The global Electric Motors Market share is expected to grow from USD 152.2 billion in 2024 to USD 206.4 billion by 2029, at a CAGR of 6.3% during 2024-2029. As the world population grows and economies expand, the demand for energy, particularly oil and gas, continues to rise. Increasing demand for HVAC (Heating, Ventilation, and Air Conditioning) systems among residential, commercial, and industrial end-users, industries shift towards energy-efficient electric motors due to lowered energy utilization and operational costs in manufacturing industries are some of the major driving factors for the electric motors market.
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.
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The growth of the electric vehicle (EV) industry is creating new revenue pockets for the electric motors market due to several factors. Electric motors are the heart of electric vehicles, providing the necessary torque and power to drive the vehicle. The increasing production and adoption of EVs directly boost the demand for electric motors, making the EV industry a significant revenue generator for motor manufacturers.
The electric motors market is experiencing growth due to increased demand for HVAC systems, rising demand for energy-efficient motors, a focus on efficiency and cost reduction, and environmental and regulatory considerations. The rising demand for electric motors causes increasing energy consumption, mostly in emerging markets, which further drives the need for more effective and efficient techniques to meet the demand.
Electric motors are widely used in various end users like Commercial, Industrial, Residential, Transportation, and Agriculture due to high energy efficiency that helps reduce operating costs and energy consumption. Electrical systems are also reliable and require less maintenance than internal combustion engines, making them ideal for many applications. Their versatility also allows them to be used in a variety of systems, from HVAC units and appliances to cars and agricultural machinery.
Regional Analysis
North America is expected to be the second-fastest region in the electric motors market between 2024-2029. The North American market consists of US, Canada, and Mexico. Demand for electric motors in North America is driven by the emerging electric vehicle market, where electric motors are a key part of EV drivetrains. Companies like Tesla, Ford, and General Motors drive this demand to a great extent. Growth factors include increasing demand due to the adoption of energy-efficient motors and the abundance of the electric vehicle industry.
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Some of the major players in the electric motors market are ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan).
Siemens
Siemens (Germany) is a technology company and is based out of Germany manufacturing and distributing products and services for transportation, healthcare, and infrastructure markets. The company provides solutions for industries such as automotive manufacturing, cranes, battery manufacturing, commercial buildings, mining, food & beverages, data centers, power utilities wind, oil & gas, and many others. Siemens has the following six operating segments: Digital Industries; Smart Infrastructure; Mobility; Portfolio Companies; Healthineers; and Financial Services. It provides solutions for electric motors under the business segment Digital Industries.
ABB
ABB (Switzerland) undertakes business in power technology and industrial automation through value-added products, systems, solutions, and services that help to enhance productivity, energy efficiency, and power reliability. Some of its products are drives, industrial software, measurement and analytics, PLC automation, robotics, power converters, and inverters, among others. Segments in which ABB operates include Electrification, Motion, Process Automation, and Robotics & Discrete Automation. It provides a diversified product and service portfolio related to electric motors under the Motion business segment.
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