals Ltd (BHEL), Kirloskar Electric Company, Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Marathon Electric India, Bharat Electric Motors, and Bharat Bijlee Limited, among others.
Gujarat, Maharashtra, and Madhya Pradesh are the major markets for electric motor in the country.
The India electric motor market is expected to grow significantly in the coming years due to the rising number of government incentives and advent of better insulation materials.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 302.6 billion by 2032.
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