Global Electric Motor Market to Reach US$ 153.1 Billion by 2032, Impelled by Increasing Demand for Electric Vehicles

December 13, 2022 | Heavy Industry

The latest report by IMARC Group, titled “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,” finds that the global electric motor market size reached US$ 111.3 Billion in 2023. Electric motors are electromechanical devices that work on the electromagnetic induction principle. These motors operate by interacting with the magnetic field of the motor and the electric current in the winding wires that create a torque on a loop and spin the motor. They comprise a rotor, bearings, windings, stator, commutator, and air gap. They also offer several benefits, including high efficiency, easy maintenance, low energy consumption, durability, high tolerance for fluctuating voltages, longer operating life, and cost less than fossil fuel engines. As a result, electric motors are widely used in water utilities, oil and gas, mining, transportation, aerospace, electric appliances, marine, food and beverages (F&B) and automotive industries across the globe.

Global Electric Motor Market Trends:

The market is primarily driven by the escalating demand for electric vehicles across the globe. Nowadays, the increasing awareness regarding the rising pollution levels, particularly in metropolitan cities, has escalated the demand for electric vehicles to minimize carbon footprint, which is accelerating the product adoption rate. Moreover, various technological advancements in electric motors, and the introduction of enhanced insulation materials that improve the operational efficiency of the product, represent other major growth-inducing factors. Besides this, the increasing fuel prices and the growing popularity of hydrogen, and natural gas, coupled with government initiatives to promote green vehicles, are providing a thrust to the market growth. Along with this, the market is further propelled by the rising inclination to replace gas turbines with electric motors in large industrial plants. Furthermore, the increasing utilization of electric motors in several applications, such as windshield scrubbers, fans, electric pumps, robots, toothbrushes, and pumps, is also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 153.1 Billion by 2032, exhibiting a CAGR of 3.5% during the forecast period (2024-2032).

Market Summary:

  • Based on the motor type, the market has been segregated into AC motors (induction and synchronous AC motor), DC motors (brushed and brushless DC motors), and others. Currently, AC motors hold the largest market share. 
  • On the basis of voltage, the market has been classified into low-, medium-, and high-voltage electric motors. Amongst these, low-voltage electric motors account for the majority of the global market.
  • Based on the rated power, the market has been segmented into fractional horsepower motors [(fractional horsepower (< 1/8), fractional horsepower (1/8- 1/2), and fractional horsepower (1/2-1) motors)], and integral horsepower motors [(integral horsepower (1-5), integral horsepower (10-50), integral horsepower (50-100), and integral horsepower (>100) motors)]. Presently, fractional horsepower electric motors exhibit a clear dominance in the market.
  • On the basis of magnet type, the market has been divided into ferrite, neodymium (NdFeB), and samarium cobalt (SmCo5 and Sm2Co17), wherein ferrite magnets represent the leading segment
  • Based on weight, the market has been segregated into low-weight, medium-weight, and high-weight motors. Amongst these, low-weight motors hold the largest market share.
  • On the basis of speed, the market has been classified into ultra-high-speed, high-speed, medium-speed, and low-speed motors. Currently, high-speed electric motors account for the majority of the total market share.
  • Based on the application, industrial machinery exhibits a clear dominance in the market. Other major segments include HVAC, transportation, household appliances, motor vehicles, aerospace, marine, robotics, and others.
  • Region-wise, the market has been divided into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific represents the leading market segment.
  • The competitive landscape of the industry has also been examined in the report, with some of the key players being ABB Group, Siemens Ag, WEG SA, TECO, Regal Beloit Corporation, and Nidec Corporation.

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Global Electric Motor Market to Reach US$ 153.1 Billion by 2032, Impelled by Increasing Demand for Electric Vehicles
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