Electric Motors Market By Motor Type Analysis (AC Motors, DC Motors), By Power Output Analysis(fractional horsepower, Integral horsepower), By Voltage Analysis (up to 1 KV, 1KV to 6.6 KV, Other), By Application Analysis (Industrial Machinery, Motor Vehicle, Other), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2023-2032

Report Overview

Electric Motors Market size is expected to be worth around USD 188.6 Bn by 2032 from USD 108.9 Bn in 2022, growing at a CAGR of 5.8% during the forecast period from 2023 to 2032.

In recent years, the electric motors market has experienced a meteoric rise, propelled by the widespread adoption of electrically powered vehicles and machinery across numerous industries. This exhaustive market report functions as a veritable encyclopedia, encompassing a vast array of electric motors market-related aspects.

This report explores its multifaceted nature by elaborating on its definition, objectives, advantages, notable innovations, growth trajectory, applications, and, most importantly, the ethical dilemmas surrounding its use and the necessary responsible practices.

Electric motors, which serve as the backbone of the modern world, exert their influence across a variety of domains, imbuing both electric cars and industrial machinery with their potent animating force. Electric motors, which operate as a subset of electrical machines, convert electrical energy into mechanical energy, providing a strikingly pure and effective alternative to conventional fossil fuels.

The numerous benefits that electric motors offer contribute to their rapidly growing importance. Unrivaled in their efficiency, these motors represent the pinnacle of power generation, dissipating astonishingly little energy as heat. In addition to the fact that they are the only ones who can see it, they are also the only ones who can hear it.

In recent years, the electric motors market has become a hotbed of ground-breaking innovations, with epoch-making strides being made. Innovative materials and technologies have proliferated, empowering electric motors with enhanced efficiency and colossal power. Permanent magnet motors' meteoric ascension in this context is fueled by their astounding power density and diminutive form factor.

Due to the allure of electric vehicles and machinery, a multitude of industries are investing aggressively in the electric motors market. Leading companies, such as Tesla, have emerged as pioneers in the electrification of the automobile industry. Concurrently, the industrial and manufacturing sectors are enthusiastically adopting electric motors for a variety of applications, including pumps, compressors, fans, and blowers.

Considering the enormous growth potential, the electric motors market is projected to continue its rapid expansion in the coming years, as a multitude of industries transition to electrically powered vehicles and machinery. Electric motors, cast in the character of a transformative force, permeate diverse domains, finding use in electric cars and industrial machinery. Consequently, their indispensable nature is becoming increasingly apparent in a variety of industries.

The businesses at the forefront of electric motor adoption span a broad spectrum, encompassing the automotive, aerospace, and industrial manufacturing industries, as well as the burgeoning renewable energy sector. As corporate entities intensify their efforts to achieve ambitious sustainability goals, electric motors are destined to play an even more significant role, exemplifying an unrivaled combination of reliability and cost-effectiveness and representing a compelling alternative to their conventional engine counterparts.

Driving factors

Increased Electric Motor Demand Driven by Sustainable Transportation

The transition toward sustainable transportation fuels is one of the driving factors contributing to this growth. There has been a significant increase in the demand for electric vehicles, which is fueling the growth of the electric motors market.

Government Initiatives Strengthen the Electric Motors Market

In addition, governments around the world are offering incentives and subsidies to encourage the adoption of electric vehicles, which is fueling the demand for electric motors. This initiative has also resulted in advancements in battery technology, which have made electric vehicles more efficient and affordable. This technological advancement is also anticipated to stimulate the growth of the electric motors market.

Superior Performance Drives the Expansion of the Electric Motors Market

Compared to conventional combustion engines, electric motors provide superior energy efficiency and lower operating costs. Due to their eco-friendliness and affordability, consumers are increasingly opting for electric motors, which contributes to the growth of the market.

Urbanization Spurs Implementation of electric motors

In addition, increasing urbanization and traffic congestion are driving the urban adoption of electric motors. The roads are becoming more congested as the population rises, and the demand for electric vehicles is rising as they provide an eco-friendly and efficient mode of urban transportation.

Regulatory Alterations Loom Over the Electric Motors Market

However, as the demand for electric vehicles and motors rises, there may be regulatory changes that could affect the market. To ensure safety and environmentally favorable practices, governments and regulatory bodies around the world may impose stricter regulations on the production and use of electric motors.

Restraining Factors

Cost Hinders the Adoption of Electric Motors

Especially for high-performance or specialized motors, the cost of the electric motors market can be a restraint. Compared to conventional motors, the initial investment and maintenance costs may be higher, limiting their extensive adoption.

Inadequate Infrastructure Hinders the Electric Motors Market

The availability of charging stations and infrastructure can function as a restraint on the electric motors market. Without a well-established charging network, the range and usability of electric motors may be limited, particularly in certain locations or industries.

Energy Storage Restricts Motor Performance

The efficacy and efficiency of electric motors may be limited by the limitations of energy storage technology, such as batteries. In certain applications, the need for frequent recharging and limited energy density can hinder the usability and practicality of electric motors.

The Market For Electric Motors Lacks Motor Density

Compared to combustion engines, electric motors may have a lesser power density, making them less suitable for high-power applications. This limitation can have an impact on industries that require compact and potent motors, such as heavy machinery and aerospace.

Problems With Electric Motor Production

The production and manufacturing processes for the market of electric motors can present obstacles and limitations. Limiting the viability and accessibility of electric motors on the market can be material availability, production capacity, and supply chain issues.

Motor Type Analysis

The AC Motors Segment offers a wide range of applications from industrial equipment to domestic appliances, which has dominated the electric motors market. The demand for AC Motors is on the rise due to rising urbanization and industrialization in emerging economies.

The adoption of the AC Motors Segment is driven by emerging economies' economic development. China and India's manufacturing sector growth has led to an increase in demand for electric motors. Additionally, the increasing urbanization in these countries has led to an increase in demand for household appliances, which has fueled the AC Motors Segment.

Due to its efficiency and dependability, consumers are increasingly selecting AC Motors over DC Motors. AC Motors last longer and require less maintenance, making them appealing to consumers.

Power Output Analysis

The fractional horsepower (up to 1hp) segment dominates the electric motors market, with applications in household appliances and industrial machinery.

Emerging economies' rising demand for household appliances and cars is driving the fractional horsepower (up to 1hp) segment. The growth of the manufacturing sector in these countries has also led to a rise in demand for industrial machines with fractional horsepower motors.

The demand for energy-efficient, eco-friendly appliances has risen, and so has the number of people who are willing to pay for them. The employment of a computerized system to generate electricity is a common practice in the United States, but it is also a growing trend.

Due to its wide range of applications and increasing demand from emerging nations, the fractional horsepower (up to 1hp) segment is expected to continue its dominance in the electric motors market over the next years. The only way to get a good deal on a car is to drive it.

Voltage Analysis

Due to its vast range of applications in industrial machinery, pumps, and compressors, the up to 1 KV segment dominates the electric motors market.

Up to 1 KV segment adoption is being driven by economic development in emerging markets, where there is an increase in demand for industrial machinery and pumps. The growth of the manufacturing sector in these countries has also led to the demand for up to 1 KV motors.

Due to its wide range of applications and increasing demand from emerging nations, the up to 1 KV segment is expected to continue its dominance in the electric motors market over the next years. The adoption of smart grids and electric vehicles is expected to drive demand for up to 1 KV motors.

Application Analysis

The motor vehicle segment is being driven by economic development in emerging economies, where there is an increase in demand for eco-friendly and affordable transportation alternatives. The growth of the automobile industry in these countries has led to demand for electric motors.

Consumers increasingly want eco-friendly and affordable transportation solutions. The rise in demand for electric vehicles has been led by increasing awareness of global warming and the need to cut carbon emissions.

Due to the increasing demand for electric cars, the motor vehicle segment is expected to continue to maintain its dominance in the electric motors market. Smart grids and renewable energy will boost motor vehicle electric motor demand.

Key Market Segments

By Motor Type Analysis

• AC Motors
• DC Motors

By Power Output Analysis

• fractional horsepower (up to 1hp)
• Integral horsepower (Above 1hp)

By Voltage Analysis

• up to 1 KV
• 1KV to 6.6 KV
• Above 6.6 KV

By Application Analysis

• Industrial machinery
• motor vehicle
• HVAC Equipment
• Medical Equipment

Growth Opportunity

Energy-Efficient Electric Motor Demand Rising

The term "electrical motor" refers to the use of electric motors in the construction of a building. They are essential to many common things, including cars, appliances, and machines. Opportunities have driven the electric motors market's recent growth. The demand for energy-efficient electric motors is driving growth in the electric motors market. Many industries and customers care about energy saving, and electric motors help.

IoT and Automation Drive Electric Motor Market

Variable speed drives optimize motor speed and reduce energy consumption in modern electric motors. In addition to being a great way to save money, the adoption of electric vehicles is also a great way to protect the environment. The growth potential of the electric motors market is also boosted by IoT and automation in electric motor systems. The IoT connects electric motors to other equipment and systems for remote monitoring, control, and optimization.

Renewable Energy Powers Electric Motors

Automation of electric motor systems boosts efficiency and lowers maintenance. Predictive maintenance identifies potential flaws before they cause downtime or expensive repairs. The electric motors market's growth potential is also boosted by renewable energy systems' utilization of electric motors. The use of electric motors to power wind turbines and solar panels is a common practice in the United States.

Electric Vehicle Demand Increases

Electric motors are in demand as the electric vehicle market grows. Electric motors are in high demand as electric vehicles gain popularity. Electric motors power electric vehicles' propulsion systems, and the automotive industry's demand for them is likely to expand. The advent of new applications for electric motors in industries such as healthcare, robotics, and aerospace drives potential growth in the electric motors market.

Latest Trends

Electric Motors Drive Sustainability

Stringent emission regulations, rising fuel prices, electrification of vehicles, and shift to electric motors and commercial fleets are accelerating the shift to electric motors. Electric motors are becoming the favored option for consumers, governments, and businesses due to the growing need for more sustainable solutions.

Governments Drive Electric Revolution

To fight climate change and air pollution, nations are imposing severe emission regulations. Traditional internal combustion engines (ICE) contribute significantly to greenhouse gas emissions and poor air quality in cities. Automakers are investing extensively in electric motors, which generate zero or low pollutants, to meet emission standards. The shift to electric motors is visible in heavy-duty trucks, buses, and off-road vehicles.

Electric Vehicle Demand Rises

People are choosing sustainable alternatives as they grow more environmentally conscious. Traditional vehicles' environmental impact has increased interest in electric vehicles (EVs). End-users make informed decisions that lower carbon footprints. EVs minimize noise, cost, and energy.

Cost-Saving Electric Motors

Fuel prices are changeable and can affect consumer behavior dramatically. For long-term fuel price relief, consumers are choosing electric motors. Electric vehicles offer significant energy savings, and consumers are delighted to avoid fossil fuel price uncertainty. Forklifts, electric bikes, scooters, and other personal mobility devices employ electric motors.

Chargers Drive EV Adoption

Electric vehicles need strong and ubiquitous charging infrastructure. Governments, utilities, and private entities are all investing in charging infrastructure. Electric vehicle owners may drive farther and with more peace of mind thanks to the expanding network of public charging stations. The expansion of the charging infrastructure for electric vehicles has reduced range anxiety and increased consumer trust in electric vehicles.

Electrifying Public Transport & Fleets

Public transportation and commercial fleets drive most car mileage. The electrification of public transportation fleets and commercial fleets can have a significant influence on greenhouse gas emissions and air quality. Many cities and municipal governments have electrified public transportation and business fleets.

Regional Analysis

The Asia-Pacific electric motors market expects the region to continue dominating the global market. Demand for energy-efficient and ecologically friendly electric cars, appliances, and industrial equipment drives growth.

The electric motors market includes AC and DC motors. Due to increased demand for low-voltage AC motors in households and small to medium-sized organizations, the Asia-Pacific region's AC motor category has the greatest share.

Manufacturing, food and beverage, and construction use AC motors, driving growth. Smart home equipment like air conditioners, refrigerators, and fans also boost the AC motor market.

On the other hand, industrial and automotive applications dominate the DC motor market. DC motors are in high demand in Asia-Pacific countries like China, India, and Japan because they invest extensively in electric vehicles. Industry 4.0, smart manufacturing, and DC motors in industrial automation increase.

Government initiatives to promote electric vehicles and energy-efficient equipment are also beneficial to the Asia Pacific electric motors market. The Chinese government subsidizes electric vehicle makers and buyers. Energy-efficient motors and machinery are subsidized by the Indian government for industrial and commercial use.

Asia-Pacific electric motors manufacturers also spend on R&D to build cutting-edge goods. ABB India launches new motor and drive products annually to meet regional needs. 3D printing and simulation improve product performance and reliability.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

ABB, a multinational corporation that specializes in the production of power grids, electrification products, and industrial automation solutions, is one of the primary players in the electric motors market. Low-voltage and high-voltage electric motors, as well as synchronous and asynchronous motors, are available from ABB.

Siemens AG is another significant player in this market, with expertise in the development of electric motors for a variety of industries, including the automotive, aerospace, and manufacturing sectors. Siemens provides a variety of electric motors, including AC and DC motors and the most advanced high-performance synchronous reluctance motors.

Baldor Electric Company, WEG Industries, General Electric Company, and Toshiba Corporation are four additional notable participants in the electric motors market.

These companies invest significantly in R&D to design and manufacture electric motors with increased efficiency, decreased energy consumption, and enhanced performance. In addition, they are employing a variety of strategies to expand their presence in various regions and bolster their market position.

Top Key Players in Electric Motors Market

• ABB
• General Electric Company
• Emerson Electric Co.
• Hitachi
• Johnson Electric Holdings Limited
• Robert Bosch GmbH
• Rockwell Automation Inc.
• Siemens
• Toshiba International
• WEG
• Nidec Corporation
• Allied Motion Inc.
• AMETEK Inc.
• Arc Systems Inc.
• Denso
• Brook Crompton
• Franklin Electric
• Maxon Motor
• Regal Beloit Corporation
• TECO-Westinghouse

Recent Development

• In 2023, The use of artificial intelligence in motor control systems is a growing trend. Combining sophisticated sensors and feedback systems with AI algorithms enables precise control and optimization of electric motors.
• In 2022, High-temperature superconducting (HTS) motors have demonstrated significant potential for electric propulsion systems.
• In 2021, The electric motor industry is dominated by Silicon Valley, but Silicon Valley is also home to Silicon Valley.
• In 2020, Solid-state batteries have gained attention as a potential replacement for lithium-ion batteries 2020.
• In 2019, By using high-performance permanent magnets, such as neodymium motors, manufacturers have been able to improve the performance and efficacy of electric motors

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