Press release
Electric Motor And Generator Industry to See Robust Expansion, Valued at $153.69 Billion by 2029
Electric Motor And Generator
What Is the Projected CAGR for the Electric Motor And Generator Market from 2024 to 2025?
The market size for electric motors and generators has seen consistent growth over the recent years. Its projected to expand from $129.43 billion in 2024 to $133.03 billion in 2025, showing a compound annual growth rate (CAGR) of 2.8%. Factors contributing to this rising trend during the historic period include robust economic development in burgeoning markets, augmented demand for domestic appliances, expansion in the industrial sector, and an increase in disposable income.
What are the Expected Market Size and CAGR for Electric Motor And Generator by 2029?
The market size for electric motors and generators is poised for consistent expansion over the next few years, growing to a valuation of $153.69 billion by 2029 with a compound annual growth rate (CAGR) of 3.7%. This expected surge during the forecast period can be ascribed to an increase in demand for electric vehicles, heightened energy needs, escalating infrastructural development, and swift urbanisation. Key trends predicted for the forecast period encompass, the creation of high-powered density electric motors, eco-friendly generators, the hybridisation of power generators, the incorporation of IoT and smart technologies into product innovations, and forming strategic alliances and partnerships.
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Which Factors Are Driving the Global Electric Motor And Generator Market Expansion?
The predicted growth of the motor and generator manufacturing market in the coming years is expected to be fueled by an increased consumption of household appliances. This upward trend can be attributed to an increase in electrification, a boom in disposable income, as well as accelerated urbanization, among other factors. These factors collectively underscore a rise in the demand for household appliances, which is subsequently projected to steer the market growth for motors. For instance, it is predicted that the worldwide market for household appliance manufacturing will escalate to $396.8 billion in 2022, maintaining a Compound Annual Growth Rate (CAGR) of 8.7%. The expanding need for household appliances powered by a motor will, in turn, propel the market for motors and generators in the projected years.
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Which Segment Currently Holds the Largest Share of the Electric Motor And Generator Market?
The electric motor and generator market covered in this report is segmented -
1) By Type: Electric Motors, Electric Generators
2) By Application: Industrial Machinery, Automobile (Motor Vehicle), HVAC (Heating, Ventilation, And Air Conditioning), Other Applications
3) By End User: Industrial, Residential, Commercial
Subsegments:
1) By Electric Motors: AC Motors, DC Motors, Stepper Motors, Servo Motors
2) By Electric Generators: Alternators, Inverter Generators, Portable Generators, Standby Generators
Which Major Trends Are Shaping the Future of the Electric Motor And Generator Industry?
The production of portable generators is on the rise among generator manufacturing firms. These portable units generate electrical power by utilizing a gas or diesel engine to operate an internal alternator. The growing demand for dependable, continuous power supply is bolstering the market for portable generators, with their versatility and user-friendliness being key factors in their appeal.
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Which Key Players Dominate the Electric Motor And Generator Industry Globally?
Major companies operating in the electric motor and generator market include Caterpillar Inc, Nidec Corporation, Siemens AG, ABB Ltd, General Electric Company, Robert Bosch Gmbh, Hitachi Ltd, WEG, Generac Holdings Inc, Kohler Co, The Kirloskar group, Mitsubishi Electric Corporation, TECO Electric & Machinery Co., Ltd, Toshiba, Schneider Electric, Leroy-Somer Electric Motors & Generators, SEW-EURODRIVE GmbH & Co KG, WHITE GUARDS TRADING HOUSE CJSC, MAN Energy Solutions, Aksa, Agar-Power Agregaty Pr?dotwórcze, Agregaty Mielec, Amin Power Energy, Dayer, Inc, Cummins, HiPower Systems, Taylor Power Systems Inc, Multiquip, Wacker Neuson, Atlas Copco, Industrias Jezi, CGE Group, EME Electric Motors, Motores Diesel Andinos S.A., Saudi Transformers Company Ltd., Saudi Arabian Electric Motors Manufacturing Company (SAEMMC), ACTOM (Pty) Ltd., Powertech Africa, MarelliMotori SA
What Are the Fastest-Growing Regions in the Electric Motor And Generator Market?
Asia-Pacific was the largest region in the electric motor and generator market in 2024. The regions covered in the electric motor and generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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