Electric Motors Market Size Projected to Grow $206.4 billion by 2029 | MarketsandMarkets™
Delray Beach, FL, Oct. 02, 2024 (GLOBE NEWSWIRE) — The global Electric Motors Market size is expected to grow from USD 152.2 billion in 2024 to USD 206.4 billion by 2029, at a CAGR of 6.3% according to a new report by MarketsandMarkets™. The electric motor market has bloomed forth globally. All these sectors inherit demanding environments for solving problems and improving reliability. From electric vehicles to industrial machinery, consumer electronics to wind turbines, electric motors find applications in many areas. They not only ensure low energy consumption but also increase efficiency and reduce operating costs.
The growth of the electric vehicle (EV) industry is creating new revenue pockets for the electric motors market due to several factors. Electric motors are the heart of electric vehicles, providing the necessary torque and power to drive the vehicle. The increasing production and adoption of EVs directly boost the demand for electric motors, making the EV industry a significant revenue generator for motor manufacturers.
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Electric Motors Market Scope:
| Report Coverage | Details |
| Market Size | USD 206.4 billion by 2029 |
| Growth Rate | 6.3% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024-2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Electric Motors Market type, power rating, end user, voltage, rotor type, output power, and region. |
| Geographies Covered | Asia Pacific, Europe, North America, South America, Middle East & Africa. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Transition in the global automotive industry toward electric vehicles |
| Key Market Drivers | Increased demand for HVAC systems |
AC Motors is expected to be the largest segment of the electric motors market
The electric motors market was segmented into two categories: AC Motors and DC Motors. The segment, AC Motors, is expected to capture the largest share of the market by type. AC motors are a class of electric motors that are driven by alternating current. Applications involving these motors require power performance for a long duration. The applications for AC motors are found in air conditioners, washers, dryers, industrial machinery, fans, blowers, vacuum cleaners, and other appliances.
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Electric Motors Market Dynamics:
Drivers:
- Increasing demand for HVAC systems in residential, commercial, and industrial sectors
- Growing demand in manufacturing industries
- Adoption of industrial automation and robotics and shift toward smart manufacturing
- Rising demand for energy-efficient motors
- Increasing mechanization in agriculture sector
Restraints:
- Fluctuating prices of raw materials
- Implementation of stringent regulatory standards
Opportunities:
- Transition of automotive industry toward electric vehicles
- Growing adoption of robotics technology
Challenges:
- Easy availability of low-quality and inexpensive electric motors
- Shortage of components and supply chain issues
North America is expected to be the second fastest region in the Electric Motors Industry
North America is expected to be the second-fastest region in the electric motors market between 2024-2029. The North American market consists of US, Canada, and Mexico. Demand for electric motors in North America is driven by the emerging electric vehicle market, where electric motors are a key part of EV drivetrains. Companies like Tesla, Ford, and General Motors drive this demand to a great extent. Growth factors include increasing demand due to the adoption of energy-efficient motors and the abundance of the electric vehicle industry.
Key Market Players:
Some of the major players in the Electric Motors Companies are ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan).
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