Global Electric Motor And Generator Market Size 2024, Forecast To 2033

The electric motor and generator market has demonstrated steady growth, reaching a size of $132.9 billion in 2023 and is projected to increase to $138.72 billion in 2024, with a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period is credited to robust economic expansion in emerging markets, heightened demand for household appliances, industrial sector growth, and an upswing in disposable income. Looking forward to 2028, the market is expected to continue its steady growth trajectory, aiming for a size of $161.02 billion at a CAGR of 3.8%. The forecasted growth is driven by an increasing demand for electric vehicles, rising energy demand, infrastructure development, and rapid urbanization. Notable trends in the forecast period encompass the development of high-power density electric motors, sustainable generators, hybridization of power generators, integration of IoT and smart technology in product innovations, and strategic partnerships and collaborations.