Electric Motors Market Share

Global Electric Motors Market Overview:

Electric Motors Market Size was valued at USD 135.61 billion in 2022. The Electric Motors Market industry is projected to grow from USD 142.02 Billion in 2023 to USD 214.96 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 5.32% during the forecast period (2024 - 2031). The growing demand for enhanced and energy-efficient electric boat motors across the world along with the rapidly expanding HVAC industry drives growth in the market during the forecast period.  

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Motors Market Trends

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  Rapidly Increasing the Demand of Electrical Motors from HVAC Industry 

  
  

The heating, ventilation, and air-conditioning (HVAC) industry is expanding at a rapid pace over the past few years, The growth in the industry is attributed to the rising adoption of air conditioning systems, the growing construction industry, and rising demand for energy efficiency systems. The HVAC market is likely to witness significant growth during the forecast period.

The demand for air-conditioning systems is rising significantly across the world as the rising temperature is the major factor increasing the demand for air-conditioning systems in residential, commercial, industrial as well as in automotive vehicles. Moreover, governments from all over the world are encouraging the adoption of energy-efficient HVAC systems to lower the overall costs of energy equipment, lessen the dependency on imported oil, meet people's requirements for energy at lower costs, and boost investments in the growth of the HVAC industry.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Further, the continued increase in construction sector revenues, including both publicly and privately funded construction projects is responsible for driving the growth in the electric motors segment. The above-mentioned factors are estimated to drive growth in the electric motors market during the forecast period.

Electric Motors Market Segment Insights

Electric Motors Voltage Insights

The Electric Motors Market segmentation, based on voltage, includes up to 1 kV, 1kV-6.6kV, and Above 6.6 kV. The up to 1 kV segment is anticipated to grow at the fastest rate and holds the largest market share during the forecast period. These electric motors are widely preferred for several residential and commercial spaces appliances.    

Electric Motors Output Power Insights

Based on output power, the electric motors market is segmented into up to 1 HP and Above 1 HP. The up to 1 HP segment is estimated to grow significantly across the globe. The demand for such electric motors is rising due to increasing adoption from the end-user industry across the world.

The above 1 HP sector is estimated to witness growth in the upcoming period. These motors are significantly utilized in the heavy industrial sector and the rapidly growing industrialization is the major growth driving factor for the segment in the market.

Electric Motors End-use Insights

The electric motors market has been bifurcated by end-user into industrial, residential, commercial, agriculture, and transportation. The industrial segment is anticipated to grow at a rapid pace during the forecast period. Electric motors are used in pumping systems, compressors, and other turbomachinery equipment in the industrial sector to manufacture and process goods for a variety of industries, including the production and processing of chemicals, oil and gas, mining, and food and beverage. Apart from such motors are significant for the automotive industry as electric vehicle motors, electric motors for cars, electric motors for bikes, and electric boat motors, are utilized significantly which further drives growth in the market during the forecast period. 

As food growers strive to keep up with the world's growing population, fertilizer output rises. Large exhaust systems and turbomachinery systems, which use electric motors to operate, are necessary for fertilizer production plants. Around the world, efforts to reduce fertilizer import costs and encourage domestic fertilizer production are gaining momentum. The fertilizer industry has seen major reform in a number of nations, notably China and India.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

An example of this is the Make in India project for the chemical industry. Around the world, there is a growing trend towards reopening closed fertilizer plants and constructing new ones, which is anticipated to boost the expansion of the electric motor market during the forecast period. The above-mentioned factors are likely to drive growth in the industrial segment during the forecast period.  

Electric Motors Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific region is estimated to dominate the market in the year 2022, owing to the rapid expansion of the industrial sector, Asia-Pacific currently serves as the greatest host region for the electric motors industry and is predicted to maintain this position going forward. The region is experiencing continuous growth in sectors including the automotive, chemical, fertilizer, and petrochemical industries, which is anticipated to present enormous potential opportunities for the electric motor players.

China has played a significant role in advancing the manufacturing industry. The nation leads the world in the production of steel, chemicals, electricity, and cement. It is also a major participant in the petrochemical and refining sectors. There are a lot of new industrial projects waiting to be added to the nation's portfolio of industries.

The Chinese government recently approved new refinery projects with the involvement of foreign firms. The final investment decision for the construction of a sizable integrated refinery and petrochemical complex in Northeast China was made in January 2022 by a joint venture led by Aramco. The new facility will be in the city of Panjin. It is anticipated to be operational by 2024 and have a 300,000 BPD capacity.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America region is likely to expand significantly across the market during the forecast period. The demand is primarily caused by the region's growth in industrialization and technological advancements in the electric motors segment are expected to drive the growth in the region during the forecast period.

Furthermore, the rising demand from the end-user sector and growing adoption of electric motors in the HVAC industry within the Europe region. These factors are estimated to drive growth in the Europe region in the electric motor market during the forecast period.

Electric Motors Key Market Players & Competitive Insights

The electric motors market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players competing to gain maximum market share. Intense competition and frequent changes in government policies and regulations are the key factors that impact electric motors market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. The vendors must provide cost-efficient and reliable economic electric motors to sustain in an intensely competitive market environment.

List of the Key Companies in the Electric Motors Market includes

• ABB Ltd (Switzerland)


• Siemens AG (Germany)


• General Electric (US)


• Nidec Motor Corporation (Japan)


• Denso Corporation (Japan)


• Allied Motion Technologies Inc. (US)


• Ametek, Inc. (US)


• Robert Bosch GmbH (Germany)


• Emerson Electric Co. (US)


• Hitachi, Ltd. (Japan)


• Johnson Electric Holdings Limited (China)


• Rockwell Automation, Inc. (US)


• WEG S.A. (Brazil)


• ARC Systems, Inc. (US)


• 
  Toshiba Corporation (Japan)

Electric Motors Industry Developments

In November 2022:Feintool announced winning a contract to supply electric motor’s main components stators and rotors to a new customer. This is a multi-year contract from a known OEM player in the European region. These components will be used in the electric motors for electric vehicles.

In October 2022:Bosch announced to invest USD 260 million to expand the production of electric motor in Charleston, South Carolina and it will convert an area earlier used for diesel engines. The company’s demand for electric motors is driven by the supply contract with Rivian, EV maker.

Electric Motors Market Segmentation

Stepper Motors Voltage Outlook

• Up to 1 kV


• 1 kV – 6.6 kV


• Above 6.6 kV

Electric Motors Output Power Outlook

• Up to 1 HP


• Above 1 HP

Electric Motors End-user Outlook

• Industrial


• Commercial


• Residential


• Agriculture


• Transportation

Electric Motors By Type Outlook

• AC Motors


• DC Motors


• Hermetic Motors

Electric Motors Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America