Press release
Electric Motors Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Electric Motors
What Is the Expected Electric Motors Market Size During the Forecast Period?
The electric motors market has maintained steady growth, set to climb from $102 billion in 2024 to $106.51 billion in 2025, at a CAGR of 4.4%, with past drivers including industrial transformation, increasing electrification across sectors, and demand from transportation and smart appliances.
The electric motors market is expected to see steady growth, reaching $122.66 billion in 2029 at a CAGR of 3.6%. This growth is driven by the electrification of transportation, industrial automation, renewable energy adoption, energy efficiency regulations, and the expansion of IoT and smart systems. Major trends include the development of high-efficiency motors, miniaturization, sensor integration, the use of sustainable materials, and greater customization and modular designs.
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What Are the High-Growth Segments in the Electric Motors Market?
The electric motors market covered in this report is segmented -
1) By Type: Alternate Current (AC) Motor, Direct Current (AC) Motor, Hermetic Motor
2) By Output Power: Integral Horsepower (IHP), Fractional Horsepower (FHP)
3) By Application: Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace And Transportation, Household Appliances, Other Commercial Applications
Subsegments:
1) By Alternate Current (AC) Motor: Synchronous AC Motors, Asynchronous (Induction) AC Motors, Single-Phase AC Motors, Three-Phase AC Motors
2) By Direct Current (DC) Motor: Brushed DC Motors, Brushless DC Motors (BLDC), Shunt DC Motors, Series DC Motors, Compound DC Motors
3) By Hermetic Motor: Hermetically Sealed Compressor Motors, Hermetically Sealed Refrigeration Motors
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What Key Drivers Are Expected to Influence Future Electric Motors Market Growth?
The growing popularity of electric vehicles (EVs) is driving the electric motors market, as EVs require electric motors to operate. The rise in EV sales is creating an increasing need for electric motors. For instance, according to the IEA, 10 million electric vehicles were sold globally in 2022, and sales grew to 14 million in 2023. This trend is expected to continue, leading to higher demand for electric motors.
Which Companies Hold the Largest Share Across Different Electric Motors Market Segments?
Major companies operating in the electric motors market include Asea Brown Boveri (ABB) Ltd., ARC Systems Inc, Asmo Co. Ltd., Brook Crompton UK Ltd., Emerson Electric Co., Regal Beloit Corporation, Rockwell Automation Inc., Siemens AG, Ametek Inc., Baldor Electric Company Inc., Allied Motion Technologies Inc., Franklin Electric Co. Inc., Johnson Electric Holdings Limited, Robert Bosch GmbH, Denso Corporation, Toshiba International Corporation, General Electric Company, Nidec Corporation, WEG S.A., Hitachi Ltd., Hyosung Corporation, Danaher Corporation, Teco Electric Machinery & Co., Dr. Fritz Faulhaber GmbH Co. KG, Maxon Motor AG, Mitsubishi Electric, Panasonic, Shandong, Bulher Motor Gmbh, BorgWarner Inc, Continental AG, Schneider Electric SE, Sumitomo Heavy Industries Ltd., Yaskawa Electric Corporation, Zhejiang Founder Motor Co. Ltd., Marathon Electric, Kirloskar Electric Company Limited
What Trends Are Driving Growth in The Electric Motors Market?
Leading companies in the electric motors market are releasing new electric motors and controllers to improve electric vehicle efficiency and range. In February 2024, Attron Automotive, an India-based company, showcased its RM14530, RM16070, and RM16045 motor series and CTR072500 controller at Bharat Mobility Expo 2024. These IPM PMSM-based products are designed to deliver high performance, lower costs, and support sustainable transportation.
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What Are the Emerging Geographies for The Electric Motors Market Growth?
Asia-Pacific was the largest region in the electric motors market in 2023. Western Europe was the second-largest region in the electric motors market. The regions covered in the electric motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Motors Market?
2. What is the CAGR expected in the Electric Motors Market?
3. What Are the Key Innovations Transforming the Electric Motors Industry?
4. Which Region Is Leading the Electric Motors Market?
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