Electric Motor Market Size Report, Share, Trends & Outlook-2030

Electric Motor Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Motor Type (AC Motor and DC Motor); Output Power (Integral Horsepower Output and Fractional Horsepower Output); Voltage (1kV & below, 1.1kV-6.6kV, and above 6.6kV); and Application (Industrial Machinery, HVAC Equipment, Motor Vehicles, Household Appliances, and Others)

  • Report Code : TIPRE00003277
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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The electric motor market size is expected to grow from US$ 126.42 billion in 2022 to US$ 208.84 billion by 2030; it is estimated to grow at a CAGR of 6.5% from 2022 to 2030.

Analyst Perspective:

As industrial automation helps to perform heavy tasks with high speed and more efficiency, various industries are adopting automated machinery. This increasing industrial automation worldwide is one of the major factors fueling the growth of the market. Also, the growing demand for electric vehicles is raising the demand for electric motors. According to the IEA, in 2022, electric car sales exceeded 10 million, up 55% relative to 2021. In 2022, BEV sales in China increased by 60% relative to 2021 to reach 4.4 million, and PHEV sales nearly tripled to 1.5 million.

Similarly, electric car sales in Europe increased by more than 15% in 2022 relative to 2021 to reach 2.7 million. Furthermore, the rising demand for energy-efficient motors as they provide increased reliability is further propelling the growth of the electric motor market. Moreover, the rise in demand for electric motors for HVAC applications, owing to features such as high torque and lower noise level, is boosting the growth of the market.

Market Overview:

An electric motor is an electric machine that helps to convert electrical energy to mechanical energy. They are very energy efficient and have up to 98% energy conversion rates. Also, electric motors produce no emissions, making them environmentally friendly. Further, it also produces high torque even at low speeds, making it ideal for starting and stopping heavy machinery. Because of all the above advantages, the demand for electric motors is increasing continuously in the market. Moreover, the increasing use of these motors in fans, blowers, turbines, pumps, power tools, machine tools, compressors, alternators, movers, ships, rolling mills, and paper mills is raising its demand. In addition, they are also used in high-voltage AC heating, cooling & ventilating equipment, motor vehicles, and home appliances, further propelling the demand for electric motors.

Strategic Insights

Electric Motor Market Driver:

Growing Industrial Automation is Fueling the Growth of the Electric Motor Market

Growing industrial automation worldwide is raising the adoption of industrial robots. These robots help maximize workflow operation efficiency, minimize error, and increase productivity output. Also, rising factory automation enhances the productivity and quality of the product while decreasing the overall production cost, leading to the increase in the adoption of industrial robots. It guarantees consistent and superior-quality results, which helped it gain high demand in various industries, such as automotive, manufacturing, and others, for qualitative manufacturing. Moreover, it fulfills the need for mass production in industries with several features, such as improved quality, minimal human intervention, and lesser labor expenses. Thus, because of all the above factors, the demand for industrial robots is increasing, which in turn is raising the demand for electric motors in the market.

Furthermore, various market players are expanding their businesses to cater to this rising demand for industrial robots. For example, in March 2023, ABB Robotics invested US$ 20 million for the expansion of its robotics facility in Michigan, North America; its construction is expected to be completed by November 2023. The expansion aims to boost the factory’s production output and meet the increased demand for automation from 70% of businesses from the electric vehicles, healthcare, packaging, and logistics industries in the US. Thus, such initiatives by the market players to increase the production of industrial robots will create an opportunity for the growth of the market in the forecasted period.

Segmental Analysis:

Based on motor type, the electric motor market is segmented into AC motor and DC motor. The DC motor segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022-2030. DC motor is suitable for both high and low-power drives, for fixed and variable-speed electric drives. Also, these motors are easy for maintenance and provide constant speed, because of which it is mostly used in constant-speed application from no load to full load. These applications include wipers, automatic windscreens, drills, conveyors, fans, blowers, spinning and weighing machines, and centrifugal pumps. These motors are also used in cheap toys and automotive applications such as cranes, air compressors, lifts, elevators, winching systems, electric traction, hair dryers, vacuum cleaners, and in speed regulation applications. Thus, the growing use of DC motors for all the above applications is fueling the electric motor market growth.

Regional Analysis:

Asia Pacific is expected to witness significant growth in the electric motor market in the forecasted period. In the region, China will hold the largest electric motor market share in 2022, whereas India will register the highest CAGR during 2022-2030. The growing industrialization is one of the major factors fueling the growth of the electric motor market. China is the world’s largest manufacturing hub. As per the Ministry of Industry and Information Technology (MIIT), in the first half of 2022, China's manufacturing sector accounted for 28.8% of the country's GDP, which increased by 1.4% from 2021. Also, according to the State Council Information Office of China (SCIO), in 2022, industrial production hit US$ 6 trillion (40.2 trillion yuan), and the manufacturing sector's output reached US$ 4.98 trillion (33.5 trillion yuan), ranking first globally.

Similarly, according to the India Brand Equity Foundation (IBEF), the manufacturing industry of the country contributes around 16% to 17% of India’s GDP.

Also, in 2022, India’s manufacturing exports reached US$ 418 billion, which was an increase of 40% compared to US$ 290 billion in 2021. Further, the government of India is increasingly focusing on domestic production and consumption in the manufacturing industry with the launch of various policies. For instance, the National Manufacturing Policy of the Government of India aims to increase the share of manufacturing in GDP to 25 percent by 2025. The “Make in India” policy of the Government of India aims to increase the demand and consumption of machinery and equipment by the local manufacturing industry. Thus, such growing initiatives by the governments of the above countries for the growth of the manufacturing sector will raise the demand for electric motors, as they help increase the efficiency of production, fueling the electric motor market growth in APAC.

Key Player Analysis:

ABB Ltd, AMETEK Inc, Emerson Electric Co, General Electric, Johnson Electric Holdings Limited, Nidec Corporation, Regal Beloit Corporation, Rockwell Automation Inc, Siemens AG, and Toshiba Corp are among the key electric motor market players. These electric motor market players are focused on continuous product development and innovation.

Recent Developments:

Inorganic and organic strategies such as product launches, partnerships, collaboration, and mergers and acquisitions are highly adopted by companies in the electric motor market. A few recent key market developments by these companies are listed below: 

  • In November 2022, Nidec Corp announced that they would be investing about US$ 715 million to build a plant in Mexico to make electric car motors.
  • In November 2022, Israeli start-up EVR Motors partnered with India’s EKA Mobility, an electric vehicles and technology company, a subsidiary of Pinnacle Industries Limited, to design small, lightweight electric motors for their e-buses and Light Commercial Vehicles (LCVs) in India. Under this partnership, EVR will design and develop electric motors for EKA, based on EVR’s proprietary Trapezoidal Stator Radial Flux Permanent Magnet (TS-RFPM) motor, and EKA will manufacture these e-motors and integrate them into the vehicles it provides to the Indian market.
  • In May 2022, EVR Motors, an Israeli start-up, partnered with Badve Group, one of India’s leading automotive system manufacturers, to manufacture electric motors for EVs in the country. Under this strategic partnership, Badve Group will manufacture EVR’s proprietary Trapezoidal Stator – RFPM electric motors in India. These motors are claimed to measure half the weight and size of the competing electric motors and provide superior power and torque.
  • In February 2022, Renault Group announced that they will develop and produce the next generation of electric motors in partnership with Valeo. The motors will be built in Renault’s factory in Cleon, northern France, which produces the current generation of motors. Also, the powerplants will be able to produce 200 kilowatts, representing a significant increase over Renault’s existing motors.
  • In November 2020, ABB launched a new range of M3BP motors for its industrial customers in India. These motors are offered in 280 – 355 frame size and have output ranging from 75kW to 560kW. Also, these motors deliver higher output than the defined standard of the same frame-size standard motors. Its compact design helps in easy installation, commissioning, and maintenance.

Electric Motor Market Report Analysis

Electric Motor Market

  • CAGR (2023 - 2031)
  • Market Size 2023
    US$ 134.64 Billion
  • Market Size 2031
    US$ 222.82 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • ABB Ltd.
  • AMETEK, Inc.
  • Franklin Electric Co. Inc.
  • General Electric
  • Johnson Electric Holdings Limited
  • Nidec Corporation
  • Regal Beloit Corporation
  • Rockwell Automation, Inc.
  • Siemens AG

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Motor Type
  • AC Motor and DC Motor
By Output Power
  • Integral Horsepower Output and Fractional Horsepower Output
By Voltage
  • 1kV & below
  • 1.1kV-6.6kV
  • above 6.6kV
By and Application
  • Industrial Machinery
  • HVAC Equipment
  • Motor Vehicles
  • Household Appliances
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Electric Motor Market Report Scope

Report Attribute Details
Market size in 2023 US$ 134.64 Billion
Market Size by 2031 US$ 222.82 Billion
Global CAGR (2023 - 2031) 6.50%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Motor Type
  • AC Motor and DC Motor
By Output Power
  • Integral Horsepower Output and Fractional Horsepower Output
By Voltage
  • 1kV & below
  • 1.1kV-6.6kV
  • above 6.6kV
By and Application
  • Industrial Machinery
  • HVAC Equipment
  • Motor Vehicles
  • Household Appliances
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • ABB Ltd.
  • AMETEK, Inc.
  • Franklin Electric Co. Inc.
  • General Electric
  • Johnson Electric Holdings Limited
  • Nidec Corporation
  • Regal Beloit Corporation
  • Rockwell Automation, Inc.
  • Siemens AG
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The List of Companies

    1. ABB Ltd.
    2. AMETEK, Inc.
    3. Franklin Electric Co. Inc.
    4. General Electric
    5. Johnson Electric Holdings Limited
    6. Nidec Corporation
    7. Regal Beloit Corporation
    8. Rockwell Automation, Inc.
    9. Siemens AG
    10. Toshiba Corp

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

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    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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