The global sales of electric motors market are expected to be worth USD 141.6 billion in 2024 and USD 268.2 billion by 2034. Sales are expected to grow at a 6.6% CAGR from 2024 to 2034. The revenue generated by electric motors in 2023 was USD 132.8 billion. The sector is expected to increase by 6.7% year on year in 2024.
What distinguishes this market is its transformative trajectory. In 2023, the global electric motor market is estimated to reach USD 132.8 billion, showcasing substantial progress from its 2022 value of USD 131.4 billion. This surge can be attributed to various factors, with a primary catalyst being the substantial increase in government incentives aimed at fostering the widespread adoption of environmentally sustainable vehicles.
High efficiency and the rise in demand for machine control in the automotive sector, have led to the expansion in the electric motor market. Energy-efficient motors have led to the development as it achieves maximum motor output.
The global electric motors market growth has been raised due to the adoption of efficient motors for appliances. Electric motors are considered to be in high demand for HVAC (heating, ventilation, and air conditioning) applications due to their low noise and torque.
Key Takeaways:
- Sales of global electric motors market expanded at a CAGR of 5.43% from 2018 to 2022.
- The North American market for global electric motor market is likely to have a market share of 28.6%.
- The Unites States market for global electric motor market is likely to expand at a share of 17.8%.
- AC motors are expected to generate maximum demand for the global electric motor market.
- 1HP Power Output is said to hold a Dominant Share.
- <1HP is the leading category and it is expected to account for 26% of the value share of the electric motor market.
- Industrial sector is said to hold a Lucrative Portion of the Market.
“The electric motor market is witnessing significant growth driven by the increasing adoption of electric vehicles, industrial automation, and renewable energy initiatives. The study reveals a promising trajectory for the market, with advancements in motor technology and a growing emphasis on energy efficiency playing pivotal roles in shaping its future. The research findings suggest that the electric motor market is poised for substantial expansion in the coming years.” – says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Competitive Landscape:
Some of the prominent players in the global market are-
- Competition Deep Dive
- Robert Bosch GmbH
- Hitachi, Ltd.
- Nidec Corporation
- WEG S.A.
- Siemens AG
- ABB Group
- Regal Beloit Corporation
- Toshiba Corporation
- Johnson Electric
- Hyosung Corporation
- Schneider Electric SE
- Bonfiglioli Riduttori S.p.A.
- Kirloskar Electric Company Ltd.
- Allied Motion Technologies Inc.
- East West Manufacturing, LLC
- Hyundai Electric Co. Ltd.
Some of the Important Developments of the Key Players in the Market are:
- In January 2023, Hitachi, Ltd. announced that it had been bolstering the global development of its line-building business leveraging industrial robots (“the robotic SI*1 business”) and will merge Hitachi Automation, Ltd. (“Hitachi Automation”) and Kyoto Robotics Corporation (“Kyoto Robotics”), Hitachi Group companies in Hitachi’s Industrial Digital Business Unit, on April 1, 2023, to strengthen the robotic SI business in Japan and ASEAN countries.
- In March 2023, ABB Group, focused on electrification and robotics, wants to invest $40 million through a new 90,000-square-foot manufacturing facility in west Albuquerque as the facility will be used to increase ABB’s production of cable products and will include robotics and digital automation technology, according to a Thursday news release from the company.
Key Segments Covered:
Power Output:
- <1 HP
- 1-5 HP
- 5 – 10 HP
- 10 -20 HP
- 20 – 50 HP
- 50 – 100 HP
- 100 – 300 HP
- 300 – 500 HP
- Above 500 HP
Product Type:
- AC Motor
- Induction Motor
- Synchronous Motor
- DC Motor
- Brushed DC
- Brushless DC
Application:
- Pumps
- Fans
- Drives
- Compressor
- General Machinery
- Centrifugal Machinery
- Grinders
- Extruders
- Robotics
- Others
End Use:
- Industrial
- Oil & Gas
- Power Generation
- Mining
- Food & Beverages
- Pulp & Paper
- Chemicals
- Air Separation Plant
- Other Manufacturing
- Residential
- HVAC & Refrigeration
- Medical
- Municipal Water Treatment
- Transportation
- Automotive
- Aviation
- Electric Vehicles
- Railways
- Boats
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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