Global Electric Motor 2024

Global Electric Motor 2024

The global electric motor market has experienced consistent revenue growth, achieving a compound annual growth rate (CAGR) of 3.0% from USD 19,427 million in 2020 to USD 21,236 million in 2023. This positive trend is expected to continue in the coming years, with a projected CAGR of 3.3% from 2024 to 2029, resulting in a market value of USD 25,854 million by 2029.

The market can be segmented by product type, namely AC motor, DC motor, and ED motor. In 2023, the AC motor segment emerged as the dominant category. Furthermore, this segment is expected to exhibit the highest CAGR of 3.5% during the forecast period from 2024 to 2029.

In terms of end-use industries, the electric motor market encompasses oil & gas, discrete manufacturing, mineral, power, petrochemical, food & beverage, water treatment, and others. Among these sectors, the oil & gas segment is projected to reach USD 4,067.6 million by 2029, indicating a CAGR of 2.5% from 2024 to 2029.

Notably, the Asia Pacific region has played a significant role in driving the revenue growth of the global electric motor market. Valued at USD 7,839 million in 2023, this market is expected to reach USD 9,874 million by 2029, reflecting an impressive CAGR of 3.9% during the forecast period.

In terms of market share, the top six competitors collectively held approximately 50% of the revenue in 2022. Key players in the global electric motor market include ABB, Ltd., Siemens AG, Nidec Corporation, Regal Rexnord Corporation, WEG SA, Wolong Electric Group Co., Ltd., Maxon Group, AMETEK, Inc., ebm-papst Mulfingen GmbH & Co. KG, Altra Industrial Motion Corporation, Toshiba Corporation, Benshaw, Inc., Yaskawa Electric Corporation, Rockwell Automation, Inc., Teco Electric Company Limited, Allient Inc., Danaher Corporation, General Electric Company (GE), Hitachi, Ltd., Johnson Electric Holdings Limited, and Mitsubishi Electric Corporation, among others. These companies offer a diverse range of products to meet the varied needs of clients worldwide, while striving to strengthen their positions in this dynamic business landscape.

This study aims to analyze the global market for various segments of electric motor, including:

Product Type: AC (Alternating Current) Motor, DC (Direct Current) Motor, and ED (Electronically Dependent) Motor.

End-User: Oil & Gas, Discrete Manufacturing, Mineral, Power, Petrochemical, Food & Beverage, Water Treatment, and Others.

Region: North America (USA, Canada, and Mexico), Europe (Germany, Russia, Italy, United Kingdom, France, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), Middle East, and Africa.