Electric Motor Market Report 2024-2032, Global Size, Share, Growth and Industry Segmentation

According to IMARC Group, the global electric motor market size reached US$ 111.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 153.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.

The report has segmented the market by motor type (AC motor, DC motor, and others), voltage (low voltage electric motors, medium voltage electric motors, high voltage electric motors), rated power (fractional horsepower motors, integral horsepower motors), magnet type (ferrite, neodymium (NdFeB), samarium cobalt (SmCo5 and Sm2Co17)), weight (low weight motors, medium weight motors, high weight motors), speed (ultra-high-speed motors, high-speed motors, medium speed motors, low speed motors), application (industrial machinery, HVAC, transportation, household appliances, motor vehicles, aerospace, marine, robotics, and others), and region.

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Factors Affecting the Growth of the Electric Motor Industry:

• Electrification Across Industries:

One of the primary drivers of the electric motor market's growth is the ongoing electrification of various industries. Industries such as manufacturing, automotive, and aerospace are transitioning from traditional mechanical systems to electrically powered systems. This shift is driven by the need for greater precision, control, and automation in industrial processes. Electric motors play a central role in this transformation, powering machinery, conveyors, robots, and other equipment. As industries continue to embrace electrification for improved efficiency and performance, the demand for electric motors grows substantially.

• Increasing Demand for Energy-Efficient Motors:

Energy efficiency is a significant concern for industries and consumers alike. Electric motors consume a substantial portion of the world's electricity, and there is a growing emphasis on reducing energy consumption and greenhouse gas emissions. Consequently, the demand for energy-efficient electric motors has surged. High-efficiency motors, including IE3 and IE4 motors, are increasingly adopted due to their reduced energy consumption and lower operating costs. Government regulations and incentives further encourage the use of energy-efficient motors. As industries prioritize sustainability and energy savings, the market for energy-efficient electric motors continues to expand.

• Expansion of Electric Mobility:

The global shift toward electric mobility is another key driver of the electric motor market's growth. The automotive industry is witnessing a rapid transition from internal combustion engines to electric vehicles (EVs). Electric motors are the heart of EV propulsion systems, and as consumer demand for EVs increases, so does the demand for electric motors. Additionally, electric mobility extends beyond passenger vehicles to include electric buses, e-bikes, and electric scooters, all of which rely on electric motors. Governments worldwide are also promoting electric mobility through incentives and regulations, further accelerating the adoption of electric motors in the transportation sector.

Electric Motor Market Report Segmentation:

By Motor Type:

• AC Motor
o Induction AC Motor
o Synchronous AC Motor

• DC Motor
o Brushed DC Motor
o Brushless DC Motor

• Others

AC motors constitute the largest segment in the global electric motor market due to their widespread use across various industries and applications, including HVAC systems, industrial machinery, and consumer appliances, benefiting from their reliability and ease of control.

By Voltage:

• Low Voltage Electric Motors
• Medium Voltage Electric Motors
• High Voltage Electric Motors

Low-voltage electric motors hold the largest market share by voltage because they are commonly utilized in industrial and commercial applications, where a wide range of equipment and machinery require motors operating at lower voltage levels, ensuring compatibility and safety.

By Rated Power:

• Fractional Horsepower Motors
o Fractional Horsepower (< 1/8) Motors
o Fractional Horsepower (1/8 - 1/2) Motors
o Fractional Horsepower (1/2 - 1) Motors

• Integral Horsepower Motors
o Integral Horsepower (1 - 5) Motors
o Integral Horsepower (10 - 50) Motors
o Integral Horsepower (50 - 100) Motors
o Integral Horsepower (>100) Motors

Fractional horsepower electric motors dominate the market in terms of rated power, as they find extensive use in a wide range of applications, including household appliances, automotive systems, and small machinery, where their compact size and efficiency are advantageous.

By Magnet Type:

• Ferrite
• Neodymium (NdFeB)
• Samarium Cobalt (SmCo5 and Sm2Co17)

Ferrite magnet-based electric motors represent the largest market share by magnet type because ferrite magnets are cost-effective and suitable for a broad spectrum of applications, particularly in industries where cost-efficiency is a key consideration.

By Weight:

• Low Weight Motors
• Medium Weight Motors
• High Weight Motors

Low weight motors are the largest market segment by weight, driven by industries and applications that require lightweight and compact motor solutions, such as aerospace, robotics, and automotive, where minimizing weight is essential for performance and energy efficiency.

By Speed:

• Ultra-High-Speed Motors
• High-Speed Motors
• Medium Speed Motors
• Low Speed Motors

High-speed motors lead the market in terms of speed due to their utilization in specialized applications that demand rapid rotation and precision, including medical equipment, industrial automation, and certain automotive systems.

By Application:

• Industrial Machinery
• HVAC
• Transportation
• Household Appliances
• Motor Vehicles
• Aerospace
• Marine
• Robotics
• Others

Industrial machinery serves as the largest market segment by application because electric motors are integral components of various industrial equipment, including pumps, compressors, conveyors, and machine tools, supporting manufacturing and production processes.

Regional Insights:

• Asia-Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

Asia Pacific emerges as the largest market region for electric motors due to the region's robust industrialization, particularly in countries like China and India, where significant manufacturing activities and infrastructure development fuel the demand for electric motors across multiple sectors.

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Competitive Landscape:

The competitive landscape of the global electric motor market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• ABB Group
• Siemens AG
• WEG SA
• TECO
• Regal Beloit Corporation
• Nidec Corporation

Global Electric Motor Market Trends:

The rising shift towards energy-efficient electric motors represents one of the key factors driving the growth of the electric motor market across the globe. With increasing awareness of environmental sustainability and energy conservation, industries and consumers alike are opting for high-efficiency electric motors to reduce energy consumption and operational costs. This trend is particularly prominent in applications such as HVAC systems, industrial machinery, and electric vehicles.

The market is also driven by the increasing integration of smart technologies. Electric motors are becoming digitally connected and equipped with sensors, allowing for remote monitoring, predictive maintenance, and enhanced control. The Industrial Internet of Things (IIoT) is driving this trend, enabling industries to optimize motor performance and reduce downtime.

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.