Electric Motor Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The Electric Motor Market is projected to reach US$ 222.82 million by 2031 from US$ 134.64 million in 2023. The market is expected to register a CAGR of 6.5% during 2023–2031. The increasing adoption of HVAC is likely to remain a key trend in the market.

Electric Motor Market Analysis

• 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.

Electric Motor 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.

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Electric Motor Market: Strategic Insights

Electric Motor Market

• Market Size 2023
  US$ 134.64 Billion
• Market Size 2031
  US$ 222.82 Billion

Market Dynamics

GROWTH DRIVERS

• Rising Demand of Electric Motors for EV

FUTURE TRENDS

• Increasing adoption of HVAC

OPPORTUNITIES

• Growing Industrial Automation

Regional Overview

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

Market Segmentation

Motor Type

• AC Motor and DC Motor

Output Power

• Integral Horsepower Output and Fractional Horsepower Output

Voltage

• 1kV & below
• 1.1kV-6.6kV
• above 6.6kV

Application

• Industrial Machinery
• HVAC Equipment
• Motor Vehicles
• Household Appliances

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Electric Motor Market Drivers and Opportunities

Rising Demand for Electric Motors for EV

• Due to the growing demand for EVs worldwide, the demand for electric motors is also increasing which is leading to the increasing innovations by market players. For example, 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. Thus, such innovations by the market players are fueling the growth of the market.

Growing Industrial Automation

• 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.

Electric Motor Market Report Segmentation Analysis

key segments that contributed to the derivation of the Electric Motor Market analysis are motor type, output power, voltage, and application.

• Based on type, the Electric Motor Market is divided into AC motors and DC motors.
• based on output power, the market is divided into integral horsepower output and fractional horsepower output.
• Based on voltage, the market is divided into 1kV & below, 1.1kV-6.6kV, and above 6.6kV.
• Based on application, the market is divided into industrial machinery, HVAC equipment, motor vehicles, household appliances, and others.

Electric Motor Market Share Analysis by Geography

• The Electric Motor Market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Electric Motor Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the Electric Motor Market in these regions.

Electric Motor Market Market Report Scope

Electric Motor Market News and Recent Developments

The Electric Motor Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Electric Motor Market are listed below:

• Nidec Corp announced that they would be investing about US$ 715 million to build a plant in Mexico to make electric car motors. (Source: Nidec Corp, Company Website, 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. (Source: EKA Mobility, Newsletter, November 2022).

Electric Motor Market Report Coverage and Deliverables

The “Electric Motor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Electric Motor Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Electric Motor Market trends as well as market dynamics such as drivers, restraints, and key opportunities.
• Detailed PEST/Porter’s Five Forces and SWOT analysis.
• Electric Motor Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Electric Motor Market.
• Detailed company profiles.