According to Allied Market Research, titled “The Global Electric Motor Market Size was valued at $142.2 billion in 2020, and is projected to reach $373.9 billion by 2032, growing at a CAGR of 9.5% from 2023 to 2032.
Market Dynamics
The electric motor industry is propelled by growing demand across multiple sectors, including automotive, electric vehicles (EVs), home appliances, industrial machinery, and other products reliant on electric motors. Global population growth has significantly fueled expansion in both industrial and non-industrial sectors, particularly automotive. For instance, despite economic uncertainties in 2023, deferred consumer purchases from the COVID-19 period boosted car sales.
Notably, Chinese auto sales increased by 9.8% in the first half of 2023, while India saw passenger vehicle sales rise by 27% and commercial vehicle sales grow by 16%. The automotive sector, a key consumer of electric motors, uses approximately 40 motors per vehicle on average. Additionally, rising fuel costs and environmental concerns have accelerated demand for EVs, further driving the electric motor market.
Infrastructure development in emerging economies, such as new residential and commercial buildings, water supply pipelines, wastewater treatment facilities, and public agricultural irrigation systems, has increased the need for electric motors for pumping applications. The global rise in industrial facilities—spanning food and beverage, chemical, petrochemical, pharmaceutical, and other sectors—also supports market growth.
Furthermore, demand for electric motors in heating, ventilation, and air conditioning (HVAC) systems is growing due to their high torque, low noise, efficiency, lightweight design, and high operating speeds. The International Energy Agency (IEA) reports that approximately 40% of global electricity powers electric motors. In the HVAC sector, the push for higher efficiency has spurred demand for compact, lightweight, and quieter motors.
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Key Benefits for Stakeholders
- Quantitative analysis of market segments, trends, and dynamics from 2020 to 2032 to identify growth opportunities.
- Insights into key drivers, restraints, and opportunities shaping the market.
- Porter’s Five Forces analysis to assess buyer and supplier dynamics, aiding profit-oriented decision-making and strengthening supplier-buyer networks.
- Detailed segmentation analysis to pinpoint prevailing market opportunities.
- Mapping of major countries by revenue contribution to the global market.
- Market player positioning for benchmarking and understanding competitive standings.
- Comprehensive analysis of regional and global trends, key players, segments, applications, and growth strategies.
Electric Motor Market Segmentation:
By Motor Type
- Alternating Current (AC) Motor
- Direct Current (DC) Motor
By Power Rating
- Up to 5 kW
- 5 kW to 10 kW
- 10 kW to 75 kW
- Above 75 kW
By Region
- North America: U.S., Canada, Mexico
- Europe: Germany, France, Italy, UK, Rest of Europe
- Asia-Pacific: China, Japan, India, South Korea, Rest of Asia-Pacific
- LAMEA: Latin America, Middle East, Africa
Report Highlights
- Global Coverage: The electric motor market analysis spans over 16 countries, providing a detailed country-by-country value breakdown ($million) from 2022 to 2032.
- Robust Methodology: Combines high-quality data, expert insights, and independent perspectives to deliver a balanced view of the global market, empowering stakeholders to make informed decisions for ambitious growth.
- Extensive Research: Reviewed over 3,700 resources, including product catalogs, annual reports, and industry descriptions from key players, to deepen market understanding.
- Market Dynamics: The electric motor market is moderately fragmented, featuring key players like ABB, Denso Corporation, Emerson Electric Co., Johnson Electric Holdings Limited, Maxon, NIDEC CORPORATION, Regal Rexnord Corporation, Rockwell Automation Inc., Siemens AG, Arc Systems Inc., Brose Fahrzeugteile SE & Co. KG, Coburg, and TAIGENE Inc.
- Strategic Insights: Tracks major strategies such as product launches, partnerships, expansions, and other approaches by leading companies in the market.
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Players Include in this Research Are:
Regal Rexnord Corporation, Siemens AG, Brose Fahrzeugteile SE & Co. KG, Coburg, TAIGENE Inc., Maxon, Johnson Electric Holdings Limited, ABB, NIDEC CORPORATION, Rockwell Automation Inc., DENSO CORPORATION, Emerson Electric Co., Arc Systems Inc.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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