Market Overview
The Electric Motor market is predicted to develop at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2034, when it is projected to reach USD 465.18 Billion, based on an average growth pattern. The market is estimated to reach a value of USD 227.81 Billion in 2024.
SOURCE: We Market Research
An electric
motor is a device that converts electrical energy into mechanical energy using
electromagnetic principles. It is made up of an armature, which is a coil of
wire (typically coiled around a core) that rotates in response to a magnetic
field generated by stationary magnets or electromagnets. When an electric
current passes through the wire, it creates a force that forces the armature to
spin, resulting in mechanical motion. This rotating energy may be used to power
a wide range of equipment, including domestic appliances, industrial machinery,
and transportation systems, making electric motors indispensable in modern
technology and daily life.
The electric motor market is being driven by increased energy efficiency standards, as well as technology breakthroughs such as brushless DC motors and variable speed drives. Environmental concerns, as well as the transition to greener technology, drive growth even further. The growth of industrial automation necessitates the use of dependable motor systems, while the popularity of electric and hybrid vehicles increases motor utilisation in the automotive industry. Integration with smart devices and IoT applications expands market prospects. These variables work together to create a dynamic market landscape that promotes innovation and adoption across a wide range of industries around the world.Â
Market Scope
Report Attributes |
Description |
Market Size in 2024 |
USD 227.81 Billion |
Market Forecast in 2034 |
USD 465.18 Billion |
CAGR % 2024-2034 |
7.4% |
Base Year |
2023 |
Historic Data |
2016-2022 |
Forecast Period |
2024-2034 |
Report USP Â |
Production, Consumption, company share, company
heatmap, company production capacity, growth factors and more |
Segments Covered |
by Motor Type, By Rotor Type, by Application, by End Use and By
Region |
Regional Scope |
North America, Europe, APAC, South America and
Middle East and Africa |
Country Scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic
Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia;
Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa;
Nigeria |
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Electric Motor Industry: Dynamics & Restrains
Market opportunity:
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 We Market Research: Electric Motor Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
Electric Motor Segmentation
Market- By Motor Type Analysis
By Motor Type, the Electric Motor Market is Categories into Alternate Current (AC) Motor, Direct Current (DC) Motor, and Hermetic Motor. The Alternate Current (AC) Motor segment accounts for the largest share of around 58% in 2024.
AC motors are driven by factors such as
their widespread industrial applications, efficiency in converting electrical
energy to mechanical power, adaptability to variable speeds, and lower
maintenance costs compared to DC motors, contributing to their prominence in the
global electric motor market.
The
following segments are part of an in-depth analysis of the global Electric
Motor market:
Market Segments |
 |
By   Rotor Type |
·       Â
Inner Rotor ·       Â
Outer Rotor |
By  Application |
·       Â
Pumps ·       Â
Fans ·       Â
Drives ·       Â
Compressor ·       Â
General Machinery ·       Â
Centrifugal Machinery ·       Â
Grinders ·       Â
Extruders ·       Â
Robotics |
By End Use |
·       Â
Industrial ·       Â
Residential ·       Â
HVAC & Refrigeration ·       Â
Medical ·       Â
Municipal Water Treatment ·       Â
Transportation |
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Electric Motor Industry: Regional Analysis
Asia Pacific Market Forecast
Asia Pacific dominate the Electric Motor Market with the highest revenue generating market with share of more than 48%. This region is the largest market for electric motors due to rapid industrialization, urbanization, and government initiatives promoting energy-efficient technologies. Countries like China, Japan, and India are key contributors to market growth.
North America Market Statistics
North America is
the second largest market in Electric Motor due to the U.S. and Canada lead the
electric motor market in this region, driven by advancements in automotive,
HVAC, and industrial sectors. There's a strong emphasis on energy efficiency
and sustainability, boosting demand for electric motors.
Europe Market Forecasts
Europe is expected to be the
fastest-growing regional segment of the Electric Motor market during the
forecast period. In European countries focus on stringent environmental
regulations and energy efficiency standards, propelling the adoption of
electric motors across various industries such as automotive, manufacturing,
and agriculture.
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Key Market Players
 The Electric
Motor Market is dominated by a few large companies, such as
·       Â
Johnson Electric
·       Â
Siemens
·       Â
ABB
·       Â
AMETEK
·       Â
Nidec Motor Corporation
·       Â
WEG
·       Â
Toshiba Corporation
·       Â
Hitachi
·       Â
Rockwell Automation
·       Â
DENSO
·       Â
Mitsubishi Heavy Industries
·       Â
TECO-Westinghouse Motor Company
·        Arc Systems Inc.
·         Others
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1.    Â
Global
Electric Motor Market Introduction and Market Overview
1.1.   Objectives of the Study
1.2.   Global Electric Motor Market
Scope and Market Estimation
1.2.1. Global Electric Motor Overall
Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2034)
1.2.2. Global Electric Motor Market
Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3.   Market Segmentation
1.3.1. Motor Type of Global Electric
Motor Market
1.3.2. Rotor Type of Global Electric
Motor Market
1.3.3. Application of Global Electric
Motor Market
1.3.4. End Use of Global Electric Motor
Market
1.3.5. Region of Global Electric Motor
Market
2.    Â
Executive Summary
2.1.   Market Dynamics
2.1.1. Drivers
2.1.2. Limitations
2.1.3. Opportunities
2.1.4. Impact Analysis of Drivers and
Restraints
2.2.   Pricing Trends Analysis &
Average Selling Prices (ASPs)
2.3.   Key Mergers & Acquisitions,
Expansions, JVs, Funding / VCs, etc.
2.4.   Porter’s Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitutes
2.4.4. Threat of New Entrants
2.4.5. Competitive Rivalry
2.5.     Market Investment Opportunity
Analysis (Top Investment Pockets), By Segments & By Region
3.    Â
Global Electric Motor Market Estimates & Historical Trend Analysis (2019 -
2023)
4.    Â
Global Electric Motor Market Estimates & Forecast Trend Analysis, by
Motor Type
4.1.   Global Electric Motor Market
Revenue (US$ Mn) Estimates and Forecasts, by Motor Type, 2019 to 2034
4.1.1. Alternate Current (AC) Motor
4.1.2. Direct Current (DC) Motor
4.1.3. Hermetic Motor
5.    Â
Global Electric Motor Market Estimates & Forecast Trend Analysis, by
Rotor Type
5.1.   Global Electric Motor Market
Revenue (US$ Mn) Estimates and Forecasts, by Rotor Type, 2019 to 2034
5.1.1. Inner Rotor
5.1.2. Outer Rotor
6.    Â
Global Electric Motor Market Estimates & Forecast Trend Analysis, by
Application
6.1.   Global Electric Motor Market
Revenue (US$ Mn) Estimates and Forecasts, by Application,
2019 to 2034
6.1.1. Pumps
6.1.2. Fans
6.1.3. Drives
6.1.4. Compressor
6.1.5. General Machinery
6.1.6. Centrifugal Machinery
6.1.7. Grinders
6.1.8. Extruders
6.1.9. Robotics
7.    Â
Global Electric Motor Market Estimates & Forecast Trend Analysis, by
End Use
7.1.   Global Electric Motor Market
Revenue (US$ Mn) Estimates and Forecasts, by End Use, 2019
to 2034
7.1.1. Industrial
7.1.2. Residential
7.1.3. HVAC & Refrigeration
7.1.4. Medical
7.1.5. Municipal Water Treatment
7.1.6. Transportation
8.    Â
Global Electric Motor Market Estimates & Forecast Trend Analysis,
by Region
8.1.   Global Electric Motor Market
Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2034
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Middle East & Africa
8.1.5. South America
9.    Â
North
America Electric Motor Market: Estimates & Forecast Trend Analysis
9.1.  Â
North
America Electric Motor Market Assessments & Key Findings
9.1.1. North America Electric Motor
Market Introduction
9.1.2. North America Electric Motor
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
9.1.2.1.  By Motor Type
9.1.2.2.  By Rotor Type
9.1.2.3.  By Application
9.1.2.4.  By End Use
9.1.2.5.  By Country
9.1.2.5.1.    The U.S.
9.1.2.5.2.    Canada
9.1.2.5.3.    Mexico
10. Europe Electric
Motor Market: Estimates & Forecast
Trend Analysis
10.1. Europe Electric Motor Market
Assessments & Key Findings
10.1.1.  Europe Electric Motor Market
Introduction
10.1.2.  Europe Electric Motor Market
Size Estimates and Forecast (US$ Million) (2019 – 2034)
10.1.2.1.   By Motor Type
10.1.2.2.   By Rotor Type
10.1.2.3.   By Application
10.1.2.4.   By End Use
10.1.2.5.   By Country
10.1.2.5.1. Germany
10.1.2.5.2. U.K.
10.1.2.5.3. France
10.1.2.5.4. Italy
10.1.2.5.5. Spain
10.1.2.5.6. Russia
10.1.2.5.7. Rest of Europe
11. Asia Pacific Electric
Motor Market: Estimates & Forecast
Trend Analysis
11.1. Asia Pacific Market Assessments
& Key Findings
11.1.1.  Asia Pacific Electric Motor
Market Introduction
11.1.2.  Asia Pacific Electric Motor
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
11.1.2.1.   By Motor Type
11.1.2.2.   By Rotor Type
11.1.2.3.   By Application
11.1.2.4.   By End Use
11.1.2.5.   By Country
11.1.2.5.1. China
11.1.2.5.2. Japan
11.1.2.5.3. India
11.1.2.5.4. Australia
11.1.2.5.5. South Korea
11.1.2.5.6. ASEAN
11.1.2.5.7. Rest of Asia Pacific
12. Middle East & Africa Electric
Motor Market: Estimates & Forecast
Trend Analysis
12.1. Middle East & Africa Market
Assessments & Key Findings
12.1.1.  Middle
East & Africa Electric
Motor Market Introduction
12.1.2.  Middle
East & Africa Electric
Motor Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
12.1.2.1.   By Motor Type
12.1.2.2.   By Rotor Type
12.1.2.3.   By Application
12.1.2.4.   By End Use
12.1.2.5.   By Country
12.1.2.5.1. U.A.E.
12.1.2.5.2. Saudi Arabia
12.1.2.5.3. Egypt
12.1.2.5.4. South Africa
12.1.2.5.5. Rest of Middle East & Africa
13. South America
Electric Motor Market: Estimates &
Forecast Trend Analysis
13.1. South America Market Assessments
& Key Findings
13.1.1.  South America Electric Motor
Market Introduction
13.1.2.  South America Electric Motor
Market Size Estimates and Forecast (US$ Million) (2019 – 2034)
13.1.2.1.   By Motor Type
13.1.2.2.   By Rotor Type
13.1.2.3.   By Application
13.1.2.4.   By End Use
13.1.2.5.   By Country
13.1.2.5.1. Brazil
13.1.2.5.2. Argentina
13.1.2.5.3. Colombia
13.1.2.5.4. Rest of South America
14. Competition Landscape
14.1. Global Electric Motor Market
Competition Matrix & Benchmarking, by Leading Players / Innovators /
Emerging Players / New Entrants
14.2. Global Electric Motor Market
Competition White Space Analysis, By End-user
14.3. Global Electric Motor Market
Competition Heat Map Analysis, By End-user
14.4. Global Electric Motor Market
Concentration & Company Market Shares (%) Analysis, 2022
15. Company Profiles
15.1.                   Â
Johnson Electric
15.1.1.  Company Overview & Key Stats
15.1.2.  Financial Performance & KPIs
15.1.3.  Product Portfolio
15.1.4.  Business Strategy & Recent
Developments
* Similar details would be provided
for all the players mentioned belowÂ
15.2.     Siemens
15.3.     ABB
15.4.     AMETEK
15.5.     Nidec Motor
Corporation
15.6.     WEG
15.7.     Toshiba
Corporation
15.8.     Hitachi
15.9.     Rockwell
Automation
15.10. DENSO
15.11. Mitsubishi
Heavy Industries
15.12. TECO-Westinghouse
Motor Company
15.13. Arc Systems
Inc.
15.14. Others
16. Research
Methodology
16.1. External Transportations /
Databases
16.2. Internal Proprietary Database
16.3. Primary Research
16.4. Secondary Research
16.5. Assumptions
16.6. Limitations
16.7. Report FAQs
17. Research Findings & Conclusion
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Market Research Process
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
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Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Electric Motor Market was valued at USD 227.81 Billion in 2024.
Electric Motor Market size will increase at approximate CAGR of 7.4% during the forecasted period.
Major companies operating within the Electric Motor Market Are Johnson Electric, Siemens , ABB , AMETEK, Nidec Motor Corporation , WEG , Toshiba Corporation, Hitachi , Rockwell Automation, DENSO, Mitsubishi Heavy Industries , TECO-Westinghouse Motor Company , Arc Systems Inc. and Others.
Asia Pacific dominates the market with an active share of 48%.
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