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    Electric Motors Market

    ID: MRFR/E&P/1753-CR
    128 Pages
    Chitranshi Jaiswal
    June 2024

    Electric Motor Market Sales Research Report Information By Product Type (AC Motors, DC Motors, and Hermetic Motors), By Application Type (Aerospace & Transportation, Industrial Machinery, Motor Vehicles, HVAC Equipment, Household Appliances, and Others), By Power Output (Integral HP Output and Fractional HP Output), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

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    Electric Motors Market Infographic
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    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.

    Electric Motors Market Drivers

    Growth of Renewable Energy Sector

    The expansion of the renewable energy sector is significantly influencing the Global Electric Motor Market Industry. As the world shifts towards cleaner energy sources, electric motors are increasingly utilized in applications such as wind turbines and solar energy systems. This trend is expected to drive demand for high-efficiency electric motors, which are essential for optimizing energy conversion processes. The integration of electric motors in renewable energy systems not only enhances performance but also aligns with global sustainability goals. Consequently, the market is likely to benefit from the growing investments in renewable energy infrastructure, further solidifying its position in the global economy.

    Rising Demand for Energy Efficiency

    The Global Electric Motor Market Industry is experiencing a notable surge in demand for energy-efficient solutions. As industries strive to reduce operational costs and comply with stringent environmental regulations, electric motors are increasingly favored for their efficiency. In 2024, the market is valued at approximately 150 USD Billion, reflecting a growing recognition of electric motors' role in energy conservation. This trend is particularly evident in sectors such as manufacturing and transportation, where electric motors contribute to significant energy savings. The shift towards sustainable practices is likely to propel the market further, as companies seek to enhance their green credentials.

    Government Initiatives and Regulations

    Government policies and regulations play a pivotal role in shaping the Global Electric Motor Market Industry. Many countries are implementing stringent energy efficiency standards and incentivizing the adoption of electric motors across various sectors. For instance, initiatives aimed at reducing carbon emissions are prompting industries to transition from traditional motors to electric alternatives. These regulatory frameworks not only foster innovation but also create a conducive environment for market growth. As a result, the industry is expected to witness a compound annual growth rate of 6.7% from 2025 to 2035, driven by supportive government policies that encourage sustainable practices.

    Increased Adoption in Electric Vehicles

    The rise of electric vehicles (EVs) is a major driver of growth in the Global Electric Motor Market Industry. As consumers and manufacturers alike prioritize sustainable transportation solutions, electric motors are becoming integral to vehicle design. The automotive sector is witnessing a rapid transition towards electrification, with electric motors providing the necessary power and efficiency for modern vehicles. This shift is expected to contribute significantly to the market's expansion, with projections indicating a valuation of 306.2 USD Billion by 2035. The increasing adoption of EVs not only enhances the demand for electric motors but also stimulates innovation in motor technology, further propelling market growth.

    Technological Advancements in Motor Design

    Technological innovations are transforming the Global Electric Motor Market Industry, leading to the development of advanced motor designs that enhance performance and reliability. Innovations such as brushless DC motors and permanent magnet synchronous motors are gaining traction due to their superior efficiency and compact size. These advancements not only improve energy consumption but also extend the lifespan of electric motors, making them more appealing to manufacturers. As industries increasingly adopt these technologies, the market is poised for growth, with projections indicating a potential valuation of 306.2 USD Billion by 2035. This evolution in motor technology is likely to redefine operational standards across various sectors.

    Market Segment Insights

    Electric Motor Market Sales Segment Insights

    Electric Motor Sales Product Type Insights

    The electric motor market sales segmentation, based on product type, includes AC Motors, DC Motors, and Hermetic Motors. In 2023, the AC motors segment dominated the market. This high percentage can be attributed to the wide range of uses for AC motors, which include everything from irrigation pumps to contemporary robotics. They are also widely used in HVAC equipment and are smaller, less expensive, and lower in weight. The automotive industry has witnessed a significant surge in the use of electric AC motors due to the development of affordable and highly efficient electronics, along with advancements in permanent magnetic materials.

    Electric Motor Sales Application Type Insights

    The electric motor market sales segmentation, based on application type, includes Aerospace & Transportation, Industrial Machinery, Motor Vehicles, HVAC Equipment, Household Appliances, and Others. The industrial machinery category generated the most income in 2023. Electric motors are used in a variety of industries, such as chemicals, natural gas production, metallurgy, mines, and the beverage and food sectors, for the processing and manufacturing of products through compressors, pumping systems, and other turbocharger machinery.

    Electric Motor Sales Power Output Insights

    The electric motor market sales segmentation, based on power output, includes Integral HP Output and Fractional HP Output. In 2023, the fractional HP output segment dominated the market due to its extensive range of applications in many types of home appliances, including coffee makers, refrigerators, and vacuum cleaners. Since they work well in harsh industrial settings, they are often utilized in industrial equipment. These motors have many benefits, such as stability against changes in electric current and a strong starting torque.

    Figure 1: Electric Motor Market Sales, by Power Output, 2023 & 2032 (USD Billion)

    Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

    Get more detailed insights about Electric Motor Market Sales Research Report — Global Forecast till 2032

    Regional Insights

    By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American electric motor market sales area will dominate this market, driven by partnerships between charging infrastructure providers, automakers, and tech firms.

    By collaborating, these projects want to improve the ecosystem as a whole—battery and charging infrastructure included—and hasten the uptake of electric vehicles. Numerous factors, such as tax incentives for purchasing electric vehicles, investments in charging infrastructure, and increased consumer awareness of environmental issues, are driving the expansion of the electric motor sales industry in the United States.

    Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.

    Figure 2: Electric Motor Market Sales Share By Region 2023 (USD Billion)

    Electric Motor Sales Market Share By Region 2023

    Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

    Europe electric motor market sales accounts for the second-largest market share, driven by a number of reasons, such as laws and subsidies from the government that encourage sustainable transportation and the use of electric cars and motors. The European market for electric motor sales is expanding as a result of efforts to cut carbon emissions and the construction of infrastructure for charging them.

    Further, the German electric motor market sales held the largest market share, and the UK electric motor market sales was the fastest growing market in the European region.

    The Asia-Pacific electric motor market sales is expected to grow at the fastest CAGR from 2024 to 2032 as a result of significant industrialization investments made in nations like Australia, South Korea, China, India, and South Africa, as well as developments in the agricultural sector.

    Additionally, there is a growing number of established OEMs and the rising sales and production of electric vehicles in nations like China and Japan. Moreover, China’s electric motor market sales held the largest market share, and the Indian electric motor market sales was the fastest growing market in the Asia-Pacific region.

    Key Players and Competitive Insights

    Leading market players are investing heavily in research and development in order to expand their product lines, which will help the electric motor market sales grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the electric motor sales industry must offer cost-effective items.

    Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global electric motor sales industry to benefit clients and increase the market sector. In recent years, the electric motor sales industry has offered some of the most significant advantages to medicine.

    Major players in the electric motor market sales are attempting to increase market demand by investing in research and development operations, including 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.

    One well-known international company with a reputation for excellence in power and automation technologies is ABB Ltd. ABB offers a wide range of motors, drives, and control solutions in the electric motor market sales. The company's dedication to energy efficiency and sustainability is in line with the rising demand for environmentally friendly electric motors. Customers searching for dependable and cutting-edge electric motor solutions frequently choose ABB due to its strong research and development capabilities and global reach.

    Siemens AG operates in the domains of digitization, automation, and electrification. The business creates, develops, and produces goods in addition to installing intricate projects and systems. Additionally, the business offers a broad range of specially designed solutions to meet specific needs.

    Siemens specializes in distributed energy systems, intelligent building infrastructure, and power generation and distribution. Siemens and MAHLE began working together in August 2022 to create an electric motor-based inductive charging solution for electric vehicles. Standardized measures were also implemented as part of this agreement to guarantee compatibility between electric vehicles and the charging infrastructure.

    Key Companies in the Electric Motors Market market include

    Industry Developments

    August 2022:Johnson Electric Holdings Limited introduced a motor for adjusting the steering wheel. Drivers can adopt a relaxed driving posture due to this electric motor.

    July 2023:Battery Energy Storage Solutions (BESS) are being developed in Taiwan in collaboration with Fortune Electric and General Electric Vernova's Solar & Storage Solutions. Electric motors are used in the storage system to regulate energy flow, control battery charging and discharging, and guarantee seamless integration of the stored energy.

    May 2023:The low voltage NEMA motor division of Siemens was announced to be acquired by ABB Limited. Through this acquisition, ABB will be able to expand its portfolio in the NEMA motor market and solidify its position as a manufacturer of NEMA motors.

    WEG, a well-known international manufacturer of electrical and industrial automation solutions, increased its footprint in August 2023 by setting up a new office in Dilovas, Kocaeli, Turkey. By expanding into the markets of Eastern Europe and Southwest Asia, this calculated move represents a significant turning point for the business. Among the many functions of the recently constructed 7,000 square meters facility are product assembly and offering local clients technical support.

    WEG has positioned itself closer to a vital network of rising markets by establishing operations in this area, improving its capacity to service both Turkey and its neighbors. The company's supply chain can be streamlined, product delivery times can be shortened, and overall service efficiency can be increased thanks to this expansion.

    All the main industrial sectors, including manufacturing, automotive, HVAC (heating, ventilation, and air conditioning), mining, and water treatment, are served by ABB's new line of VFDs. Electric motors are frequently used in these industries to power pumps, fans, conveyors, compressors, and other pieces of equipment. By regulating the motor speed, energy consumption can be decreased, and system performance can be enhanced.

    Companies are searching for strategies to lower their carbon impact as sustainability gains more attention. By minimizing energy usage and greenhouse gas emissions, ABB's VFDs contribute to the achievement of these objectives. Additionally, VFDs are a cost-effective solution for organizations because the long-term savings from lower energy expenditures are substantial.

    Future Outlook

    Electric Motors Market Future Outlook

    The Global Electric Motor Market is projected to grow at a 6.7% CAGR from 2024 to 2035, driven by advancements in automation, renewable energy adoption, and electric vehicle proliferation.

    New opportunities lie in:

    • Invest in smart motor technologies to enhance energy efficiency and connectivity. Develop specialized electric motors for the burgeoning electric vehicle sector. Explore emerging markets with tailored solutions for industrial automation needs.

    By 2035, the Global Electric Motor Market is expected to achieve substantial growth, reflecting evolving technological demands and sustainability initiatives.

    Market Segmentation

    Electric Motor Sales Regional Outlook

    • {"North America"=>["US"
    • "Canada"]}
    • {"Europe"=>["Germany"
    • "France"
    • "UK"
    • "Italy"
    • "Spain"
    • "Rest of Europe"]}
    • {""=>["China\nJapan\nIndia\nSouth Korea\nAustralia\nRest of Asia-Pacific"
    • "China"
    • "Japan"
    • "India"
    • "South Korea"
    • "Australia"
    • "Rest of Asia-Pacific"]}
    • {""=>["China"
    • "Japan"
    • "India"
    • "South Korea"
    • "Australia"
    • "Rest of Asia-Pacific"]}
    • {"Rest of the World"=>["Middle East"
    • "Africa"
    • "Latin America"]}

    Electric Motor Sales Power Output Outlook

    • Integral HP Output
    • Fractional HP Output

    Electric Motor Sales Product Type Outlook

    • AC Motors
    • DC Motors
    • Hermetic Motors

    Electric Motor Sales Application Type Outlook

    • Aerospace & Transportation
    • Industrial Machinery
    • Motor Vehicles
    • HVAC Equipment
    • Household Appliances
    • Others

    Report Scope

    Attribute/MetricDetails
    Market Size 2023USD 142 Billion
    Market Size 2024USD 150 Billion
    Market Size 2032USD 256.26 Billion
    Compound Annual Growth Rate (CAGR)6.11% (2024-2032)
    Base Year2023
    Market Forecast Period2024-2032
    Historical Data2019-2022
    Market Forecast UnitsValue (USD Billion)
    Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments CoveredProduct Type, Application Type, Power Output, and Region
    Geographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the World
    Countries CoveredThe US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea
    Key Companies ProfiledABB 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
    Key Market Opportunities·         Growing urbanization and industrialization
    Key Market Dynamics·         Growing demand for electric vehicles and an increase in car production ·         Increasing use of motor-driven gadgets in homes and HVAC systems

    Market Highlights

    Author
    Chitranshi Jaiswal
    Research Analyst Level I

    In her 3 years of experience in the market research field, she has handled critical cross-domain projects. She has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.She holds an engineering degree and is an MBA professional from a well-known university, capable of evaluating the market and competitive conditions. An exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. Proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. Generated business through active client and project development, networking, and high-quality responses. Her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.

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    FAQs

    How much is the electric motor sales market?

    The Electric Motor Sales Market size was valued at USD 142 Billion in 2023.

    What is the growth rate of the electric motor sales market?

    The global market is projected to grow at a CAGR of 6.11% during the forecast period, 2024-2032.

    Which region held the largest market share in the electric motor sales market?

    North America had the largest share in the global market.

    Who are the key players in the electric motor sales market?

    The key players in the market are 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, among others.

    Which product type led the electric motor sales market?

    The AC motor category dominated the market in 2023.

    Which power output had the largest market share in the electric motor sales market?

    The fractional HP output category had the largest share in the global market.

    Electric Motor Market Sales Research Report — Global Forecast till 2032 Infographic
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