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The electric motors market has witnessed a steady surge, with its size growing from $103.21 billion in 2023 to $107.6 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 4.3%. This growth in the historic period can be attributed to key factors like the industrial revolution, electrification of industries, advancements in transportation and automotive industry, and the widespread adoption of consumer appliances and home automation.

Future Outlook: 2024-2028
The trajectory remains positive, with expectations of further growth. Projections indicate an increase in market size to $124.35 billion by 2028, driven by a CAGR of 3.7%. The forecasted growth is linked to key factors such as the electrification of transportation, industrial automation, renewable energy initiatives, the influence of energy efficiency regulations, and the integration of IoT and smart systems. Notable trends in this period include a focus on high-efficiency motors, miniaturization, sensor integration, sustainable materials, customization, and modular design.

Driving Forces: Electric Vehicle Sales

– EVs as Game Changers

The surge in electric vehicle (EV) sales is a significant driving force for the electric motors market. The popularity of EVs is on the rise, with 14 million electric vehicles sold in 2023 compared to 10 million in 2022, as reported by the International Energy Agency (IEA). This increasing demand for electric vehicles directly contributes to the growth of the electric motors market, particularly in powering the wheels of these vehicles.

Industry Leaders

– Pioneering Companies

Several major companies contribute to the thriving electric motors market. Recognizable names like ABB Ltd., Emerson Electric Co., Siemens AG, and Bosch GmbH are key players shaping the industry. These companies play a pivotal role in meeting the escalating demand for electric motors globally.

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Significance of Innovation

– Evolution in Technology

Innovation takes center stage as major companies focus on developing cutting-edge products. Notable among these innovations is the introduction of the EA 193 Series permanent magnet electric motors by Electrified Automation Ltd. This innovative motor utilizes the next-generation permanent magnet technology, providing reliability across various applications, from two-wheelers to industrial settings.

Strategic Acquisitions

– Renault’s Bold Move

Renault Group, a prominent automotive company, made a strategic move by acquiring Whylot in November 2021. This acquisition underscores Renault’s commitment to advancing automotive electrification. Whylot, a company specializing in innovative electric motors, brings breakthrough technology to the table, promising advancements in axial-flow automotive e-motors.

Market Segmentation

– Diverse Applications

The electric motors market is multifaceted, categorized by type, output power, and application. Segments include Alternate Current (AC) Motor, Direct Current (DC) Motor, and Hermetic Motor in terms of type, Integral Horsepower (IHP) and Fractional Horsepower (FHP) concerning output power, and applications spanning industrial machinery, motor vehicles, HVAC equipment, aerospace and transportation, household appliances, and other commercial applications.

Geographical Dominance

– Asia-Pacific Takes the Lead

In 2023, Asia-Pacific emerged as the largest region in the electric motors market. The region’s dominance underscores the global nature of the electric motors industry, with Asia-Pacific playing a pivotal role in driving market growth.

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The Electric Motors Global Market Report 2024  provides an overview of the electric motors market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric motors market forecast analyzes electric motors market size, electric motors market share, leading competitor and their market positions.

The Table Of Content For The Electric Motors Market Include:
1. Electric Motors Market Executive Summary
2. Electric Motors Market Segments
3. Electric Motors Market Size And Electric Motors Market Growth Rate
4. Key Electric Motors Market Trends
5. Major Electric Motors Market Drivers
……
25. Key Mergers And Acquisitions In The Electric Motors Market
26. Top Electric Motors Companies
27. Electric Motors Market Opportunities And Strategies
28. Electric Motors Market, Conclusions And Recommendations
29. Appendix

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