Electric Motors Market Size, Share, Trends, And Growth Report 2032

Electric Motors Market: Size

The global electric motors market size was worth around USD 186.6 billion in 2023 and is predicted to grow to around USD 388.1 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.60% between 2024 and 2032.

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The report analyzes and forecasts the electric motors market on a global and regional level. The study offers historical data from 2018 to 2022 and forecasts from 2024 to 2032 based on revenue (USD Billion).

Electric Motors Market: Overview

A machine that converts electrical energy to mechanical energy is known as an electric motor. It integrates the winding currents and magnetic field to produce pressure in the form of rotation. Electric motors are charged by direct current sources, such as motor vehicles or rectifiers, batteries, or by alternating current sources, such as inverters or electrical generators and power grids.

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The automobile industry is undergoing a radical transformation, with the majority of car manufacturers agreeing that the world will witness several changes in the next few years in comparison to the last few years in terms of automobiles powering. Manufacturers are preparing and planning to phase out cars powered by internal combustion engines due to the government rules limiting fuel emissions. The growth in hybrid and electric vehicles is rising. The electric and hybrid vehicles are anticipated to account for nearly 30% of vehicles sales in the years ahead. The sales of hybrid vehicles are anticipated to rise from 3% to more than 23% or 25 million vehicles of global sales over the forecasted time period. In North America and Europe, electric and hybrid vehicles are expected to lead over the next few years. In Europe, BEVs and PHEVs will shift from 2% in 2017 to nearly 9% by 2025. A drastic move away from ICE vehicles to plug-in electric vehicles and HEVs is expected by 2025. In Korea and Japan, plug-in electric vehicles will reach 384,000 vehicles, accounting market share of 6%, in the years ahead.

The assessment of electric motors market dynamics gives a brief insight into the drivers and restraints of the market along with their impact on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the electric motors market on a global level.

The report gives a transparent view of the electric motors market. We have included a detailed competitive scenario and portfolio of the leading vendors operating in the electric motors market. To understand the competitive landscape in the electric motors market, an analysis of Porter’s Five Forces model for the electric motors market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Electric Motors Market: Segmentation

The study provides a crucial view of the electric motors market based on type, power output, application, and region.

On the basis of type, the electric motors market is segmented into alternate current motor, direct current motor, and hermetic motor. The alternate current motor segment is expected to hold the largest market share and also grow at the highest rate in the upcoming years.

By power output, the market is bifurcated into internal HP and fractional HP.

Based on application, the electric motors market is divided into industrial machinery, automobile, HVAC equipment, aerospace, household appliances, and others. The automotive segment is anticipated to hold the largest market share while the industrial machinery segment will grow at the highest rate in the upcoming years.

Electric Motors Market: Report Scope

Electric Motors Market: Regional Analysis

The regional segmentation comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe with further classification of the U.S., Canada, Mexico, UK, France, Germany, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Argentina, UAE, Saudi Arabia, and South Africa. 

North America is expected to grow at a considerable rate in the global electric motors market in the future, owing to the presence of developed economies like the U.S. and Canada. The U.S. is projected to make significant contributions to the growth of the North American electric motors market. The European electric motors market is likely to be driven by the increasing demand for electric vehicles in Germany and UK in the years ahead.

Electric Motors Market: Key Players Analysis

Some noticeable players in the global electric motors market include:

• ABB
• General Electric Company
• Emerson Electric Co.
• Hitachi
• Johnson Electric Holdings Limited
• Robert Bosch GmbH
• Rockwell Automation Inc.
• Siemens
• Toshiba International
• WEG
• Nidec Corporation
• Allied Motion Inc.
• AMETEK Inc.
• Arc Systems Inc.
• Denso
• Brook Crompton
• Franklin Electric
• Maxon Motor
• Regal Beloit Corporation
• TECO-Westinghouse

This report segments the global electric motors market as follows:

Global Electric Motors Market: By Type

• Alternate Current Motor
• Direct Current Motor
• Hermetic Motor

Global Electric Motors Market: By Power Output

• Integral HP
• Fractional HP

Global Electric Motors Market: By Application

• Industrial Machinery
• Automobile
• HVAC Equipment
• Aerospace
• Household Appliances
• Others

Global Electric Motors Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa