Electric Motor Market by Motor Type (AC Motors, DC Motors), Component (Bearings, Commutator, Rotor), Voltage, Output Power, End-User - Global Forecast 2024-2030
The Electric Motor Market size was estimated at USD 141.31 billion in 2023 and expected to reach USD 148.53 billion in 2024, at a CAGR 5.63% to reach USD 207.40 billion by 2030.
An electric motor uses electromagnetic phenomena to convert electrical energy to mechanical energy. Electric motors are used in various applications, from powering industrial machinery and appliances to driving electric vehicles. They are used in robotics, automation systems, and home appliances such as washing machines and vacuum cleaners. Increasing automation of industries and the high use of HVAC increase the adoption of electric motors. Recent years have also seen the expansion of non-traditional motor technologies such as brushless DC (BLDC) motors and switched to reluctance motors offering higher energy efficiency than traditional AC induction motors. However, technical limitations of their operations and strict regulatory standards for product quality impede electric motor usage. Market players are constantly working on R&D activities to improve the quality of electric motors while introducing new smart motors to remain competitive in the market. Government initiatives for energy efficiency have also given rise to energy-efficient motors.
Regional Insights
The electric motor market in the Americas is innovative and advancing, driven by the presence of well-established players consistently working on R&D activities to build smart and energy-efficient products. The U.S. Department of Energy has introduced guidelines determining electric motor load and efficiency, and many players have launched new products. The Asia-Pacific region has witnessed a growth in electric motor production activities in recent years. The region has a wide presence of local players and suppliers, serving multiple industries primarily focused on China, Japan, India, and South Korea. Europe also has the presence of several major producers serving automotive, oil & gas, and renewable energy production. The EU has provided new rules in 2021 to increase electric motors' energy efficiency. The EU-MORE project focuses on elevating the early replacement of old inefficient electric motors in the service and industrial sectors.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Electric Motor Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Rising mechanization and automation across industries
- Growing adoption of HVAC systems across economies
- Increasing production and sales of electric vehicles worldwide
- Market Restraints
- Technical limitations and operational complexities of electric motor
- Market Opportunities
- Technological advancements and design improvements in electric motors
- Initiatives for energy conservation and use of energy-efficient motors
- Market Challenges
- Stringent regulations to ensure quality and performance of electric motor
- Market Segmentation Analysis
- Motor Type: Potential demand for AC motors owing to their cost-effectiveness with the ability to supply ample power
- Component: Bearings provide smooth rotation and minimize friction between moving parts
- Voltage: Extensive adoption of high-voltage motors in heavy-duty operations
- Output Power: Penetration of 1 HP and above output power owing to its increasing use across various heavy-duty industrial applications
- End-User: Proliferating demand for electric motors in the transportation industry
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electric Motor Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electric Motor Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Infinitum Acquires Circuit Connect, Inc. to Accelerate Production of Sustainable Electric Motors and Support Hypergrowth
Electric motor technology is a rapidly growing field in sustainable energy and renewable resources. With this acquisition, Infinitum gains access to Circuit Connect's advanced design software for creating highly efficient electric motors and their proprietary manufacturing processes that enable high-volume production with minimal waste. Furthermore, with their expertise in research and development, Infinitum can improve existing designs and explore new applications for sustainable electric motors.
3BG Supply Co. Acquires Controls and Electric Motor Co.
The acquisition of Controls and Electric Motor (CEM) by 3BG Supply Co. is an exciting development as it further expands its capabilities in the electric motor sector. This strategic move allows 3BG Supply Co. to benefit from its experience and expertise in the market. Furthermore, the acquisition strengthens 3BG's supply chain and distribution network, opening up new growth opportunities. It also gives them greater access to resources such as parts and components, making them even more competitive within their industry.
Safran Obtains EASA DOA Approval for its Engineus Electric Motor
The Safran Group recently obtained EASA DOA approval for its EngineUS electric motor. This marks a significant milestone in developing advanced propulsion technology and enables Safran to develop more efficient and cost-effective solutions for multiple aerospace applications. The innovative motor design is expected to provide increased performance, improved reliability, and reduced maintenance costs compared to traditional engine designs.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electric Motor Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Electric Motor Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Addison Electric, Inc., Allied Motion, Inc., Ametek, Inc., Anaheim Automation, Inc., ARC Systems, Inc., BEVI AB, BorgWarner Inc., Brook Crompton Group, Bühler Motor GmbH, Carter Motor Company, Composite Motors, Inc., DANA TM4 INC., ElectroCraft, Inc., Faulhaber GmbH & Co. KG, Franklin Electric Co., Inc., General Motors Company, Groschopp Inc, Hitachi, Ltd., Hyosung Heavy Industries, Johnson Electric Holdings Limited, Maxon Motor AG, MinebeaMitsumi Inc., Mitsubishi Electric Corporation, Moog Inc., Motor Specialty Inc., Nidec Corporation, Oriental Motor Co., Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, SKF Group, TECO Electric & Machinery Co., Ltd., Toshiba Corporation, WEG S.A., Wolong Electric Group, and Yaskawa Electric Corporation.
Market Segmentation & Coverage
This research report categorizes the Electric Motor Market to forecast the revenues and analyze trends in each of the following sub-markets:- Motor Type
- AC Motors
- Induction AC Motors
- Synchronous AC Motors
- DC Motors
- Self-Excited DC Motors
- Series Motor
- Shunt DC Motor
- Separately Excited DC Motors
- Component
- Bearings
- Commutator
- Rotor
- Stator
- Windings
- Voltage
- High Voltage Motors
- Low Voltage Motors
- Medium Voltage Motors
- Output Power
- 1 HP and Above
- Less than 1 HP
- End-User
- Commercial
- Industrial
- Residential
- Transportation
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Self-Excited DC Motors
- AC Motors
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Rising mechanization and automation across industries
- 5.1.1.2. Growing adoption of HVAC systems across economies
- 5.1.1.3. Increasing production and sales of electric vehicles worldwide
- 5.1.2. Restraints
- 5.1.2.1. Technical limitations and operational complexities of electric motor
- 5.1.3. Opportunities
- 5.1.3.1. Technological advancements and design improvements in electric motors
- 5.1.3.2. Initiatives for energy conservation and use of energy-efficient motors
- 5.1.4. Challenges
- 5.1.4.1. Stringent regulations to ensure quality and performance of electric motor
- 5.2. Market Segmentation Analysis
- 5.2.1. Motor Type: Potential demand for AC motors owing to their cost-effectiveness with the ability to supply ample power
- 5.2.2. Component: Bearings provide smooth rotation and minimize friction between moving parts
- 5.2.3. Voltage: Extensive adoption of high-voltage motors in heavy-duty operations
- 5.2.4. Output Power: Penetration of 1 HP and above output power owing to its increasing use across various heavy-duty industrial applications
- 5.2.5. End-User: Proliferating demand for electric motors in the transportation industry
- 5.3. Market Trend Analysis
- 5.3.1. Growing investment in renewable energy coupled with supportive initiatives to modernize electrical infrastructures in the Americas
- 5.3.2. Rapid expansion of automated manufacturing facilities supporting the deployment of electric motors in the Asia-Pacific region
- 5.3.3. Expanding usage of electric motors across energy and manufacturing sectors in the EMEA region
- 5.4. Cumulative Impact of Russia-Ukraine Conflict
- 5.5. Cumulative Impact of High Inflation
- 5.6. Porter’s Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
- 5.7. Value Chain & Critical Path Analysis
- 5.8. Regulatory Framework Analysis
- 6. Electric Motor Market, by Motor Type
- 6.1. Introduction
- 6.2. AC Motors
- 6.3. DC Motors
- 7. Electric Motor Market, by Component
- 7.1. Introduction
- 7.2. Bearings
- 7.3. Commutator
- 7.4. Rotor
- 7.5. Stator
- 7.6. Windings
- 8. Electric Motor Market, by Voltage
- 8.1. Introduction
- 8.2. High Voltage Motors
- 8.3. Low Voltage Motors
- 8.4. Medium Voltage Motors
- 9. Electric Motor Market, by Output Power
- 9.1. Introduction
- 9.2. 1 HP and Above
- 9.3. Less than 1 HP
- 10. Electric Motor Market, by End-User
- 10.1. Introduction
- 10.2. Commercial
- 10.3. Industrial
- 10.4. Residential
- 10.5. Transportation
- 11. Americas Electric Motor Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Electric Motor Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Electric Motor Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. Infinitum Acquires Circuit Connect, Inc. to Accelerate Production of Sustainable Electric Motors and Support Hypergrowth
- 14.3.2. 3BG Supply Co. Acquires Controls and Electric Motor Co.
- 14.3.3. Safran Obtains EASA DOA Approval for its Engineus Electric Motor
- 14.3.4. BMW i Ventures Co-Leads Investment Into Deepdrive For New Electric Motors
- 14.3.5. Statkraft Ventures Invests In Disruptive Motor Manufacturer Alva Industries
- 14.3.6. Exro Announces Signing of Strategic Partnership MoU with European-based Global Automotive Industry Supplier
- 14.3.7. EVR Motors Signs Fourth Commercial Agreement in India and Establishes Indian Manufacturing Facility
- 14.3.8. Ideanomics Completes the Acquisition of VIA Motors, Targets the Fast-Growing Commercial EV Delivery Sector
- 14.3.9. Inauguration Of The WEG Motors Production Plant In Algeria
- 14.3.10. Daimler Truck and Gehring Technologies Sign Strategic Partnership Agreement for Commercial Vehicle Specific Application of Electric Motors
- 14.3.11. ABB to Acquire Siemens Low Voltage NEMA Motor Business
- 14.3.12. MAHLE Develops the Most Durable Electric Motor
- 14.3.13. Nidec Launches SynRA, the World’s First Aluminum Cage-equipped, High-efficiency Synchronous Reluctance Motor that Achieves IE5, the Highest Level of the IEC Standard
- 14.3.14. Infinitum Electric Gets USD 1.8 Million in Funding to Improve the Electric Motor
- 14.3.15. Kirloskar Motors Announces the Launch of High-Efficiency Low Voltage Electric Motors
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
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