Press release
Electric Motors Market Growth Accelerates: Strategic Forecast Predicts $117.95 Billion by 2029
Electric Motors
What Will the Electric Motors Industry Market Size Be by 2025?
The market size for electric motors has consistently expanded over the recent years. It is projected to rise from a value of $100.2 billion in 2024 to an approximate $102.82 billion in 2025, representing a compound annual growth rate (CAGR) of 2.6%. The increase during the historic period is traced back to the industrial revolution, industry electrification, the transport and automotive industry, and the advent of consumer appliances along with home automation.
What's the Long-Term Growth Forecast for the Electric Motors Market Size Through 2029?
In the coming years, we can anticipate a steady expansion of the electric motors market. By 2029, it is projected to swell to a market cap of $117.95 billion, with a compound annual growth rate (CAGR) of 3.5%. Such growth during the forecast period will be driven by factors such as the electrification of transportation, industrial automation, implementation of renewable energy, adherence to energy efficiency regulations, and the application of IoT and smart systems. The forecast period will see the dominance of certain trends, such as high-efficiency motors, miniaturization, the integration of sensors, the use of sustainable materials, customization, and modular design.
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What Are the Key Growth Drivers Fueling the Electric Motors Market Expansion?
The surge in electric vehicle sales is anticipated to boost the electric motors market growth. Electric vehicles (EV), which are fully or partially electric, are becoming increasingly popular, thereby spurring the demand for electricity to power their wheels. As reported by the International Energy Agency (IEA), an autonomous, France-based intergovernmental association, in May 2023, electric vehicle sales rose from 10 million in 2022 to 14 million in 2023. As a consequence, the climbing demand for electric vehicles (EVs) remains a key driver for the onward growth of the electric motors market.
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What Are the Key Trends Driving Electric Motors Market Growth?
Key players in the electrified motor market are devoting attention to developing new electric motors and controllers, such as the RM14530, RM16070, and RM16045 series, with the goal to improve the performance, range, and efficiency of electric vehicles (EVs). These electric motors transform electrical energy into mechanical energy, powering systems like electric vehicles, household appliances, and industrial equipment. Controllers for these electric motors are responsible for their management and regulation, enhancing performance by adjusting aspects like speed, torque, and power delivery to improve efficiency, dependability, and energy usage. For instance, Attron Automotive, an India-based firm that specializes in the creation and production of advanced electric motors and controllers for EVs and other modes of mobility, presented its novel electric motors and controllers, including the RM14530, RM16070, and RM16045 series and the CTR072500 controller, at the Bharat Mobility Expo 2024 held in February 2024. Characterized by high efficiency and integrated IPM PMSM motors, these cutting-edge products are devised to elevate EVs' performances, range, and acceleration, while also slashing costs and fostering sustainability within the electric mobility industry.
How Is the Electric Motors Market Segmented?
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 Companies Are Leading the Charge in Electric Motors Market Innovation?
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 Are Leading the Global Electric Motors Market in Revenue?
Asia-Pacific was the largest region in the electric motors market in 2024. 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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