The electric motor market is estimated to be valued at US$ 134.71 Bn in 2024 and is expected to reach US$ 218.25 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.

Report Description:

The global electric motor market has witnessed significant growth in recent years due to the faster adoption of energy efficient electric motors across industries. Electric motors find wide applications in Heat ventilation and Air Conditioning (HVAC), industrial machinery, home appliances, and automotive. Increasing focus on energy conservation and stringent regulations regarding carbon emissions are driving the demand for advanced and efficient electric motors globally. Moreover, rapid industrialization and infrastructure development in emerging economies have also boosted the electric motor market growth. However, high initial costs remain a major challenge. Ongoing technological advancements in motor designs to achieve higher efficiencies are expected to unlock new opportunities for market players in the coming years.

Market Dynamics:

The global electric motor market is primarily driven by stringent energy efficiency standards and growing demand from industrial sector. Strict regulations regarding carbon footprint reduction and energy conservation are prompting industries to replace conventional motors with high-efficiency electric motors. Rapid industrialization in Asia Pacific and Middle East is a key demand driver as electric motors are essential machineries across manufacturing industries. However, high costs of technologically advanced premium efficiency motors is a major challenge for widespread adoption. Ongoing R&D in motor designs to reduce production costs can help mitigate this restraint. Additionally, increasing focus on renewable energy is opening new avenues. Integrating electric motors with solar Photo Voltaic (PV) systems is expected to gather steam in the coming years.

Key features of the study:

• This report provides an in-depth analysis of the global electric motor market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global electric motor market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include is a global leader in innovative motion solutions, headquartered in Hong Kong. The company specializes in providing electromechanical components and systems for a wide range of industries, including automotive, home appliances, healthcare, and industrial automation.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global electric motor market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electric motor market.

Detailed Segmentation-

• By Motor Type
  • AC Motor
  • DC Motor
  • Hermetic Motors
•  By Voltage 
  • Up to 1 kV
  • 1 kV-6.6 kV
  • Above 6.6 kV
• By End User 
  • Industrial
  • Commercial
  • Residential
  • Agriculture
  • Transportation
• By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Key Players

• ABB Group
• Allied Motion Technologies, Inc.
• Ametek, Inc.
• Dumore Corp.
• Franklin Electric
• General Electric Company
• Hitachi, Ltd.
• Hyosung Corp.
• Hyundai Electric Co, Ltd.
• Johnson Electric
• Kirloskar Electric Company, Ltd.
• Lincoln Electric Holdings, Inc.
• Nidec Motor Corp.
• Regal Rexnord Corp.
• Robert Bosch GmBH
• Rockwell Automation.
• Schneider Electric
• Siemens AG
• Teco Westinghouse
• Toshiba Corp.
• WEG S.A.