Global electric motors market size and share is currently valued at USD 154.42 billion in 2023 and is anticipated to generate an estimated revenue of USD 289.18 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 7.30% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023 – 2032
Market Overview:
The electric motors market plays a pivotal role in powering industries, transportation, and household appliances. Electric motors are essential devices that convert electrical energy into mechanical energy, offering a highly efficient and reliable means of operation across various applications. From industrial machinery and HVAC systems to electric vehicles (EVs) and robotics, electric motors are fundamental components in modern technology.
With growing emphasis on energy efficiency, sustainability, and technological advancements, the electric motors market continues to expand. The adoption of electric motors has been driven by their ability to reduce energy consumption, lower operational costs, and minimize environmental impact.
Key Trends in the Electric Motors Market:
- Growth of Permanent Magnet Synchronous Motors (PMSMs)
Permanent Magnet Synchronous Motors are gaining popularity due to their high efficiency, compact size, and superior performance. PMSMs are widely used in EVs, robotics, and renewable energy systems, marking a significant trend in the market. - Integration of IoT and Smart Motors
The integration of the Internet of Things (IoT) in electric motors is enabling smart monitoring and predictive maintenance. Smart motors equipped with IoT sensors provide real-time data, improving operational efficiency and reducing downtime. - Advancements in Motor Design
Manufacturers are focusing on developing lightweight, compact, and energy-efficient electric motors. Innovations in motor design, such as axial flux motors, are enhancing performance and opening new avenues for their application. - Increasing Demand for Brushless DC Motors (BLDC)
Brushless DC motors are witnessing increased demand due to their advantages, such as higher efficiency, longer lifespan, and low maintenance requirements. They are extensively used in EVs, drones, and consumer electronics.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/electric-motors-market/request-for-sample
Some of the major players operating in the global market include:
- Allied Motion Technologies, Inc.
- Ametek, Inc.
- Baldor Electric Co.
- Bosch Group
- Denso Corporation
- Emerson Electric Co.
- General Electric Company
- Hitachi, Ltd.
- Regal Beloit Corporation
- Rockwell Automation, Inc.
- Siemens AG
Recent Developments in the Electric Motors Market:
- November 2023: Bosch Introduces 6 kW Motor for Two-Wheelers
Bosch unveiled a new integrated 6 kW motor at EICMA 2023, designed to electrify the two-wheeler segment traditionally dominated by combustion-engine technology. This innovation aims to meet the mobility demands of urban commuters while enhancing riding experiences outside urban areas. - August 2023: WEG Expands Operations with New Facility in Turkey
WEG opened a new office in Dilovas, Kocaeli, to strengthen its presence in Eastern Europe and Southwest Asia. The facility will focus on assembling products and providing technical support, enabling WEG to reduce time-to-market for customers in local and surrounding regions. - July 2023: General Electric Vernova Partners with Fortune Electric in Taiwan
General Electric Vernova’s Solar & Storage Solutions collaborated with Fortune Electric to develop Battery Energy Storage Solutions (BESS) in Taiwan. The partnership leverages electric motors to manage energy flow, regulate battery charging and discharging, and ensure seamless integration of stored energy. - May 2023: ABB Acquires Siemens’ Low-Voltage NEMA Motor Business
ABB Limited announced its acquisition of Siemens’ low-voltage NEMA motor business. This strategic move strengthens ABB’s position in the NEMA motor market, enhancing its product portfolio and market reach within the sector.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Electric Motors Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Electric Motors Market, Type Outlook (Revenue – USD Billion, 2019-2032)
- AC Motor
- Synchronous AC Motor
- Induction AC Motor
- DC Motor
- Brushed AC Motor
- Brushless AC Motor
- Hermetic Motor
Electric Motors Market, Output Power Outlook (Revenue – USD Billion, 2019-2032)
- Fractional HP Output
- Integral HP Output
Electric Motors Market, Voltage Outlook (Revenue – USD Billion, 2019-2032)
- 9 V & Below
- 10-20 V
- 21-60 V
- 60 V & above
Electric Motors Market, End-User Outlook (Revenue – USD Billion, 2019-2032)
- Automotive
- Agriculture
- Residential
- Commercial
- Industrial
- Others
The electric motors market is at the forefront of technological and environmental advancements, serving as a cornerstone for industries and applications worldwide. With the increasing emphasis on energy efficiency, automation, and sustainable practices, the market is poised for continuous innovation and growth. The adoption of electric motors across emerging sectors, including EVs, robotics, and renewable energy, underscores their critical role in shaping a sustainable future.