The USA leads in electric motor demand, driven by advancements in energy efficiency and a growing tech sector. Sales are projected to grow at a 6.2% CAGR, fueled by innovations in high-efficiency motors for data centers and smart home technologies. Investments in electric motor research for aerospace applications further boost the market, reflecting the USA's focus on next-generation motor technologies.
NEWARK, DE / ACCESSWIRE / September 17, 2024 / The global electric motor market is expected to reach USD 141.6 billion in 2024, with projections indicating it will grow to USD 268.2 billion by 2034. This reflects a compound annual growth rate (CAGR) of 6.6% during the forecast period of 2024 to 2034. In 2023, the market generated USD 132.8 billion in revenue, with year-over-year (Y-o-Y) growth anticipated at 6.7% for 2024.
Understanding the electric motor market
The electric motor market plays a pivotal role in powering various industries, from automotive and industrial machinery to household appliances. As the demand for energy-efficient solutions grows, the adoption of electric motors has surged. Key drivers include the shift towards electric vehicles (EVs), automation in manufacturing, and the increasing emphasis on renewable energy systems. Technological advancements, such as improved motor efficiency and enhanced durability, are further propelling market growth. With global electrification trends and the push for sustainability, the electric motor market is set to expand, offering numerous opportunities for innovation and investment.
Market Value and Growth Projections
This growth trajectory suggests nearly 1.9X value expansion over the study period, driven by several key factors. Increasing focus on energy efficiency and environmental sustainability is fueling demand for advanced electric motors, especially those that offer superior performance and reduced emissions.
Technological advancements, including the development of compact and lightweight motor designs, are gaining traction in industries such as automotive and aerospace. Additionally, the growth of renewable energy projects, like wind and solar, is opening up new opportunities for the electric motor market.
Country-wise Insights
The section below covers the industry analysis for electric motor sales in different countries. The demand analysis on key countries in several regions of the globe, including North America, Latin America, East Asia, South Asia Pacific, Western Europe, Eastern Europe, Middle East, and Africa is provided.
Countries |
Value CAGR (2024 to 2034) |
The USA |
6.20% |
Japan |
6.00% |
Germany |
5.60% |
India |
5.40% |
China |
5.30% |
The electric motor market is set for robust growth, driven by advancements in energy efficiency and sustainability. With increasing applications in electric vehicles, industrial automation, and renewable energy, the market is poised to see significant innovation and expansion in the coming years- says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Prominent Drivers of the electric motor market
Rising Demand for Energy Efficiency: Governments and industries are prioritizing energy-efficient solutions to reduce carbon emissions, boosting the adoption of high-performance electric motors.
Growth of Electric Vehicles (EVs): The shift towards electric mobility is significantly driving demand for electric motors in the automotive sector.
Industrial Automation: Increasing automation in manufacturing and other industries is propelling the need for electric motors in machinery and robotics.
Renewable Energy Expansion: The growing use of wind, solar, and other renewable energy sources is creating demand for electric motors in power generation and storage systems.
Technological Innovations: Advancements in motor design, such as compact, lightweight, and high-efficiency motors, are attracting attention across sectors like aerospace and defense.
In-Depth Market Analysis: A Complete Report: https://www.futuremarketinsights.com/reports/electric-motor-market
Challenges Faced by the electric motor market
High Initial Costs: Advanced electric motors, especially energy-efficient models, often come with higher upfront costs, limiting adoption in cost-sensitive industries.
Raw Material Price Volatility: Fluctuations in the prices of essential materials like copper and steel can impact production costs and profitability for manufacturers.
Competition from Low-Cost Alternatives: The availability of cheaper, lower-quality motors from certain markets can create pricing pressure for high-end motor manufacturers.
Technological Complexity: Continuous advancements in motor technology require substantial R&D investments, which can be a barrier for smaller players.
Supply Chain Disruptions: Global supply chain issues, including shortages of components and logistical delays, can hinder production and delivery timelines.
Key Players
General Electric
Robert Bosch GmbH
Hitachi, Ltd
Nidec Corporation
WEG S.A
Siemens AG
ABB Group
Regal Beloit Corporation
Toshiba Corporation
Johnson Electric
Hyosung Corporation
Schneider Electric SE
Bonfiglioli Riduttori S.p.A
Kirloskar Electric Company Ltd.
Allied Motion Technologies Inc
East West Manufacturing, LLC
Hyundai Electric Co. Ltd
Key Segmentation
By Power Output:
The power output segment is further categorized into <1HP, 1-5HP, 5 - 10 HP, 10 -20 HP, 20 - 50 HP, 50 - 100HP, 100 - 300 HP, 300 - 500HP, and Above 500HP.
By Product Type:
The Product Type segment is classified into AC Motor and DC Motor.
By Application:
The application segment is categorized into Pumps, Fans, Drives, Compressors, General Machinery, Centrifugal Machinery, Grinders, Extruders, Robotics, and Others.
By End-Use Industry:
The application segment is categorized into Industrial, Residential, HVAC & Refrigeration, Medical, Municipal Water Treatment, Transportation, and Others.
By Region:
Regions considered in the study include North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East and Africa.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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