Electric Motor and Generator Global Market Opportunities and Strategies to 2032

This report describes and explains the electric motor and generator market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global electric motor and generator market reached a value of nearly $126,164.4 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.1% since 2017. The market is expected to grow from $126,164.4 million in 2022 to $152,652.2 million in 2027 at a rate of 3.9%. The market is then expected to grow at a CAGR of 4.1% from 2027 and reach $186,650.2 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, increase in demand for household appliances, growth in industrial sector, and rise in disposable income. Factors that negatively affected growth in the historic period were coronavirus pandemic and fluctuating prices of raw materials.

Going forward, rising demand for electric vehicles, rising demand for energy, rising infrastructure development, and rapid urbanization will drive the growth. Factors that could hinder the growth of the electric motor and generator market in the future include the Russia-Ukraine war impact and rising interest rates.

The electric motor and generator market is segmented by type into electric motor and electric generator. The electric motor market was the largest segment of the electric motor and generator market segmented by type, accounting for 77.3% of the total in 2022. Going forward, the electric generator segment is expected to be the fastest growing segment in the electric motor and generator market segmented by type, at a CAGR of 4.2% during 2022-2027.

The electric motor and generator market is segmented by end-user into industrial, commercial, and residential. The industrial market was the largest segment of the electric motor and generator market segmented by end-user, accounting for 63.2% of the total in 2022. Going forward, the industrial segment is expected to be the fastest growing segment in the electric motor and generator market segmented by end-user, at a CAGR of 4.0% during 2022-2027.

The electric motor and generator market is segmented by application into industrial machinery, automobile (motor vehicle), HVAC and other applications. The industrial machinery market was the largest segment of the electric motor and generator market segmented by application, accounting for 50.9% of the total in 2022. Going forward, the automobile (motor vehicle) segment is expected to be the fastest growing segment in the electric motor and generator market segmented by application, at a CAGR of 4.3% during 2022-2027.

Asia-Pacific was the largest region in the electric motor and generator market, accounting for 42.3% of the total in 2022. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the electric motor and generator market will be Asia-Pacific and North America where growth will be at CAGRs of 4.5% and 3.8% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 3.6% and 3.1% respectively.

The global electric motor and generator market is fairly fragmented, with a large number of small players. The top ten competitors in the market made up to 12.86% of the total market in 2021. Caterpillar Inc. was the largest competitor with 2.57% share of the market, followed by Nidec Corporation with 2.50%, Siemens AG with 1.77%, ABB Ltd. with 1.37%, General Electric Company with 1.13%, Robert Bosch Gmbh with 0.91%, Hitachi Ltd with 0.72%, WEG with 0.66%, Generac Holdings Inc with 0.65%, and Kohler Co with 0.59%.

The top opportunities in the electric motor and generator market segmented by type will arise in the electric motor segment, which will gain $19,988.3 million of global annual sales by 2027. The top opportunities in the electric motor and generator market segmented by end-user will arise in the industrial segment, which will gain $17,468.6 million of global annual sales by 2027. The top opportunities in the electric motor and generator market segmented by application will arise in the industrial machinery segment, which will gain $13,214.6 million of global annual sales by 2027. The electric motor and generator market size will gain the most in China at $6,805.0 million.

Market-trend-based strategies for the electric motor and generator market include development of high-power density electric motors, sustainable generators, hybridization of power generators, integration of IoT and smart technology product innovations and strategic partnerships and collaborations.

Player-adopted strategies in the electric motor and generator market include focus on enhancing business operations and strengthening its operational capabilities through the launch of new products, enhancing business capabilities through securing new orders, and expanding business operations through the strategic acquisitions.

To take advantage of the opportunities, the publisher recommends the electric motor and generator companies to focus on high-power density electric motors, focus on sustainable generators, focus on hybridization of power generators, focus on integration of IoT and smart technology, focus on product innovations, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations and acquisitions, provide competitively priced offerings, focus on print media advertising, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing end-users, and focus on fast-growing applications.