Electric Motor and Generator Market Report 2024

The electric motor and generator market size has grown steadily in recent years. It will grow from $132.9 billion in 2023 to $138.72 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The historical period's growth can be ascribed to robust economic expansion in emerging markets, a surge in the demand for household appliances, an upswing in the industrial sector, and an increase in disposable income.

The electric motor and generator market size is expected to see steady growth in the next few years. It will grow to $161.02 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The anticipated growth in the forecast period can be attributed to an increasing demand for electric vehicles, a growing need for energy, infrastructure development on the rise, and rapid urbanization. Major trends during this period include the development of high-power density electric motors, the creation of sustainable generators, power generator hybridization, integration of IoT and smart technology in product innovations, as well as strategic partnerships and collaborations.

The anticipated growth in the motor and generator manufacturing market during the forecast period is expected to be fueled by the increasing use of household appliances. Factors such as growing electrification, rising disposable income, and rapid urbanization are driving the demand for household appliances, consequently boosting the market for motors. For instance, the global household appliance manufacturing market is projected to reach $396.8 billion in 2022 at a CAGR of 8.7%. The increasing demand for household appliances that rely on motors will, in turn, contribute to the growth of the motor and generator manufacturing market in the forecast period.

The expansion of mining activities is expected to drive the growth of the electric motor and generator market in the future. Mining activities involve the extraction of valuable minerals, ores, or other geological elements from the earth's crust, and electric motors and generators play a crucial role in powering equipment such as crushers, mills, and hoists used in mining and mineral processing. This equipment is essential for the extraction, processing, storage, and transportation of products such as crude oil, petroleum, and natural gas. For instance, in February 2023, according to Glacier Media Group, a Canada-based media company, U.S. mines generated non-fuel mineral products valued at approximately $98.2 billion in 2022, surpassing the 2021 revised total of $94.6 billion by an estimated $3.6 billion. Therefore, the increased mining activities are contributing to the growth of the electric motor and generator market.

Generator manufacturing companies are increasingly venturing into the production of portable generators. Portable generators operate by utilizing a gas-powered or diesel-powered engine that drives an onboard alternator to generate electrical power. The growing demand for a continuous and reliable power supply is fueling the popularity of portable generators due to their inherent advantages, including flexibility and user-friendly operation.

Major companies within the electric motor and generator market are dedicating efforts to product innovation, exemplified by offerings such as the EW8.X-230 wind turbine generator, to cater to the evolving needs of customers. The EW8.X-230 wind turbine generator serves as an electric generator specifically designed for offshore wind farms. In June 2022, Shanghai Electric Wind Power Group Co., Ltd., a China-based wind turbine manufacturer, introduced its inaugural EW8.X-230 wind turbine generator. Featuring semi-direct drive chain technology and equipped with 100-meter blades, the EW8.X-230 is tailored to perform efficiently in medium-low wind speeds typically encountered just above the sea surface off the Chinese coastline, addressing the diverse stresses influenced by wind direction.

In August 2021, Graycliff WorldWide Electric, a US-based provider of industrial electric motors, gears, and motor controls, completed the acquisition of Georator Corporation and Athlon Generator for an undisclosed amount. This strategic move by WorldWide Electric aimed to broaden its product offering and service capabilities, fostering enhanced partnerships with its existing customer base. Georator Corporation, a US-based manufacturer, specializes in rotary and solid-state power frequency converters, while Athlon Generator, also based in the US, is recognized for providing generators tailored for industrial applications.

Major companies operating in the electric motor and generator market report are Caterpillar Inc., Nidec Corporation, Siemens AG, ABB Ltd., General Electric Company, Robert Bosch Gmbh, Hitachi Ltd., WEG, Generac Holdings Inc., Kohler Co, The Kirloskar group, Mitsubishi Electric Corporation, TECO Electric & Machinery Co., Ltd., Toshiba, Schneider Electric, Leroy-Somer Electric Motors & Generators, SEW-EURODRIVE GmbH & Co KG, WHITE GUARDS TRADING HOUSE CJSC, MAN Energy Solutions, Aksa, Rosenergoatom, Margex, Agar-Power Agregaty Pr?dotwórcze, Agregaty Mielec, Amin Power Energy, Dayer, Inc., Cummins, HiPower Systems, Taylor Power Systems Inc., Multiquip, Wacker Neuson, Atlas Copco, Industrias Jezi, CGE Group, EME Electric Motors, Motores Diesel Andinos S.A., Saudi Transformers Company Ltd., Saudi Arabian Electric Motors Manufacturing Company (SAEMMC), ACTOM (Pty) Ltd., Aveng Trident Steel, Powertech Africa, MarelliMotori SA.

Electric motors are machines that convert electrical energy into mechanical energy, while electric generators are devices that transform mechanical energy into electrical energy.

The primary categories within electric motor and generator manufacturing encompass the production of motors and generators designed for various applications, including vehicles. These motors and generators find applications in diverse sectors such as automobiles, maritime, power generation, and industrial uses. Their utilization extends across the industrial, commercial, and residential domains. Various types of power generation methods include thermal, hydro, nuclear, wind, and other forms of power generation.

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

Asia-Pacific was the largest region in the electric motor and generator market in 2023. The regions covered in the electric motor and generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

The electric motor and generator market consist of sales of series motors, shunt motors, compound motors, synchronous motors, induction motors, linear motors and adjustable speed motors. 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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