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
The electric motors market has witnessed significant advancements over the years, driven by the increasing demand for energy-efficient solutions across various industries. Electric motors play a crucial role in a wide range of applications, including industrial machinery, automotive, household appliances, and HVAC systems. Their efficiency, durability, and ability to reduce energy consumption make them indispensable in modern technology and industrial processes.
With the growing emphasis on sustainability and the adoption of automation across industries, the demand for electric motors has been consistently rising. The integration of smart technologies and the development of high-efficiency motors have further propelled the market’s expansion.
Market’s Growth Drivers:
Several key factors are driving the growth of the electric motors market:
- Increasing Demand for Energy Efficiency – Governments and organizations worldwide are implementing strict energy efficiency regulations, prompting industries to adopt electric motors that consume less power and reduce carbon emissions.
- Rise of Electric Vehicles (EVs) – The global shift towards electric mobility has significantly boosted the demand for electric motors. EVs rely on advanced motor technologies to enhance vehicle performance and range.
- Industrial Automation and Robotics – The rapid adoption of automation in manufacturing and industrial processes has led to increased demand for electric motors in robotic systems and automated machinery.
- Growing Renewable Energy Integration – Electric motors play a critical role in wind and hydroelectric power generation systems, supporting the transition towards renewable energy sources.
- Technological Advancements – Continuous innovation in electric motor design, including the development of high-efficiency permanent magnet motors and synchronous motors, is enhancing performance and driving market growth.
Major Key Players:
- 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
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/electric-motors-market
Recent Developments in the Electric Motor Industry:
- November 2023 – Bosch Introduces 6 kW Integrated Motor
Bosch unveiled a new 6 kW integrated motor at EICMA 2023, marking a significant advancement in the electrification of two-wheeler vehicles traditionally reliant on combustion engines. This innovation is designed to support both urban mobility and recreational riding outside city areas, aligning with evolving transportation needs. - August 2023 – WEG Expands Presence in Eastern Europe and Southwest Asia
WEG inaugurated a new office in Dilovas, Kocaeli, to strengthen its footprint in Eastern Europe and Southwest Asia. The facility serves as a hub for assembling products and providing technical support, enabling the company to enhance service efficiency and reduce time-to-market for local and regional customers. - July 2023 – General Electric Vernova and Fortune Electric Partner for BESS in Taiwan
General Electric Vernova’s Solar & Storage Solutions division collaborated with Fortune Electric to develop Battery Energy Storage Solutions (BESS) in Taiwan. This initiative leverages electric motors to optimize energy flow management, control battery charging and discharging, and ensure seamless integration of stored energy into power systems. - May 2023 – ABB Acquires Siemens’ Low-Voltage NEMA Motor Business
ABB Limited announced the acquisition of Siemens’ low-voltage NEMA motor business, reinforcing its leadership in the NEMA motor sector. This strategic move enhances ABB’s market presence and broadens its product portfolio in the electric motor industry. - August 2022 – Johnson Electric Introduces Motorized Steering Wheel Adjuster
Johnson Electric Holdings Limited launched a motorized steering wheel adjuster, providing drivers with enhanced convenience in achieving an optimal driving position. This innovation improves vehicle ergonomics and user comfort. - May 2022 – Allied Motion Technologies Expands with ThinGap Acquisition
Allied Motion Technologies Inc. strengthened its integrated motion solutions by acquiring ThinGap, a strategic move that expanded its motor portfolio. This acquisition has enabled the company to offer a wider range of high-performance electric motors in the market.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
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 future of the electric motors market looks promising, with rapid advancements in technology and increasing demand across multiple sectors. The continued push for electrification, particularly in the transportation sector, is expected to create new opportunities for motor manufacturers. Additionally, the rise of Industry 4.0 and smart automation will further drive innovation in electric motor designs.
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