The global electric motor market size is expected to expand around USD 292.23 billion by 2032 from USD 145.14 billion in 2022, growing at a CAGR of 7.3% during the forecast period from 2023 to 2032.
An electric motor is a device that turns electrical current into a rotor's spinning or linear movement. In simpler terms, it generates rotational force and makes things move. The motor works based on the interaction between magnetic and electric fields. There are two main types: A.C. motors, which use alternating current, and D.C. motors, which use direct current. A.C. motors transform alternating current into mechanical power, including induction, synchronous, and linear motors. D.C. motors, on the other hand, convert electric energy into mechanical power.
The market is growing because people use more electricity and rely on electrical equipment in different industries worldwide. Industries, in particular, are using more electricity, and new technologies like combined heat and power are being introduced. This expansion in technology has increased the use of electrical machinery in industries. Moreover, major companies in the electric motor market are actively working on creating innovative products, which is becoming a prominent trend.
The world's growing population has significantly contributed to expanding various industries, including automotive. Despite economic uncertainties in 2023, many consumers resumed delayed purchases due to the COVID-19 pandemic, boosting car sales. Electric motors play a vital role in the automotive industry, with an average car containing about 40. Additionally, the surge in fuel prices and increasing environmental concerns have fueled the demand for electric vehicles.
Many governments are encouraging the adoption of EVs by offering subsidies and incentives. Some countries, including China, India, France, and the United Kingdom, have even set goals to completely phase out traditional petrol and diesel vehicles by 2040.
Also, the construction of new homes and businesses, the expansion of water supply networks, the growth of wastewater treatment plants, the establishment of public agricultural irrigation systems, and other infrastructure projects in developing economies contribute to an increasing demand for electric motors, especially for pumping purposes. Additionally, the growing number of industrial facilities worldwide, spanning sectors like food and beverages, chemicals, petrochemicals, pharmaceuticals, and others, is also playing a positive role in driving the growth of the electric motor market.
The number of newly registered electric cars in Germany has notably risen, as the Federal Motor Transport Authority reported. In 2022, 470,559 new electric vehicles were registered, showing a substantial growth of 32.19% compared to the previous year's numbers.
Asia Pacific is expected to lead the market in the coming years. This is due to the growing demand for household electronics and the rapid industrialization happening in the region. The presence of several car manufacturers also contributes to the market. Additionally, with governments in the region focusing on initiatives to boost electric vehicle sales, there is an anticipated increase in the demand for electric motors. The demand for electronics has seen significant growth in this region.
China plays a crucial role in the global manufacturing sector, leading in steel, chemicals, power, and cement industries and being a significant player in petrochemicals and refining. The country continues to add new projects to its industrial portfolio.
Electric Motor Market Report Scope
| Report Coverage | Details |
| Market Revenue in 2023 | USD 155 Billion |
| Projected Forecast Revenue by 2032 | USD 292.23 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 7.3% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Report Highlights
Drivers
Urbanization trends
The growing industrialization and urbanization have led to a higher demand for air conditioning, ventilation, and heating in large indoor spaces. The modern increase in shopping malls and office buildings has intensified the need for ventilation and air conditioning. D.C. motors, known for their efficiency in improving airflow systems, are widely used due to their powerful performance and durability. Countries like India and China are experiencing a rise in the demand for D.C. motors, particularly the brushless type, driven by the increasing number of offices and indoor spaces. The automotive industry, especially in electric vehicles, contributes to the growing demand for brushless motors, emphasizing the impact of technological advancements on market growth.
Widespread adoption of electric vehicles (EV)
The global electric motor market is expected to grow due to the increasing adoption of electric vehicles worldwide. The transportation sector is shifting towards clean energy, leading to a rise in electric vehicle usage. Governments globally are implementing supportive policies to encourage the adoption of electric vehicles. Additionally, ongoing technological advancements contribute to the increasing popularity of electric cars. This surge in electric vehicle demand is fueling the growth of the global electric motor market.
Restraint
Supply chain issues
The global electric motor market might need help growing due to higher product costs and components and supply chain issues. These problems are expected to affect electric motors in manufacturing or have already been contracted. Industry experts anticipate a slowdown in delivery and construction due to increased inflation, economic downturns, and fluctuations in energy prices.
Opportunities
Environment-friendly automotive policies
Companies are increasingly participating in government-led energy management programs. By joining these initiatives, businesses contribute to national energy and carbon savings and enjoy lower costs, reduced vulnerability to energy price fluctuations, and increased competitiveness. Introducing standards and promoting the development of energy-efficient electric motors presents an opportunity for growth for key players constantly innovating their products.
Research and development initiatives
Ongoing research and development efforts have enhanced electric vehicle technology, with developed nations implementing policies to reduce carbon emissions. The electric motor market is poised for growth as electric vehicles heavily rely on these motors. Advanced technologies and research have resulted in cost-effective batteries with improved charging capabilities, while government incentives further promote electric vehicle adoption. Collectively, these factors present significant market expansion opportunities in the coming years.
Key Players:
Segments Covered in the Report
By Type
By Output Power
By Rotor Type
By End-User
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