Electric Motors Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 136.95 Billion |
| Market Size (2029) | USD 191.82 Billion |
| CAGR (2024 - 2029) | 6.97 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Motors Market Analysis
The Electric Motor Market size is estimated at USD 136.95 billion in 2024, and is expected to reach USD 191.82 billion by 2029, growing at a CAGR of 6.97% during the forecast period (2024-2029).
- Over the medium term, factors such as increasing residential usage of the electric motor, increasing adoption of electric vehicles, and increasing automation in various industrial processes, are expected to drive the electric motor market.
- On the other hand, the restraints like the life expectancy of these assets due to harsh operating conditions and fluctuating prices of raw materials are expected to hamper the market growth.
- Nevertheless, the technological developments for the advancement of electric motor technology create tremendous opportunities for the market. For example, emerging technologies like axial flux, in-wheel, etc., are gaining popularity. Axial flux motor technology offers numerous benefits like increased power and torque density and a pancake form factor ideal for integration in various scenarios.
- The Asia-Pacific region is expected to ace the market during the forecast period due to the progress in the industrial sector currently witnessed.
Electric Motors Market Trends
Automotive Segment to Witness Growth
- The automotive segment is estimated to witness significant growth during the forecast period owing to the increasing transition towards electric vehicles as a cleaner source of transportation.
- The demand for electric motors is expected to increase exponentially, owing to the rapid growth of electric vehicle sales across China, the United States, Japan, South Korea, and Europe. Electric vehicle sales are rising exponentially worldwide due to government incentives offered by various Governments to promote electromobility, increasing environmental consciousness amongst general car buyers, and rising fuel prices.
- It is also due to lower operating costs provided by electric vehicles than traditional internal combustion engine (ICE) vehicles and announcements by the governments of China and the EU to ban ICE mobility by 2035.
- The government across several countries is adopting initiatives to increase the sales of electric vehicles. The government also provides subsidies and opportunities for manufacturers to install battery and motor manufacturing plants in-house. Countries such as China, India, France, and the United Kingdom have announced plans to phase out the petrol and diesel vehicles industry entirely before 2040. For instance, in October 2022, European Union announced the ban on selling new ICE vehicles from 2035 in EU member states.
- According to Federal Motor Transport Authority, Germany has seen a significant increase in the number of new electric cars registered in recent years. So far, in 2022, 470,559 new electric cars have been registered, representing a growth of 32.19% compared with the previous year's figures.
- Such developments are expected to accelerate the demand for electric motors in the industrial sector during the forecast period.
Asia-Pacific Expected to Dominate the Market Growth
- Asia-Pacific is the best host for the electric motors industry and is expected to continue its dominance in the coming years on account of rapid growth in the industrial sector. Industries such as automotive, chemical, fertilizers, and petrochemical are witnessing steady growth in the region, which is expected to offer tremendous growth opportunities for the global electric motor players.
- China has been instrumental in driving the manufacturing sector globally. The country is the global leader in the steel, chemical, power, and cement industries, among the top players in the petrochemical and refining industries. Several new industrial projects are queued up in the country to get added to the national industry portfolio.
- Recently, the Chinese government approved new refinery projects with foreign companies' participation. In January 2022, an Aramco-led joint venture took the final investment decision to develop a major integrated refinery and petrochemical complex in Northeast China. The new complex will be located in Panjin City. It is expected to be operational by 2024, with a capacity of 300,000 BPD.
- India is the second-largest producer of crude steel at the global level, and the progress is still on. In April 2023, Nippon Steel Corporation (NSC) announced its plan to set up the world's largest steel plant facility in Odisha, India. The company will invest around INR 1.02 lakh crore. The company already has a presence in Odisha with LN Mittal-led Arcelor Mittal.
- In January 2023, AMNS India, a joint venture between Nippon Steel and Arcelor Mittal, received approval for a USD 4.68 billion steel plant project from the government of Odisha. The annual production capacity of the plant will be around 7 million tons.
- Such developments will likely overwhelmingly impact the electric motor market in the coming years.
Electric Motors Industry Overview
The electric motor market is fragmented. Some of the major companies in the market (not in any particular order) include ABB Ltd. AMETEK Inc., Johnson Electric Holdings Limited, Siemens AG, and Toshiba Corp., among others.
Electric Motors Market Leaders
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ABB Ltd.
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AMETEK, Inc.
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Siemens AG
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Toshiba Corp
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Johnson Electric Holdings Ltd.
*Disclaimer: Major Players sorted in no particular order
Electric Motors Market News
- February 2023: Electronic component maker Flash announced a technical collaboration with Slovenia-based GEM motors to develop electric motors. Under the partnership, both brands will manufacture hub motors for various electric vehicle segments in the range of 1 kW to 15 kW.
- November 2022: Nidec Corporation announced an investment of USD 715 million in Mexico to manufacture electric motors and e-axle drives for electric vehicles. The plant was anticipated to have a production capacity of 1 million units annually when it became operational.
Electric Motors Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Residential Usage of the Electric Motor
4.5.1.2 Rising Adoption of Electric Vehicles
4.5.2 Restraints
4.5.2.1 Fluctuating Prices of Raw Materials
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Motor Type
5.1.1 AC
5.1.2 DC
5.2 Voltage
5.2.1 Less than 1 kV
5.2.2 Between 1kV-6kV
5.2.3 Higher than 6 kV
5.3 Application
5.3.1 Residential
5.3.2 Commercial
5.3.3 Automotive
5.3.4 Industrial
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 France
5.4.2.3 United Kingdom
5.4.2.4 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 United Arab Emirates
5.4.5.3 South Africa
5.4.5.4 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd.
6.3.2 AMETEK Inc.
6.3.3 Regal Rexnord Corporation
6.3.4 Robert Bosch GmbH
6.3.5 Johnson Electric Holdings Limited
6.3.6 Siemens AG
6.3.7 Rockwell Automation
6.3.8 TECO-Westinghouse Motor Company
6.3.9 Toshiba Corp.
6.3.10 Weg SA
6.3.11 Nidec Corporation
6.3.12 Hitachi Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Technological Developments for the Advancement of Electric Motor
Electric Motors Industry Segmentation
The electric motors are operated through interaction between the magnetic field of the motor and the winding currents, producing rotation. Electric motors can convert electrical energy to mechanical energy, so they have widespread applications in fans, pumps, compressors, elevators, and refrigerators. Electric motors are a major piece of equipment used across industrial, commercial, and residential sectors. The demand for electric motors in the industrial industry arises from developing new industrial projects and needs due to the refurbishment of old infrastructure.
The market is segmented based on motor type, voltage, application, and geography. By motor type, the market is segmented into DC and AC. The market is segmented by voltage into less than 1 kV, between 1-6 kV, and higher than 6 kV. The market is segmented by application into residential, commercial, industrial, and automotive. The report also covers the market size and forecasts for the electric motor market across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).
| Motor Type | |
| AC | |
| DC |
| Voltage | |
| Less than 1 kV | |
| Between 1kV-6kV | |
| Higher than 6 kV |
| Application | |
| Residential | |
| Commercial | |
| Automotive | |
| Industrial |
| Geography | |||||||
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Electric Motors Market Research FAQs
How big is the Electric Motor Market?
The Electric Motor Market size is expected to reach USD 136.95 billion in 2024 and grow at a CAGR of 6.97% to reach USD 191.82 billion by 2029.
What is the current Electric Motor Market size?
In 2024, the Electric Motor Market size is expected to reach USD 136.95 billion.
Who are the key players in Electric Motor Market?
ABB Ltd., AMETEK, Inc., Siemens AG , Toshiba Corp and Johnson Electric Holdings Ltd. are the major companies operating in the Electric Motor Market.
Which is the fastest growing region in Electric Motor Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electric Motor Market?
In 2024, the Asia Pacific accounts for the largest market share in Electric Motor Market.
What years does this Electric Motor Market cover, and what was the market size in 2023?
In 2023, the Electric Motor Market size was estimated at USD 128.03 billion. The report covers the Electric Motor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Motor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Which segment is expected to witness the most significant growth in the Electric Motors Market?
The automotive segment is expected to witness significant growth in the Electric Motors Market due to the increasing adoption of electric vehicles.
What are the challenges facing the Electric Motor Market?
The challenges facing the Electric Motor Market are a) Fluctuating prices of raw materials like permanent magnets and copper wires b) Shortage of components and supply chain issues leading to higher product costs
Electric Motor Industry Report
The global electric motors market, as analyzed by Mordor Intelligenceā¢ Industry Reports, is projected to experience significant growth in the coming years. This growth is driven by an increasing demand for Heating, Venting, and Air Conditioning (HVAC) systems, energy-efficient motors, and the rising adoption of electric vehicles. Industrial sectors are expected to witness substantial growth, contributing to the expansion of the global electric motor market. The market is also being propelled by advancements in robotics technology and the escalating implementation of automation in various industrial processes. However, the market faces challenges such as fluctuating raw material prices and supply chain issues, leading to higher product costs for electric motors. The market, segmented by type, power rating, voltage, rotor type, output power, and end-user, is anticipated to be dominated by the Asia-Pacific region due to its rapid industrialization. Despite the high maintenance cost of electric motors acting as a restraint, opportunities lie in emerging technologies like axial flux and in-wheel motors, further boosting the industrial electric motors market. This analysis includes a market forecast outlook and historical overview, with statistics for the electric motor market share, size, and revenue growth rate. A sample of this industry analysis is available as a free report PDF download.
Electric Motor Market Report Snapshots
