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How Is the Electric Motors Market Size Expected to Evolve From 2025 to 2029?
The electric motors market size has grown steadily in recent years. It will grow from $100.2 billion in 2024 to $102.82 billion in 2025 at a compound annual growth rate (CAGR) of 2.6%. The growth in the historic period can be attributed to industrial revolution, electrification of industries, transportation and automotive industry, consumer appliances and home automation.
The electric motors market size is expected to see steady growth in the next few years. It will grow to $117.95 billion in 2029 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to electrification of transportation, industrial automation, renewable energy, energy efficiency regulation, iot and smart systems. Major trends in the forecast period include high-efficiency motors, miniaturization, sensor integration, sustainable materials, customization and modular design.
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What Are the Leading Drivers Behind the Growth of the Electric Motors Market?
An increase in the sale of electric vehicles is expected to propel the growth of the electric motors market. An electric vehicle (EV) is a vehicle that is entirely or partially powered by electricity. The growing popularity of electric vehicles drives the demand for electric to drive the wheels. For instance, in May 2023, according to the International Energy Agency (IEA), a France-based independent intergovernmental organization, there were 10 million electric vehicles sold in 2022, and the number of electric vehicles sold increased to 14 million in 2023. Therefore, the growing demand for electric vehicles (EVs) is driving the growth of the electric motors market going forward.
What Are the Emerging Segments Driving Growth in the Electric Motors Market?
The electric motors market covered in this report is segmented –
1) By Type: Alternate Current (AC) Motor, Direct Current (AC) Motor, Hermetic Motor
2) By Output Power: Integral Horsepower (IHP), Fractional Horsepower (FHP)
3) By Application: Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace And Transportation, Household Appliances, Other Commercial Applications
Subsegments:
1) By Alternate Current (AC) Motor: Synchronous AC Motors, Asynchronous (Induction) AC Motors, Single-Phase AC Motors, Three-Phase AC Motors
2) By Direct Current (DC) Motor: Brushed DC Motors, Brushless DC Motors (BLDC), Shunt DC Motors, Series DC Motors, Compound DC Motors
3) By Hermetic Motor: Hermetically Sealed Compressor Motors, Hermetically Sealed Refrigeration Motors
What New Market Trends Are Emerging in the Electric Motors Market?
Major players in the electric motors market are focusing on new electric motors and controllers, such as the RM14530, RM16070, and RM16045 electric motor series, to enhance EV performance, range, and efficiency. Electric motors are devices that convert electrical energy into mechanical energy, powering various systems such as electric vehicles, appliances, and industrial machinery. Electric controllers manage and regulate the operation of these motors, optimizing performance by controlling factors like speed, torque, and power delivery to enhance efficiency, reliability, and energy consumption. For instance, in February 2024, Attron Automotive, an India-based company focused on developing and manufacturing advanced electric motors and controllers for electric vehicles (EVs) and other mobility applications, has launched its new electric motors and controllers at the Bharat Mobility Expo 2024, showcasing the RM14530, RM16070, and RM16045 electric motor series and the CTR072500 controller. These innovative products, featuring high-efficiency and integrated IPM PMSM motors, are designed to enhance the performance, range, and acceleration of EVs while reducing costs and driving sustainability in the electric mobility sector.
Who Are the Principal Market Leaders in the Electric Motors Market?
Major companies operating in the electric motors market include Asea Brown Boveri (ABB) Ltd., ARC Systems Inc, Asmo Co. Ltd., Brook Crompton UK Ltd., Emerson Electric Co., Regal Beloit Corporation, Rockwell Automation Inc., Siemens AG, Ametek Inc., Baldor Electric Company Inc., Allied Motion Technologies Inc., Franklin Electric Co. Inc., Johnson Electric Holdings Limited, Robert Bosch GmbH, Denso Corporation, Toshiba International Corporation, General Electric Company, Nidec Corporation, WEG S.A., Hitachi Ltd., Hyosung Corporation, Danaher Corporation, Teco Electric Machinery & Co., Dr. Fritz Faulhaber GmbH Co. KG, Maxon Motor AG, Mitsubishi Electric, Panasonic, Shandong, Bulher Motor Gmbh, BorgWarner Inc, Continental AG, Schneider Electric SE, Sumitomo Heavy Industries Ltd., Yaskawa Electric Corporation, Zhejiang Founder Motor Co. Ltd., Marathon Electric, Kirloskar Electric Company Limited
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Which Regions Are Expected to Record the Strongest CAGR in the Electric Motors Market?
Asia-Pacific was the largest region in the electric motors market in 2024. Western Europe was the second-largest region in the electric motors market. The regions covered in the electric motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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