What Has Been The Evolution of the Electric Motors Market in Recent Years?
The electric motors market has seen considerable growth due to a variety of factors.
• The size of the electric motors market has consistently increased over the recent years. It is predicted to expand from $102 billion in 2024 to $106.51 billion in 2025, showcasing a compound annual growth rate (CAGR) of 4.4%.
The surge seen in the historic period is linked to the industrial revolution, industrial electrification, the transport and automotive sector, consumer appliances, and home automation.
How Will the Electric Motors Market?
The electric motors market is expected to maintain its strong growth trajectory in upcoming years.
• A steady increase in size is anticipated for the electric motors market in the coming years, with predictions estimating the value at $122.66 billion in 2029, experiencing a compound annual growth rate (CAGR) of 3.6%.
The projected growth during the forecast period is primarily due to factors such as transportation electrification, industrial automation, the use of renewable energy, energy efficiency regulation, and the implementation of iot and smart systems. Key trends expected for the forecast period encompass the use of high-efficiency motors, the miniaturization of systems, integrating sensors, utilizing sustainable materials, and the customization and modular design of components.
Which Factors Are Boosting Growth In The Electric Motors Market?
The electric motors market is anticipated to grow due to an increase in electric vehicle sales. Electric vehicles, which are entirely or partially powered by electricity, are gaining popularity, thus increasing the demand for electric motors for wheel drive. The International Energy Agency (IEA), an independent intergovernmental organization based in France, reported that in May 2023, around 10 million electric vehicles were sold in 2022, with this figure rising to 14 million in 2023. Consequently, the increasing need for electric vehicles is propelling the expansion of the electric motor market.
What Key Areas Define The Segmentation Of The Global Electric Motors Market?
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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What Emerging Trends Are Influencing The Growth Of The Electric Motors Market?
Leading companies in the electric motors market are concentrating on developing new electric motors and controllers, such as the RM14530, RM16070, and RM16045 series, with the goal of improving the performance, range, and efficiency of electric vehicles (EVs). Electric motors are systems that transform electric energy into kinetic power, driving a variety of systems like EVs, household appliances, and industrial equipment. Electric controllers supervise and adjust the functioning of these motors, boosting performance by managing elements such as speed, torque, and power flow to increase efficiency, dependability, and energy consumption. For instance, in February 2024, Attron Automotive, a firm based in India that concentrates on creating and producing advanced electric motors and controllers for EVs and other mobility uses, introduced its new electric motors and controllers at the Bharat Mobility Expo 2024, presenting the RM14530, RM16070, and RM16045 electric motor series and the CTR072500 controller. These revolutionary products, equipped with high-efficiency and integrated IPM PMSM motors, are engineered to enhance the performance, range, and acceleration of EVs while lowering expenses and promoting sustainability in the electric mobility sector.
Who Are the Key Players In The Electric Motors Market?
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
What Is The Most Dominant Region 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
