The global Electric Motors Market by value, is estimated to be USD 152.2 billion in 2024 and is projected to reach USD 206.4 billion by 2029, growing at a CAGR of 6.3% from 2024 to 2029. Due to the growing demand for electric motors within the global automotive, manufacturing, and renewable energy sectors, among others, 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.
Electric Motors Market is driven mainly by Increasing demand for HVAC systems among residential, commercial, and industrial end-users, growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors.
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The Electric Motor Market can also be segmented, based on voltage, into low voltage motors, medium voltage motors, and high voltage motors. Low voltage motors are expected to be the second largest segment during the forecast period. The cost of operation, installation, and maintenance of those motors is very low. These low-voltage electric motors are being increasingly adopted in process and motor-driven systems due to relatively low setup and maintenance costs and high reliability. These motors are being designed for energy efficiency levels that meet or even exceed the set standards in order to reduce the operational cost of these motors to businesses.
By End User, the Electric Motors Market has been segmented into industrial, commercial, residential, transportation, and agriculture. Commercial segment is expected to be the second largest segment during the forecast period. Increasing infrastructure investment is expected to increase deployment in commercial segments. The major consumers of electric motors include the HVAC systems that are essential not only for comfort but also the air quality in commercial buildings.
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Asia Pacific is expected to be the largest region in the Electric Motors Market during the forecast period. The region’s increasing focus on electric motors is due to the Increased investments in the manufacturing and automotive industries. The Asia Pacific region is home to some of the leading electric motors manufacturers such as NIDEC CORPORATION, Hitachi, Ltd, and TECO Electric & Machinery.
Key Players
Some of the major players in the Electric Motors Market are ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
