Electric Motor Market Report by Motor Type (AC Motor, DC Motor, and Others), Voltage (Low Voltage Electric Motors, Medium Voltage Electric Motors, High Voltage Electric Motors), Rated Power (Fractional Horsepower Motors, Integral Horsepower Motors), Magnet Type (Ferrite, Neodymium (NdFeB), Samarium Cobalt (SmCo5 and Sm2Co17)), Weight (Low Weight Motors, Medium Weight Motors, High Weight Motors), Speed (Ultra-High-Speed Motors, High-Speed Motors, Medium Speed Motors, Low Speed Motors), Application (Industrial Machinery, HVAC, Transportation, Household Appliances, Motor Vehicles, Aerospace, Marine, Robotics, and Others), and Region 2024-2032

Electric Motor Market Report by Motor Type (AC Motor, DC Motor, and Others), Voltage (Low Voltage Electric Motors, Medium Voltage Electric Motors, High Voltage Electric Motors), Rated Power (Fractional Horsepower Motors, Integral Horsepower Motors), Magnet Type (Ferrite, Neodymium (NdFeB), Samarium Cobalt (SmCo5 and Sm2Co17)), Weight (Low Weight Motors, Medium Weight Motors, High Weight Motors), Speed (Ultra-High-Speed Motors, High-Speed Motors, Medium Speed Motors, Low Speed Motors), Application (Industrial Machinery, HVAC, Transportation, Household Appliances, Motor Vehicles, Aerospace, Marine, Robotics, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A937
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Market Overview:

The global electric motor market size reached US$ 111.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 153.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032. The increasing emphasis on energy efficiency, favorable government initiatives, the rise of electric vehicles, emerging trend of industrial automation, significant technological progress, and cost competitiveness are some of the major factors propelling the market.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 111.3 Billion
Market Forecast in 2032
US$ 153.1 Billion
Market Growth Rate 2024-2032 3.5%


An electric motor is a device that converts electrical energy into mechanical energy, enabling the conversion of electrical power into physical motion. It operates on the principle of electromagnetism, where the interaction between electric currents and magnetic fields results in the generation of mechanical force. The key components of an electric motor include a stator and a rotor. The stator is the stationary part, typically made up of coils or windings, which produce a magnetic field when an electric current passes through them. The rotor, on the other hand, is the rotating part, often composed of permanent magnets or electromagnets. When an electric current flows through the stator windings, it creates a magnetic field that interacts with the magnetic field of the rotor, causing the rotor to spin.

Global Electric Motor Market

As industries and consumers seek to reduce energy consumption and minimize their carbon footprint, there is a growing demand for energy-efficient solutions. Electric motors, compared to traditional combustion engines, are known for their higher efficiency and lower energy losses. The pursuit of sustainability and energy conservation has led to a rise in the adoption of electric motors in various applications, including electric vehicles, industrial machinery, and home appliances. Additionally, the global push for cleaner transportation alternatives has led to a rapid increase in the adoption of electric vehicles. Electric motors serve as the primary propulsion system in EVs, making them a critical component in the automotive sector's electrification efforts. Other than this, the ongoing industrial automation trend, driven by the need for increased productivity and precision, has escalated the demand for electric motors. Motors are essential components in robotics and automated machinery, enabling precise control and motion in manufacturing and logistics processes. As industries seek to enhance efficiency and reduce human intervention, the sales of electric motors in automation is set to accelerate. Besides this, with advancements in production processes and economies of scale, the cost of electric motors has become increasingly competitive compared to traditional alternatives. This cost-effectiveness has been instrumental in convincing businesses and consumers to shift towards electric motors in different applications, from industrial pumps and fans to household appliances. Moreover, governments worldwide are implementing stringent regulations and providing incentives to promote the adoption of electric vehicles and energy-efficient technologies. These policies aim to reduce greenhouse gas emissions and combat climate change. Subsidies, tax benefits, and stricter emission norms have significantly boosted the electric motor market's growth and encouraged manufacturers to develop innovative and eco-friendly motor solutions.

Electric Motor Market Trends/Drivers:

Increasing Emphasis on Energy Efficiency

Electric motors have emerged as a crucial component in addressing these concerns due to their higher efficiency and reduced energy losses compared to conventional combustion engines. The efficiency of an electric motor can exceed 90%, while internal combustion engines typically have efficiencies below 40%. In industrial applications, the drive for energy efficiency has led to the widespread adoption of electric motors in pumps, compressors, and other machinery. By using energy-efficient electric motors, businesses can lower their operational costs and minimize their environmental impact. Moreover, governments and regulatory bodies often encourage the use of energy-efficient motors through incentives and efficiency standards.

Government Initiatives and Regulations

Several countries have set ambitious goals to reduce greenhouse gas emissions and combat climate change, prompting the implementation of policies that promote the adoption of energy-efficient technologies, including electric motors. Various incentive programs, tax credits, and subsidies are offered to manufacturers and consumers to encourage the production and purchase of electric vehicles and energy-efficient appliances. These incentives not only create a demand pull for electric motors but also incentivize manufacturers to invest in research and development to produce more efficient and environmentally friendly motor technologies. Furthermore, emission norms and regulations on vehicle manufacturers have become more stringent, necessitating a shift towards electric mobility. As a result, automotive manufacturers are increasingly incorporating electric motors into their product portfolios, further driving the market.

Rising Demand for Electric Vehicles (EVs)

Electric motors serve as the primary propulsion system in EVs, and the demand for these motors has soared in tandem with the rise in electric vehicle adoption. Advancements in battery technology, resulting in improved energy storage and longer driving ranges, have made EVs more practical and appealing to consumers. The increased availability of charging infrastructure has further allayed concerns about range anxiety, boosting consumer confidence in electric vehicles. Governments and policymakers have played a pivotal role in accelerating the adoption of electric vehicles through a combination of financial incentives, subsidies, and regulatory support. As electric vehicles become more mainstream, the demand for electric motors used in EVs is expected to witness exponential growth, transforming the automotive industry and contributing significantly to the expansion of the electric motor market.

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Electric Motor Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global electric motor market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on motor type, voltage, rated power, magnet type, weight, speed and application.

Breakup by Motor Type:

 

 
 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • AC Motor 
    • Induction AC Motor
    • Synchronous AC Motor
  • DC Motor
    • Brushed DC Motor
    • Brushless DC Motor
  • Others
     

AC motors dominate the market

The report has provided a detailed breakup and analysis of the market based on the motor type. This includes AC motor (induction AC motor and synchronous AC motor), DC motor (brushed DC motor and brushless DC motor), and others. According to the report, AC motors represented the largest segment.

One of the primary reasons is its simplicity and robustness, making it suitable for a broad range of industrial and commercial uses. AC motors are known for their ease of maintenance, long service life, and cost-effectiveness. They do not require brushes or commutators, which are common wear-out components in DC (Direct Current) motors, leading to reduced maintenance requirements and lower downtime. Furthermore, AC motors offer excellent controllability, enabling speed regulation and torque adjustments to meet specific application requirements. This adaptability makes them suitable for a wide range of industrial processes, including pumps, fans, conveyor systems, compressors, and more. Moreover, AC power distribution systems are prevalent in most regions, making AC motors readily compatible with existing electrical infrastructure. This seamless integration has contributed to the widespread adoption of AC motors across industries, cementing their position as the largest segment in the motor market breakdown by type.

Breakup by Voltage:

  • Low Voltage Electric Motors
  • Medium Voltage Electric Motors
  • High Voltage Electric Motors
     

Low voltage electric motors hold the largest share in the market

A detailed breakup and analysis of the market based on the voltage has also been provided in the report. This includes low voltage electric motor, medium voltage electric motors, and high voltage electric motors According to the report, low voltage accounted for the largest market share.

These motors typically operate at voltages below 1000 volts, making them compatible with standard residential, commercial, and industrial power supplies. Their popularity is primarily driven by the fact that most electrical devices and equipment used in everyday life, such as household appliances, pumps, fans, and small machinery, require low voltage motors for efficient operation. Additionally, low voltage motors are cost-effective and relatively easy to install and maintain, making them accessible to a wide range of consumers and businesses. As industries continue to prioritize energy efficiency and sustainable practices, low voltage electric motors offer a viable solution due to their ability to match power requirements more closely, leading to reduced energy wastage and lower operational costs. With increasing demands for automation and electrification in multiple sectors, the demand for low voltage electric motors is expected to continue growing, solidifying their position as the largest segment in the market.

Breakup by Rated Power:

  • Fractional Horsepower Motors
    • Fractional Horsepower (< 1/8) Motors
    • Fractional Horsepower (1/8 - 1/2) Motors
    • Fractional Horsepower (1/2 - 1) Motors
  • Integral Horsepower Motors
    • Integral Horsepower (1 - 5) Motors
    • Integral Horsepower (10 - 50) Motors
    • Integral Horsepower (50 - 100) Motors
    • Integral Horsepower (>100) Motors
       

Fractional horsepower dominates the market

The report has provided a detailed breakup and analysis of the market based on the fractional horsepower. This includes fractional horsepower motors [fractional horsepower (<1/8) motors, fractional horsepower (1/8 - 1/2) motors, and fractional horsepower (1/2 - 1) motors] and integrated horsepower motors (integral horsepower (1 - 5) motors, integral horsepower (10 - 50) motors, integral horsepower (50 - 100) motors, and integral horsepower (>100) motors). According to the report, fractional horsepower represented the largest segment.

Fractional horsepower motors are defined as those with power ratings typically ranging from a fraction of one horsepower (less than one horsepower) up to about 1 horsepower. These motors find widespread utilization in various industries and everyday household appliances. From small kitchen appliances like blenders and food processors to HVAC systems, power tools, and automotive applications, fractional horsepower motors play a pivotal role in providing the necessary mechanical power to drive these devices. Moreover, with increasing demands for energy efficiency and the adoption of greener technologies, fractional horsepower motors have evolved to incorporate energy-saving features and improved designs. Manufacturers have focused on enhancing the performance of these motors while reducing energy losses, making them an attractive choice for consumers and businesses alike. Their compact size, affordability, and adaptability to diverse applications have contributed to their dominance in the market breakup by rated power. As industries continue to prioritize efficiency and sustainability, fractional horsepower motors are expected to maintain their position as the largest segment in the market.

Breakup by Magnet Type:

  • Ferrite
  • Neodymium (NdFeB)
  • Samarium Cobalt (SmCo5 and Sm2Co17)
     

Ferrite holds the largest share in the market

A detailed breakup and analysis of the market based on the magnet type has also been provided in the report. This includes ferrite, neodymium (NdFeB), and samarium cobalt (SmCo5 and Sm2Co17). According to the report, ferrite accounted for the largest market share.

One of the key factors contributing to the dominance of ferrite magnets is their superior resistance to demagnetization and corrosion, ensuring long-term reliability and durability. This characteristic makes them suitable for various industries, including automotive, electronics, consumer goods, and industrial equipment. Additionally, ferrite magnets exhibit excellent stability across a wide temperature range, making them reliable in extreme operating conditions. Their widespread use in speakers, motors, magnetic separators, and refrigerator door seals further solidifies their position as the preferred choice for magnetic applications. The adaptability of ferrite magnets in diverse industries, combined with their cost-effectiveness and reliable performance, has led to their widespread adoption, making them the largest segment in the market by magnet type.

Breakup by Weight:

  • Low Weight Motors
  • Medium Weight Motors
  • High Weight Motors
     

Low weight motors account for the majority of market share

The report has provided a detailed breakup and analysis of the market based on the weight. This includes low weight motors, medium weight motors, and high weight motors). According to the report, fractional horsepower represented the largest segment.

One of the primary drivers of the demand for low weight motors is the growing trend of miniaturization and mobility in consumer electronics, portable devices, and electric vehicles. Manufacturers aim to reduce the overall weight of products to enhance portability and improve energy efficiency. Low weight motors play a critical role in achieving these objectives. Additionally, industries such as aerospace and automotive prioritize weight reduction to enhance fuel efficiency and increase payload capacities. In these sectors, lightweight motors find applications in actuation systems, control surfaces, and propulsion systems. Advancements in materials, such as lightweight alloys and composites, have further contributed to the popularity of low weight motors. These materials offer high strength-to-weight ratios, enabling the development of lighter and more compact motor designs.

Breakup by Speed:

  • Ultra-High-Speed Motors
  • High-Speed Motors
  • Medium Speed Motors
  • Low Speed Motors
     

High-speed motors hold the largest share in the market

A detailed breakup and analysis of the market based on the speed has also been provided in the report. This includes ultra-high-speed motors, high-speed motors, medium-speed motors, and low speed motors. According to the report, ferrite accounted for the largest market share.

One of the primary reasons for their dominance is the drive towards higher productivity and efficiency in industrial processes. High-speed motors enable faster machining, cutting, and processing speeds, leading to enhanced production rates and reduced cycle times. Furthermore, advancements in motor design and manufacturing technologies have made high-speed motors more reliable, efficient, and cost-effective. These motors now offer improved cooling mechanisms, better materials, and enhanced control systems, allowing for smoother operation at elevated speeds. The push for electrification and automation in various industries has also contributed to the demand for high-speed motors. Electric vehicles, precision robotics, and automated machinery rely on high-speed motors to achieve precise and agile movements.

Breakup by Application:

  • Industrial Machinery
  • HVAC
  • Transportation
  • Household Appliances
  • Motor Vehicles
  • Aerospace
  • Marine
  • Robotics
  • Others
     

Industrial machinery represent the largest application segment

The report has provided a detailed breakup and analysis of the market based on the application. This includes industrial machinery, HVAC, transportation, household appliances, motor vehicles, aerospace, marine, robotics, and others. According to the report, industrial machinery represented the largest segment.

One of the key factors driving the dominance of this segment is the modernization and automation of industrial processes. As industries seek to enhance productivity, efficiency, and precision, they increasingly rely on advanced machinery to streamline operations and reduce human intervention. Industrial machinery encompasses a broad spectrum of equipment, including CNC machines, robots, pumps, compressors, conveyors, and material handling systems. These machines play critical roles in assembling products, processing raw materials, and ensuring smooth operations in factories and production facilities. Moreover, the continuous technological advancements and innovations in industrial machinery have further fueled its adoption. The integration of smart sensors, artificial intelligence, and IoT capabilities has revolutionized the manufacturing landscape, making industrial machinery even more efficient and capable of meeting complex demands. As industries continue to evolve and adopt more automated and advanced manufacturing processes, the demand for industrial machinery is expected to remain robust, solidifying its position as the largest segment in the market by application.

Breakup by Region:

 

 
 

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  • Asia-Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
     

Asia Pacific exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, North America, Europe, Middle East and Africa, Latin America. According to the report, Asia Pacific was the largest market for electric motors.

One of the primary reasons is the region's robust industrial sector, characterized by significant manufacturing activities and infrastructural development. As industries in Asia Pacific, particularly in countries like China, India, Japan, and South Korea, continue to expand, the demand for electric motors in various applications such as industrial machinery, pumps, compressors, and HVAC systems has increased substantially. Additionally, the rising awareness and government initiatives promoting energy efficiency and sustainable technologies have driven the adoption of electric motors in the region. Governments in Asia Pacific have implemented strict regulations and provided incentives to encourage the use of energy-efficient motors, particularly in industries and transportation. Moreover, the rapid urbanization and growing middle-class population in the region have led to increased demand for household appliances, electric vehicles, and consumer electronics, all of which rely on electric motors. The prevalence of electronics manufacturing in countries like China and South Korea has also contributed to the rising demand for electric motors.

Competitive Landscape:

Leading companies invest heavily in R&D to develop innovative motor technologies that offer higher efficiency, better performance, and reduced environmental impact. They focus on materials research, motor design optimization, and the integration of smart control systems to meet the demands of emerging applications. Additionally, many key players are committed to sustainability and green initiatives. They are actively working on eco-friendly and energy-efficient motor solutions, aiming to reduce carbon emissions and contribute to a cleaner environment. This includes the use of recycled materials, waste reduction measures, and the development of motors for electric vehicles and renewable energy systems. Other than this, to expand their market presence, major players diversify their product portfolios to cater to various industries and applications. They tailor their motor offerings to meet the specific needs of different sectors, such as automotive, industrial automation, HVAC, and consumer electronics. Besides this, key players often engage in strategic partnerships and acquisitions to complement their capabilities and broaden their market reach. Collaborations with technology providers, startups, and research institutions allow them to access cutting-edge technologies and enter new markets.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • ABB Group
  • Siemens AG
  • WEG SA
  • TECO
  • Regal Beloit Corporation
  • Nidec Corporation

Recent Developments:

  • Regal Beloit Corporation introduced its latest innovation, the Flex-In-1 General Purpose Line of Motors. This new product line is designed to meet the diverse needs of various industries and applications. The Flex-In-1 General Purpose Motors offer a range of features and benefits that make them a compelling choice for businesses seeking reliable and efficient motor solutions.
  • Nidec Corporation completed the acquisition of Houma Armature Works, a prominent motor and generator service provider based in the United States. This strategic acquisition represents a significant step in Nidec's commitment to expanding its market presence and enhancing its portfolio of products and services.

Electric Motor Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Motor Type
  • Voltage
  • Rated Power
  • Magnet Type
  • Weight
  • Speed
  • Application
  • Region
Motor Types Covered AC Motor (Induction AC Motor, Synchronous AC Motor), DC Motor (Brushed DC Motor, Brushless DC Motor), Others
Rated Powers Covered
  • Fractional Horsepower Motors- Fractional Horsepower (< 1/8) Motors, Fractional Horsepower (1/8 - 1/2) Motors, Fractional Horsepower (1/2 - 1) Motors)
  • Integral Horsepower Motors- Integral Horsepower (1 - 5) Motors, Integral Horsepower (10 - 50) Motors, Integral Horsepower (50 - 100) Motors, Integral Horsepower (>100) Motors)
Magnet Types Covered Ferrite, Neodymium (NdFeB), Samarium Cobalt (SmCo5 and Sm2Co17)
Weights Covered Low Weight Motors, Medium Weight Motors, High Weight Motors
Speeds Covered Ultra-High-Speed Motors, High-Speed Motors, Medium Speed Motors, Low Speed Motors
Applications Covered Industrial Machinery, HVAC, Transportation, Household Appliances, Motor Vehicles, Aerospace, Marine, Robotics, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered ABB Group, Siemens Ag, WEG SA, TECO, Regal Beloit Corporation, Nidec Corporation. etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the electric motor market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global electric motor market.
  • The study maps the leading, as well as the fastest-growing, regional markets.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the electric motor industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global electric motor market was worth US$ 111.2 Billion in 2023.

We expect the global electric motor market to exhibit a CAGR of 3.4% during 2024-2032.

The increasing penetration of automation trends in several industrial applications, represents one of the key factors driving the global electric motor market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of various manufacturing units for electric motors.

Based on the motor type, the global electric motor market can be bifurcated into AC motor, DC motor, and others. Currently, AC motor accounts for the majority of the total market share.

Based on the voltage, the global electric motor market has been segmented into low voltage electric motors, medium voltage electric motors, and high voltage electric motors. Among these, low voltage electric motors currently exhibit a clear dominance in the market.

Based on the rated power, the global electric motor market can be categorized into fractional horsepower motors and integral horsepower motors. Currently, fractional horsepower motors hold the majority of the global market share.

Based on the magnet type, the global electric motor market has been segregated into ferrite, Neodymium (NdFeB), and Samarium Cobalt (SmCo5 and Sm2Co17). Among these, ferrite magnet currently represents the largest market share.

Based on the weight, the global electric motor market can be divided into low weight motors, medium weight motors, and high weight motors. Currently, low weight motors exhibit a clear dominance in the market.

Based on the speed, the global electric motor market has been bifurcated into high-speed motors, ultra- high-speed motors, medium speed motors, and low speed motors. Among these, high-speed motors currently account for the majority of the total market share.

Based on the application, the global electric motor market can be segmented into industrial machinery, HVAC, transportation, household appliances, motor vehicles, aerospace, marine, robotics, and others. Currently, industrial machinery holds the largest market share.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global electric motor market include ABB Group, Siemens Ag, WEG SA, TECO, Regal Beloit Corporation, Nidec Corporation, etc.

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Electric Motor Market Report by Motor Type (AC Motor, DC Motor, and Others), Voltage (Low Voltage Electric Motors, Medium Voltage Electric Motors, High Voltage Electric Motors), Rated Power (Fractional Horsepower Motors, Integral Horsepower Motors), Magnet Type (Ferrite, Neodymium (NdFeB), Samarium Cobalt (SmCo5 and Sm2Co17)), Weight (Low Weight Motors, Medium Weight Motors, High Weight Motors), Speed (Ultra-High-Speed Motors, High-Speed Motors, Medium Speed Motors, Low Speed Motors), Application (Industrial Machinery, HVAC, Transportation, Household Appliances, Motor Vehicles, Aerospace, Marine, Robotics, and Others), and Region 2024-2032
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