Press release
Steady Expansion Forecast for Electric Motors Market, Projected to Reach $122.65 Billion by 2029
Electric Motors Market
Electric Motors Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of electric motors has seen a consistent increase over the recent years. The current forecast predicts an expansion from $102 billion in 2024 to $106.51 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.4%. This surge during the historical phase is accounted to factors such as the industrial revolution, industrial electrification, the transportation and automotive sector, and the rise in consumer appliances and home automation.
Electric Motors Market Size Forecast: What's the Projected Valuation by 2029?
The market size for electric motors is anticipated to experience consistent growth over the next few years, reaching a value of $122.66 billion in 2029 with a compound annual growth rate (CAGR) of 3.6%. This growth in the projection period is largely due to the electrification of transportation, industrial automation, renewable energy, energy efficiency regulation, internet of things (IoT), and intelligent systems. Noteworthy trends predicted for this period comprise high-efficiency motors, miniaturization, integrating sensors, environmentally-friendly materials, customization, and modular design.
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What Are the Drivers Transforming the Electric Motors Market?
The growth of the electric motors market is anticipated to escalate due to increased sales of electric vehicles. Electric vehicles (EVs), partially or completely powered by electricity, have seen a surge in their popularity, thereby prompting higher demand for electric motors to power their wheels. For example, the International Energy Agency (IEA), a France-based independent intergovernmental organization, reported in May 2023 that there was a jump in electric vehicle sales from 10 million in 2022 to 14 million in 2023. As such, this booming demand for electric vehicles (EVs) forwards the expansion of the electric motors market.
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What Long-Term Trends Will Define the Future of the Electric Motors Market?
Key companies in the electric motors market are concentrating on the development and launch of new electric motors and controllers, including the RM14530, RM16070, and RM16045 series, to improve the performance, range, and efficiency of electric vehicles (EVs). Electric motors are equipment that transforms electric energy into mechanical energy, powering multiple systems like electric vehicles, household appliances, and industrial machines. Electric controllers, on the other hand, manage the activity of these motors, fine-tuning performance by controlling aspects like speed, torque, and power supply to improve efficiency, dependability, and energy use. For instance, in February 2024, Attron Automotive, a company based in India that is dedicated to the development and production of cutting-edge electric motors and controllers for electric vehicles and other types of mobility, unveiled its new electric motors and controllers at the Bharat Mobility Expo 2024. This included the RM14530, RM16070, and RM16045 motor series and the CTR072500 controller. These inventive products, which feature high-efficiency and integrated IPM PMSM motors, aim to boost EV performance, range, and acceleration while reducing expenses and promoting sustainability in the electric mobility industry.
Which Segments in the Electric Motors Market Offer the Most Profit Potential?
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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Which Firms Dominate the Electric Motors Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Electric Motors Market?
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
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