7.30% CAGR, $289.18B Projection For Electric Motors Market by 2032

Electric Motors Market Size Worth $289.18 Billion By 2032 | CAGR: 7.30%


The global electric motors market size is expected to reach USD 289.18 billion by 2032, according to a new study by Polaris Market Research. The report Electric Motors Market Share, Size, Trends, Industry Analysis Report, By Type (AC Motor, DC Motor, Hermetic Motor); By Output Power; By Voltage; By End-User; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

An electric motor is a device that transforms electrical energy into mechanical energy. The majority of contemporary electric motors function by using the interplay between the motor's magnetic field and the electric current within a wire winding to produce torque, exerting force on the motor's shaft.

The rapid growth of urban areas is driving an increased demand for a variety of services, creating opportunities for the extensive use of electric motors. In the residential sector, there is a rising requirement for motors in a range of household applications.

The expanding use of electric motors across numerous sectors, including agriculture and automotive, related to the overall growth of the global industrial landscape, is fueling the growth of the market.

Electric motors find application in diverse industries like automotive, construction, healthcare, consumer goods, and agriculture. The anticipated growth in these industries on a global scale is expected to contribute significantly to the overall growth of the electric motors market.

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The COVID-19 pandemic has had a negative impact on the market. Stringent measures like nationwide lockdowns, implemented to control the virus's spread, have led to significant operational disruptions across industries. Thus, the emergence of the disease has disrupted the demand for electric motors. Given the expansive nature of the market, which involves numerous players with extensive sales networks spanning various countries, the lack of available workforce and travel restrictions have impeded production activities, bringing the market to down.

Electric Motors Market Report Highlights

  • The AC Motors segment accounted for the largest revenue share in the electric motors market. A significant portion can be attributed to the extensive applications of AC motors, ranging from irrigation pumps to advanced robots. Additionally, their compact design, affordability, and lightweight nature make them widely utilized in HVAC equipment.
  • The Fractional HP segment accounted for the highest market share during the forecast period. The widespread prevalence of electric motors can be credited to their versatile applications in a wide range of household appliances, including vacuum cleaners, refrigerators, and coffee machines. Furthermore, they prove valuable in industrial machinery, demonstrating their suitability for resilient performance in demanding industrial environments.
  • In 2022, North America dominated the largest market due to the high prevalence of cardiovascular diseases, including coronary artery disease, which drives the demand for coronary stents. Additionally, the region has a well-established healthcare infrastructure and advanced medical technologies, allowing for the widespread adoption and utilization of coronary stents.
  • The Asia-Pacific region accounted for the fastest growth in the Coronary Stent Market due to local vendors' active development of technologically advanced and competitively priced coronary stents. It focuses on addressing the market's needs that have contributed to increased market share. The availability of high-quality and affordable stents from local vendors has been a key driver of growth in the region.
  • The global key market players include ABB Ltd., Allied Motion Technologies, Inc., Ametek, Inc., Baldor Electric Co., Bosch Group, Denso Corporation, Emerson Electric Co., General Electric Company, Hitachi, Ltd., Regal Beloit Corporation, Rockwell Automation, Inc., and Siemens AG.

Polaris Market Research has segmented the electric motors market report based on type, output power, voltage, end-user, and region:

Electric Motors, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • AC Motor
  • Synchronous AC Motor
  • Induction AC Motor
  • DC Motor
  • Brushed AC Motor
  • Brushless AC Motor

Electric Motors, Output Power Outlook (Revenue - USD Billion, 2019 - 2032)

  • Fractional HP Output
  • Integral HP Output

Electric Motors, Voltage Outlook (Revenue - USD Billion, 2019 - 2032)

  • 9 V & Below
  • 10-20 V
  • 21-60 V
  • 60 V & above

Electric Motors, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

  • Automotive
  • Agriculture
  • Residential
  • Commercial
  • Industrial
  • Others

Electrical Motors, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Electric Motors Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 164.77 billion

Revenue forecast in 2032

USD 289.18 billion

CAGR

7.30% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Type, By Output Power, By Voltage, By End-User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization    

Report customization as per your requirements with respect to countries, region and segmentation.

For Specific Research Requirements

Request for Customized Report