Electric Motor Market Size 2024 To 2032

 

  • The global electric motor market size reached USD 111.3 Billion in 2023.
  • The electric motor market market size is expected to reach USD 153.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
  • Asia Pacific leads the market, accounting for the largest electric motor market share.
  • AC motors accounts for most of the market share in the motor type segment due to their ability to operate efficiently at variable speeds. 
  • Low voltage electric motors hold the largest share in the electric motor industry, owing to their affordability and efficiency in powering smaller equipment.
  • Fractional horsepower motors remain a dominant segment in the market, due to their lower power requirements and versatility.
  • Ferrite represents the leading magnet type segment, as they offer sufficient magnetic strength for a variety of motors.
  • Low weight motors hold the largest share in the electric motor industry, owing to their lightweight design.
  • High-speed motors remain a dominant segment in the market, due to their ability to operate at high revolutions per minute (RPMs) while maintaining efficiency.
  • Industrial machinery represents the leading application segment, owing to the growth in automated production lines and heavy machinery use.
  • The increasing demand for electric vehicles (EVs) is a primary driver of the electric motor market.
  • The burgeoning expansion of the renewable energy industry is reshaping the electric motor market.

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Industry Trends and Drivers:

  • Increasing Demand for Electric Vehicles (EVs):

The growing adoption of electric vehicles (EVs) is one of the major factors driving the electric motor market share. Along with this, the rising focus of countries on reducing carbon emissions and transitioning towards cleaner energy sources, thereby promoting the use of EVs through subsidies, tax incentives, and infrastructure development, is catalyzing the market growth.

Moreover, the increasing demand for electric motors, which are crucial components in the drivetrain of EVs, is fueling the market growth. Electric motors in EVs offer higher efficiency, quieter operation, and lower maintenance compared to internal combustion engines. Besides this, the growing investment by leading automakers in expanding their electric vehicle portfolios, boosting the need for advanced electric motors with improved power density and energy efficiency, is driving the market growth.

  • Growth of Renewable Energy Sector:

The rapid expansion of the renewable energy sector is another major driver boosting the electric motor market size.

Moreover, the growing product need for wind turbines and solar power generation systems for various functions, including energy conversion, positioning, and system control, is acting as a growth-inducing factor. Apart from this, the heightened investment by governments and businesses in clean energy to reduce dependence on fossil fuels, propelling the demand for electric motors in wind and solar power installations, is catalyzing the market growth.

Additionally, rapid technological advancements in motor designs, such as improved cooling mechanisms and higher efficiency, that enhance the performance of motors in renewable energy systems are contributing to the market growth.

  • Growing Industrial Automation and Smart Manufacturing:

The electric motor market trends highlight that the rise of industrial automation and smart manufacturing is fueling the market growth.

Moreover, the ongoing shift among industries towards automation to enhance productivity and reduce operational costs, boosting the use of electric motors as they are essential in powering various automated processes is favoring the market growth. Besides this, the increasing utilization of motors in robotic arms, conveyor belts, packaging machines, and other machinery that form the backbone of automated production lines is anticipated to drive the market growth.

Additionally, the electric motor market analysis indicates that the advent of smart factories, driven by Industry 4.0 principles that boost the use of motors integrated with sensors, control systems, and the Internet of Things (IoT) technologies, is driving the market growth.

Electric Motor Market Report Segmentation:

Breakup By Motor Type:

AC Motor

·         Induction AC Motor

·         Synchronous AC Motor

DC Motor

·         Brushed DC Motor

·         Brushless DC Motor

Others

AC motors account for most shares due to their wide application in industries such as manufacturing and household appliances.

Breakup By Voltage:

·         Low Voltage Electric Motors

·         Medium Voltage Electric Motors

·         High Voltage Electric Motors

Low voltage electric motors dominate the market as they are extensively used in residential, commercial, and light industrial applications.

Breakup By Rated Power:

Fractional Horsepower Motors

·         Fractional Horsepower (< 1/8) Motors

·         Fractional Horsepower (1/8 - 1/2) Motors

·         Fractional Horsepower (1/2 - 1) Motors

Integral Horsepower Motors

·         Integral Horsepower (1 - 5) Motors

·         Integral Horsepower (10 - 50) Motors

·         Integral Horsepower (50 - 100) Motors

·         Integral Horsepower (>100) Motors

Fractional horsepower motors represent most shares as they are widely used in small appliances and office machinery.

Breakup By Magnet Type:

·         Ferrite

·         Neodymium (NdFeB)

·         Samarium Cobalt (SmCo5 and Sm2Co17)

Ferrite hold most shares due to their cost-effectiveness and availability.

Breakup By Weight:

·         Low Weight Motors

·         Medium Weight Motors

·         High Weight Motors

Low weight motors represent most shares as they are crucial for sectors like electric vehicles and portable electronics.

Breakup By Speed:

·         Ultra-High-Speed Motors

·         High-Speed Motors

·         Medium Speed Motors

·         Low Speed Motors

High-speed motors hold most shares as they are essential in industries like automotive and aerospace where speed and precision are critical.

Breakup By Application:

·         Industrial Machinery

·         HVAC

·         Transportation

·         Household Appliances

·         Motor Vehicles

·         Aerospace

·         Marine

·         Robotics

·         Other

Industrial machinery exhibits a clear dominance as this sector relies on electric motors for automation, manufacturing, and material handling.

Breakup By Region:

·         Asia-Pacific

·         North America

·         Europe

·         Middle East and Africa

·         Latin America

Asia Pacific holds the leading position owing to a large market for electric motor driven by rapid industrialization, urbanization, and the expansion of manufacturing hubs.

Top Electric Motor Market Leaders:

The electric motor market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

·         ABB Group

·         Siemens AG

·         WEG SA

·         TECO

·         Regal Beloit Corporation

·         Nidec Corporation

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Key Highlights of the Report:

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