Press release
Electric Motor Industry to Grow from USD 163.4 Billion in 2024 to USD 303.0 Billion by 2035 - TMR Insights
Electric Motor Industry
The global electric motor industry was valued at USD 163.4 billion in 2024 and is projected to grow steadily at a CAGR of 5.8% from 2025 to 2035. By the end of 2035, the market is expected to reach approximately USD 303.0 billion, driven by accelerated electrification trends, rising industrial automation, and increasing adoption of electric vehicles and energy-efficient systems.
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Market Overview
Electric motors serve as a fundamental component in modern mechanical systems, converting electrical energy into mechanical power. They are widely used across industrial machinery, HVAC systems, household appliances, electric vehicles, robotics, renewable energy systems, and more.
Growing focus on energy efficiency, smart manufacturing, and clean mobility is significantly boosting demand for advanced motor technologies. Industries are increasingly replacing conventional motors with IE3 and IE4-rated energy-efficient motors to meet tightening global energy standards and reduce carbon footprints.
Market Description
Electric motors range from fractional horsepower motors used in consumer electronics to multi-megawatt industrial motors deployed in heavy-duty applications. Innovations in permanent magnet motors, synchronous motors, and high-efficiency AC motors are reshaping performance benchmarks, delivering higher torque, durability, and reduced energy consumption.
Key technology trends reshaping the market include:
• High-efficiency brushless DC (BLDC) and PMSM motors
• Integration of AI-driven predictive maintenance and smart sensors
• Electric traction motors for EVs
• Advanced cooling systems and compact motor designs
• Expansion of renewable energy-driven motor applications
Analysis of Key Players in the Electric Motor Market
Leading manufacturers in the electric motor market are investing heavily in research and development to introduce technologically advanced and energy-efficient motor solutions. Market trends indicate that companies are expanding their product portfolios through innovation and pursuing mergers and acquisitions to strengthen their global presence and enhance manufacturing capabilities.
Major players operating in the global electric motor industry include
• Nidec Corporation
• Rockwell Automation
• Regal Beloit Corporation
• Wolong Electric Group
• AMETEK
• Johnson Electric Holdings Ltd.
• TECO-Westinghouse
• Siemens
• Bosch Electric
• WEG S.A.
• ABB
• Arc Systems Inc.
• DENSO
• Regal Rexnord
These companies are evaluated in the electric motor market research report based on parameters such as company overview, financial performance, business strategy, product offering, key business segments, and recent strategic developments.
Key Developments in the Electric Motor Market
• June 2025 - TECO-Westinghouse
TECO-Westinghouse introduced its advanced Hairpin Motor Technology, designed to improve slot fill factor and thermal management. Unlike conventional round-wire winding systems, hairpin windings increase copper utilization, reduce resistance, and minimize heat loss. This results in higher power density and improved efficiency, making the technology well-suited for high-performance industrial and automation applications.
• May 2025 - ABB
ABB rolled out its Battery Energy Storage Systems-as-a-Service (BESS-as-a-Service) model, aimed at helping industries and utilities accelerate the shift toward clean and resilient energy systems. This zero-CapEx offering eliminates upfront investment barriers by enabling customers to deploy flexible, scalable energy storage solutions on a service-based model, thereby supporting decarbonization and grid stability initiatives.
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Key Player Strategies
• Energy-Efficient Product Development: Launching IE4 & IE5-rated high-efficiency motors
• EV Motor Innovation: Strengthening R&D in permanent magnet and axial-flux motors
• Manufacturing Expansion: Setting up advanced regional production and automation facilities
• Sustainability Initiatives: Recycling programs for rare-earth materials and motor components
• Digital Integration: Smart motors equipped with IoT connectivity for real-time monitoring
Challenges
• Fluctuations in raw material prices, especially rare-earth magnets
• High cost of advanced electric motors vs. conventional motors
• Complex motor control systems requiring skilled workforce
• Supply chain disruptions impacting semiconductor and magnet metals
Opportunities
• Rising demand for electric vehicles and hybrid systems
• Government regulations promoting energy-efficient industrial machinery
• Growth in HVAC, robotics, and smart appliances
• Integration with Industry 4.0 and automation ecosystems
• Expansion in wind, solar, and hydro-powered energy projects
Market Segmentation
By Motor Type
• AC Motors
• DC Motors
• Hermetic Motors
By Power Output
• Fractional HP Motors
• Integral HP Motors
By Application
• Industrial Machinery
• Automotive & EVs
• HVAC & Refrigeration
• Household Appliances
• Aerospace & Defense
• Renewable Energy Systems
• Robotics & Automation
By Region
• North America
• Europe
• Asia-Pacific (largest & fastest-growing)
• Latin America
• Middle East & Africa
Why Buy This Report?
• Comprehensive outlook through 2035
• Competitive landscape with strategic profiling
• EV motor and industrial automation trends
• Energy-efficiency regulations and global policy analysis
• Actionable insights for OEMs, investors, and policymakers
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Conclusion
The electric motor market is set for steady growth fueled by industry electrification, automation megatrends, and sustainability initiatives. As governments enforce stricter energy-efficiency policies and industries invest in clean-powered machinery and electric transportation, demand for advanced electric motors will increase significantly.
Companies prioritizing innovation, digital integration, and sustainable manufacturing will play a defining role in shaping the future of the electric motor industry.
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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