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Electric Motor Market Analysis by Motor Type (Alternate Current (AC) Motor, Direct Current (DC) Motor, and Hermetic Motor), By Rotor Type (Inner Rotor and Outer Rotor), by Application (Pumps, Fans, Drives, Compressor, General Machinery, Centrifugal Machinery, Grinders, Extruders, Robotics), by End Use (Industrial, Residential, HVAC & Refrigeration, Medical, Municipal Water Treatment, Transportation) and by Region: Global Forecast, 2024 - 2034

  • PUBLISHED ON
  • 2024-04-28
  • NO OF PAGES
  • 221
  • CATEGORY
  • Electronics & Communication

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. 

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

 

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

 

Electric Motor Industry: Dynamics & Restrains



Market opportunity:

 

 

 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

·         Inner Rotor

·         Outer Rotor

By  Application

·         Pumps

·         Fans

·         Drives

·         Compressor

·         General Machinery

·         Centrifugal Machinery

·         Grinders

·         Extruders

·         Robotics

By End Use

·         Industrial

·         Residential

·         HVAC & Refrigeration

·         Medical

·         Municipal Water Treatment

·         Transportation

 

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.

 

Key Market Players

 The Electric Motor Market is dominated by a few large companies, such as

·         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.

·         Others
 


1.      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.      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.      Global Electric Motor Market Estimates & Historical Trend Analysis (2019 - 2023)

4.      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.      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.      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.      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.      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.      North America Electric Motor Market: Estimates & Forecast Trend Analysis

9.1.    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.                     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 below 

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

Quality Assurance Process

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We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

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).

Solution

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.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


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.

Frequently Asked Questions

What is the market size of Electric Motor Market in 2024?

Electric Motor Market was valued at USD 227.81 Billion in 2024.

What is the growth rate for the Electric Motor Market?

Electric Motor Market size will increase at approximate CAGR of 7.4% during the forecasted period.

Which are the top companies operating within the market?

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.

Which region dominates the Electric Motor Market?

Asia Pacific dominates the market with an active share of 48%.

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