Electric Motors Market Summary
As per Market Research Future Analysis, the Global Electric Motor Market was valued at USD 142 Billion in 2023 and is projected to grow to USD 256.26 Billion by 2032, with a CAGR of 6.11% from 2024 to 2032. Key drivers include the emphasis on energy efficiency, government initiatives, and the rise of electric vehicles. The market is significantly influenced by the growing demand for HVAC systems, particularly in the Asia-Pacific region, which is experiencing rapid industrialization. The high-speed electric motor segment holds the largest market share due to its versatility in various applications. The automotive sector is transitioning towards electric mobility, further boosting market growth.
Key Market Trends & Highlights
The electric motor market is witnessing several transformative trends.
- HVAC systems are driving market growth, with significant demand from commercial and industrial sectors.
- AC motors dominated the market in 2023 due to their wide range of applications.
- The industrial machinery segment generated the most revenue in 2023, highlighting the importance of electric motors in manufacturing.
- The Asia-Pacific region is expected to grow at the fastest CAGR from 2024 to 2032, driven by industrialization and electric vehicle production.
Market Size & Forecast
2023 Market Size | USD 142 Billion |
2032 Market Size | USD 256.26 Billion |
CAGR (2024-2032) | 6.11% |
Major Players
Key players include ABB Ltd., Johnson Electric Holdings Limited, Allied Motion Technologies, Inc., Ametek Inc., Nidec Motor Corporation, Siemens, Franklin Electric Co., Inc., Schneider Electric, Regal Rexnord Corporation, and ORIENTAL MOTOR USA CORP.