Delray Beach, FL, October 2, 2024 (GLOBE NEWSWIRE) – The world Electric motor market size expected to grow from USD 152.2 billion in 2024 to 206.4 billion dollars in 2029, at a CAGR of 6.3% according to a new report from MarketsandMarkets. The electric motor market has flourished globally. All of these sectors inherit demanding environments for solving problems and improving reliability. From electric vehicles to industrial machinery, from 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.
The growth of the electric vehicle (EV) industry is creating new revenue streams for the electric motor market due to several factors. Electric motors are the heart of electric vehicles and provide the torque and power needed to propel the vehicle. The growing production and adoption of electric vehicles directly drives demand for electric motors, making the electric vehicle industry a major revenue generator for motor manufacturers.
Electric Motors Market Scope:
| Report coverage | Details |
| Market size | 206.4 billion dollars until 2029 |
| Growth rate | 6.3% CAGR |
| largest market | Asia Pacific |
| Market dynamics | Drivers, constraints, opportunities and challenges |
| Forecast period | 2024-2029 |
| Forecast units | Value (millions of dollars) |
| Report coverage | Revenue forecast, competitive landscape, growth factors and trends |
| Segments covered | Electric Motors Market type, rated power, end user, voltage, rotor type, power output and region. |
| Geographies covered | Asia Pacific, Europe, North America, South America, Middle East and Africa. |
| Report Highlights | Updated financial information/product portfolio of players. |
| Key market opportunities | Global automotive industry transition to electric vehicles |
| Key Market Drivers | Increased demand for HVAC systems |
AC Motors is expected to be the largest segment of the electric motor market.
The electric motor market was segmented into two categories: AC motors and DC motors. The segment, AC Motors, is expected to capture the largest share of the market by type. AC motors are a class of electric motors driven by alternating current. Applications involving these motors require power performance over an extended period. Applications for AC motors are found in air conditioners, washing machines, dryers, industrial machinery, fans, blowers, vacuum cleaners, and other home appliances.
Electric Motors Market Dynamics:
Drivers:
- Growing demand for HVAC systems in the residential, commercial and industrial sectors.
- Growing demand in manufacturing industries
- Adoption of industrial automation and robotics and shift towards smart manufacturing
- Growing demand for energy efficient motors
- Increased mechanization in the agricultural sector
Restrictions:
- Fluctuating commodity prices
- Implementation of strict regulatory standards.
Opportunities:
- Automotive industry transition to electric vehicles
- Growing adoption of robotic technology
Challenges:
- Easy availability of cheap, low-quality electric motors.
- Component shortages and supply chain issues
North America is expected to be the second fastest region in the world. electric motor industry
North America is expected to be the second fastest region in the electric motor market between 2024 and 2029. The North American market consists of the United States, 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 electric vehicle drivetrains. Companies like Tesla, Ford, and General Motors largely drive this demand. Growth factors include increasing demand due to the adoption of energy-efficient engines and the abundance of the electric vehicle industry.
Key market players:
Some of the main actors in the Electric motor companies They are ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China) and NIDEC CORPORATION (Japan).
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