Electric Motors Global Market Report 2024

The electric motors market size has grown steadily in recent years. It will grow from $103.21 billion in 2023 to $107.6 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth observed during the historical period can be attributed to various factors, including the industrial revolution, the widespread electrification of industries, the expansion of the transportation and automotive industry, and the increasing adoption of consumer appliances and home automation. These factors have played a significant role in driving the historical growth of electric motors.

The electric motors market size is expected to see steady growth in the next few years. It will grow to $124.35 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The anticipated growth in the forecast period can be attributed to several factors, including the continued electrification of transportation, the increasing adoption of industrial automation, the growth of renewable energy sources, the implementation of energy efficiency regulations, and the integration of IoT (Internet of Things) and smart systems. Prominent trends in the forecast period encompass the development and adoption of high-efficiency motors, the trend towards miniaturization, the integration of sensors in electric motors, the use of sustainable materials in motor construction, and a focus on customization and modular design to meet diverse industrial needs. These trends are expected to drive the growth of the electric motor market.

The electric motors market is poised for growth due to the increasing sales of electric vehicles (EVs). Electric vehicles are powered entirely or partially by electricity, driving the demand for electric motors used in propulsion. According to the International Energy Agency (IEA), there were 10 million electric vehicles sold in 2022, and this number rose to 14 million in 2023. The growing popularity of electric vehicles is a key driver behind the expanding electric motors market.

The main types of electric motors include alternating current (AC) motors, direct current (DC) motors, and hermetic motors. A hermetic motor combines the compressor and motor within a single welded steel shell. Both the motor and compressor are directly connected on the same shaft, with the motor located within the refrigeration circuit. This design eliminates the need for a shaft seal and the associated issue of refrigerant leakage. Welding or brazing is used to connect all refrigerant pipelines to the outer steel shell. Electric motors can have varying voltage ranges, such as 9V and below, 10-20V, 21-60V, and 60V and above. They also come in different output power categories, including integral horsepower (IHP) and fractional horsepower (FHP). These motors operate at various speeds, including low-speed (less than 1,000 rpm), medium-speed (1,001 to 25,000 rpm), high-speed (25,001 to 75,000 rpm), and ultra-high-speed (greater than 75,001 rpm). They are used in a wide range of applications, including industrial machinery, motor vehicles, HVAC equipment, aerospace and transportation, household appliances, and other commercial applications.

The electric motors market research report is one of a series of new reports that provides electric motors market statistics, including electric motors industry global market size, regional shares, competitors with an electric motors market share, detailed electric motors market segments, market trends and opportunities, and any further data you may need to thrive in the electric motors industry. These electric motors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The rising demand for a stable electricity supply is expected to fuel the growth of the electric motor market. Electricity supply encompasses the generation, transmission, and distribution of electrical energy for various applications, including powering homes, businesses, industries, and transportation. Electric motors rely on electricity to operate efficiently and are utilized in a wide range of applications, from fans and power tools to household appliances and electric vehicles. In the United States, for example, electricity sales increased significantly, reaching 3,909 billion kWh (kilowatt-hours) in 2022, up from 3.9 trillion kWh in 2021. This surge in electricity demand is a driving force behind the electric motor market's growth.

The imposition of increased tariffs on raw materials like steel and aluminum presents a restraint on motor manufacturing in the forecast period. These materials are prominently used in the production of motor components, and higher import tariffs on steel can disrupt the market for products like household fans. An example of this is the Aluminum Association of India's request in 2021 to raise the tariff rate for aluminum and related articles from 10% to 15%.

Motor manufacturing companies are increasingly focusing on the production of IoT-enabled smart motors. These motors incorporate sensors that continuously monitor and track the motor's health and performance. These sensors are connected to a control database that collects and analyzes data, leveraging artificial intelligence (AI) to identify deviations from normal behavior and send alerts accordingly. Smart motors offer several advantages, including extended equipment lifespan and enhanced safety.

Key players in the electric motor market are dedicated to developing innovative products to better serve their customers. An example of this innovation is the EA 193 Series permanent magnet electric motors, designed for electrified automation. In July 2023, Electrified Automation Ltd., a U.S.-based manufacturing technology company, introduced the EA 193 Series permanent magnet electric motors. These motors are versatile and designed for various applications, from two-wheeled vehicles to industrial use, employing next-generation permanent magnet electric motor technology.

In November 2021, Renault Group, a French automotive company, acquired Whylot for an undisclosed amount. This strategic acquisition aims to drive the development and industrialization of an innovative axial-flow automotive e-motor and a breakthrough technology for electrified applications. Whylot, a France-based company, specializes in innovative electric motors.

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

Asia-Pacific was the largest region in the electric motors market in 2023. 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

The countries covered in the electric motors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The electric motors market consists of sales of rotor, bearings, stator, air gap, windings, commutator, and other electric motors. Devices that use electric motors consist of fans, blowers, household appliances, disk drives, batteries and power tools, machine tools, domestic appliances, HVAC applications, electric cars, and automated robots. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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