PUBLISHER: The Business Research Company | PRODUCT CODE: 1712422
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712422
An electric motor is an electrical device that converts electrical energy into mechanical energy, providing power to various devices. It operates based on the principles of electromagnetism and is characterized by features such as durability, high efficiency, low energy consumption, and low maintenance requirements.
The main types of electric motors include alternating current (AC) motors, direct current (DC) motors, and hermetic motors. A hermetic motor combines the compressor and motor within a single welded steel shell. Both the motor and compressor are directly connected on the same shaft, with the motor located within the refrigeration circuit. This design eliminates the need for a shaft seal and the associated issue of refrigerant leakage. Welding or brazing is used to connect all refrigerant pipelines to the outer steel shell. Electric motors can have varying voltage ranges, such as 9V and below, 10-20V, 21-60V, and 60V and above. They also come in different output power categories, including integral horsepower (IHP) and fractional horsepower (FHP). These motors operate at various speeds, including low-speed (less than 1,000 rpm), medium-speed (1,001 to 25,000 rpm), high-speed (25,001 to 75,000 rpm), and ultra-high-speed (greater than 75,001 rpm). They are used in a wide range of applications, including industrial machinery, motor vehicles, HVAC equipment, aerospace and transportation, household appliances, and other commercial applications.
The electric motors market research report is one of a series of new reports from The Business Research Company that provides electric motors market statistics, including electric motors industry global market size, regional shares, competitors with an electric motors market share, detailed electric motors market segments, market trends and opportunities, and any further data you may need to thrive in the electric motors industry. These electric motors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electric motors market size has grown steadily in recent years. It will grow from $102 billion in 2024 to $106.51 billion in 2025 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to industrial revolution, electrification of industries, transportation and automotive industry, consumer appliances and home automation.
The electric motors market size is expected to see steady growth in the next few years. It will grow to $122.66 billion in 2029 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to electrification of transportation, industrial automation, renewable energy, energy efficiency regulation, iot and smart systems. Major trends in the forecast period include high-efficiency motors, miniaturization, sensor integration, sustainable materials, customization and modular design.
The increasing sales of electric vehicles (EVs) are expected to drive the growth of the electric motors market. An electric vehicle (EV) is a vehicle powered entirely or partially by electricity, and the rising popularity of EVs is fueling the demand for electric motors to drive their wheels. For instance, in May 2023, the International Energy Agency (IEA), a France-based independent intergovernmental organization, reported that 10 million electric vehicles were sold in 2022, with sales increasing to 14 million in 2023. Therefore, the growing demand for electric vehicles is set to propel the growth of the electric motors market in the coming years.
The growing demand for electricity supply is expected to drive the expansion of the electric motor market. Electricity supply refers to the generation, transmission, and distribution of electrical energy to end-users for various applications, including powering homes, businesses, industries, and transportation. Electric motors, which rely on electricity to operate efficiently, are used in a wide range of devices such as fans, power tools, appliances, electric vehicles, and hybrid cars. For example, in June 2023, the U.S. Energy Information Administration, a US-based government agency, reported that electricity sales in the U.S. reached 3,909 billion kWh in 2022, a significant increase from 103 billion kWh in 2021. As the demand for electricity continues to rise, it is driving the growth of the electric motor market.
Major players in the electric motors market are focusing on developing new electric motors and controllers to enhance the performance, range, and efficiency of electric vehicles (EVs). Electric motors are devices that convert electrical energy into mechanical energy, powering various systems such as EVs, appliances, and industrial machinery. Electric controllers regulate and optimize motor operation by controlling factors like speed, torque, and power delivery, thus improving efficiency, reliability, and energy consumption. For instance, in February 2024, Attron Automotive, an India-based company specializing in advanced electric motors and controllers for EVs and mobility applications, launched its new electric motor series, including RM14530, RM16070, and RM16045, along with the CTR072500 controller at the Bharat Mobility Expo 2024. These products, featuring high-efficiency integrated IPM PMSM motors, are designed to enhance EV performance, range, and acceleration while reducing costs and promoting sustainability in the electric mobility sector.
Key players in the electric motor market are dedicated to developing innovative products to better serve their customers. An example of this innovation is the EA 193 Series permanent magnet electric motors, designed for electrified automation. In July 2023, Electrified Automation Ltd., a U.S.-based manufacturing technology company, introduced the EA 193 Series permanent magnet electric motors. These motors are versatile and designed for various applications, from two-wheeled vehicles to industrial use, employing next-generation permanent magnet electric motor technology.
In September 2024, WEG Industries, a Brazil-based company specializing in motors and generators, acquired Volt Electric Motors for an undisclosed amount. This acquisition aims to strengthen WEG's market presence and expand its product offerings in key regions, particularly through Volt's manufacturing facility in Izmir, which provides logistical advantages with proximity to major ports. WEG anticipates that this deal will support its growth strategy in the industrial motors sector, pending regulatory approvals. Volt Electric Motors is a Turkish manufacturer specializing in industrial and commercial electric motors.
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
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
The countries covered in the electric motors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The electric motors market consists of sales of rotor, bearings, stator, air gap, windings, commutator, and other electric motors. Devices that use electric motors consist of fans, blowers, household appliances, disk drives, batteries and power tools, machine tools, domestic appliances, HVAC applications, electric cars, and automated robots. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Motors Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric motors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric motors ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric motors market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.