Electric Motor Market Size to Reach USD 348.9 Billion by 2032 growing at 8.1% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Electric Motor Market Size valued at USD 162.4 Billion in 2022 is on a trajectory to exceed USD 348.9 Billion by 2032, signaling a robust CAGR of 8.1%

The electric motor industry has grown significantly in recent years, owing to the increased use of electric vehicles (EVs) and the push for sustainable and energy-efficient technology. The automobile sector, in particular, has seen an increase in demand for electric motors as automakers shift toward electrification to fulfill tough emissions requirements and customer desires for greener transportation. Furthermore, sectors such as robots, HVAC systems, and renewable energy applications have all contributed to the growing need for electric motors. Technological innovations, including as the development of more efficient and smaller motor designs, as well as advances in battery technology, are driving the market's expansion. As the globe prioritizes environmental sustainability, the electric motor industry is positioned for further growth, providing several possibilities for innovation and investment.

However, issues like as the high initial prices of electric motor systems, worries about the availability of crucial raw materials for motor manufacture, and the necessity for a strong EV charging infrastructure remain obstacles that the industry must overcome. Government incentives, supporting regulations, and continuous research and development activities will all have an impact on the future trajectory of the electric motor business. Overall, the electric motor industry is fast expanding, driven by a combination of technology improvements, environmental concerns, and shifting customer tastes, with a good prospect for long-term growth.

Electric Motor Market Value

Electric Motor Market Statistics

  • The global electric motor market, with 2022 revenue of USD 162.4 billion, is set for significant expansion, anticipating a CAGR exceeding 8.1% from 2023 to 2032
  • In 2022, Asia-Pacific dominated the market, securing a substantial 49% market share
  • North America is anticipated to exhibit remarkable growth, with an estimated CAGR of 9% from 2023 to 2032
  • AC motors held a commanding 71% market share within the type segment in 2022
  • The fractional HP output application segment achieved noteworthy revenue of USD 139.6 billion in 2022
  • A discernible trend in the electric motor market is the increasing emphasis on rare-earth-free or reduced-rare-earth electric motors

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Electric Motor Market Dynamics

Increasing Demand for Electric Vehicles and Hybrid Cars Fuels the Electric Motor Market Value

The electric motor industry is expanding rapidly, driven mostly by rising demand for electric vehicles (EVs) and hybrid automobiles. The global car sector is undergoing substantial transition as nations implement higher emission rules and customers increasingly demand cleaner and more sustainable modes of transportation.

The increased demand for EVs and hybrid cars directly correlates with a greater requirement for electric motors, which are critical components in these vehicles. Electric motors operate the propulsion systems of electric and hybrid vehicles, moving the wheels and increasing energy efficiency. As governments throughout the world encourage the use of electric vehicles through incentives, subsidies, and regulatory measures, automakers are increasing production to meet increased customer demand.

Furthermore, advances in battery technology, which is intimately tied to the electric motor sector, help to drive overall development. Improvements in energy density and lower battery costs increase the viability and attraction of electric cars. This positive feedback loop between the electric motor and electric vehicle industries is moving the market ahead, opening up new avenues for innovation, investment, and market development. As the automotive landscape shifts toward electrification, the electric motor industry is projected to play a critical role in determining the future of transportation.

Government Incentives and Subsidies for Electric Vehicle Adoption Offers Significant Electric Motor Market Opportunity

The electric motor market is witnessing tremendous growth as a result of government incentives and subsidies aimed at encouraging the use of electric vehicles (EVs). Many countries throughout the world are pursuing measures to address environmental issues, cut greenhouse gas emissions, and move to cleaner, more sustainable transportation options. Incentives for EV purchasers, such as tax credits, rebates, and subsidies, are critical in increasing consumer interest and expediting the transition to electric transportation.

As governments prioritize the development of green technology, electric car manufacturers increase manufacturing to satisfy rising demand. Electric motors are an essential component of EVs, powering their propulsion systems and helping to improve energy efficiency. The spike in demand for electric vehicles directly translates into increased demand for electric motors, generating a substantial market potential for electric motor producers.

This market opportunity goes beyond the automobile sector. Government programs also promote the use of electric motors in a variety of applications, such as industrial machinery, HVAC systems, and renewable energy projects. As the globe concentrates on reaching sustainability goals, the electric motor market is positioned to gain from supporting regulations and incentives, fostering industry development and innovation.

Electric Motor Market Segmentation

The global market for electric motor has been segmented into component, type, power output, application, and region.

  • Component segment is divided into rotor, stator, bearings, frame, end-bracket, and others
  • Type segment is split into AC motors, DC motors, and hermetic motor
  • Power output segment is bifurcated integral HP output and fractional HP output
  • Application segment includes industrial machinery, motor vehicles, HVAC equipment, aerospace & transportation, household appliances, and others
  • The electric motor market is regionally segmented into Latin America, Europe, North America, Asia-Pacific, and the Middle East and Africa

Electric Motor Market Regional Outlook

The Asia-Pacific area is a major hub for the electric motor industry. Countries such as China, Japan, and South Korea make considerable contributions because to their strong manufacturing skills and emphasis on electric transportation. China, in particular, has been a global leader in electric car production, with a significant influence on the electric motor industry.

European nations, such as Germany and the Nordic countries, have been in the forefront of implementing electric transportation. Strict emissions laws, supporting government policies, and increased awareness of environmental problems all contribute to the high demand for electric motors. Several major automakers in Europe are also aggressively investing in electric car technologies.

The electric motor market in North America, notably in the United States, has been gradually increasing. The United States government has encouraged electric car adoption through incentives and investments in charging infrastructure. Major automotive businesses in the region are actively developing electric vehicles, which is pushing up demand for electric motors.

Economic conditions and government regulations have an impact on Latin America's electric motor market. While adoption of electric cars has been slower than in other areas, there is a progressive trend, with several nations launching programs to promote electric mobility.

Urbanization, industrialization, and a focus on renewable energy initiatives are all driving the growth of the electric motor market in the Middle East and North Africa. Some Middle Eastern countries are investing in electric mobility and renewable energy, increasing demand for electric motors.

Electric Motor Market Players

Electric Motor companies profiled in the report include Rockwell Automation, Inc., ABB Group, ARC Systems, Inc., Ametek Inc., Asmo Co., Ltd., Baldor Electric Company, Inc., Dr. Fritz Faulhaber GmbH, Brook Crompton UK Ltd., Emerson Electric, Maxon Motors AG, Franklin Electric Co., Inc., Regal Beloit Corporation, and Siemens AG.

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