Electric Motor Market Size Worth $169 Billion By 2030: IndustryARC

Electric Motor Market Size is forecast to reach $169 billion by 2030, at a CAGR of 5.6% during 2023-2030. The increase in global electricity consumption and the use of electrical equipment and machines in different industries and the renewables sector are major factors driving the growth in the electric motor market during the forecast period, finds IndustryARC in its recent report, titled “Electric Motor Market Size, Share & Trends Analysis Report- By Product Type (AC Motor (Induction Motor, Synchronous Motor, Servo Motor, Stepper Motor), DC Motor (Brushed DC Motor, Brushless DC Motor, Servo Motor, Series Motor, Stepper motor, Compound Motor)), By Product Category (Permanent Magnet, Non-Permanent Magnet), By Phase (Single Phase, Three Phase), By Power Rating (Below 0.5W, 0.5W-1W, 1W to 100W, 100W to 1KW, 1KW to 10KW, 10KW and Above), By Efficiency (IE1, IE2, IE3, IE4), By Application (Commercial (Automated Doors, Elevators & Escalators, Blowers, Electric Sweepers, Hand Dryers, Data Center & UPS, Pumps, Power Tools, Water Coolers, Camera PTZ Control, Drones, Others), Consumer Products (Pumps, Hair Dryers, Lawn Mowers, Boilers, Dishwashers, Vacuum Cleaners, washing machine, Blenders & Mixers, Fans & Chimneys, Desktop & Laptops, Smartphones, Refrigerators, Others), Automotive (Body Control motors, EPS Motors, Brake Booster BLDC Motor, Seat Adjustment, Belt Tensioner, Car Window Motor, Door Lock Motors, Wiper Motor, Others), Medical & Healthcare (Diagnostic Equipment (CT Scanners, MRI, Biopsy Systems, Diagnostics Analyzers, Ultrasound Transducers, X-Ray, Others), Medical Centrifuges, Medical Pumps, Blowers and Compressors, Surgical Instruments (Saws, Drills, Surgical Robots, Others), Dental CAD/CAM Milling Machines, Exoskeleton & Prosthetics, Microscopes, Wheelchairs & Scooters, Stair Lifts, Hospital Beds & Exam Tables, Others)), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030’’

Electric Motor market in Asia-Pacific region held significant market share of 38% in 2023. Increasing compliance for energy efficient motors and rising adoption of motor-driven electric vehicles are the key factors driving market growth.  The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the electric motor marke.

● Rise of Electric Propulsion in Marine Industry

Electric motors are increasingly used to power electric boats, yachts, ferries, and maritime vessels, replacing traditional diesel engines with cleaner and quieter electric propulsion systems. This trend is driven by environmental regulations, emission reduction goals, and technological advancements in battery technology and electric drivetrains. Electric motors offer advantages such as zero emissions, reduced noise pollution, and lower operating costs, making them attractive options for marine applications. 

● Demand for Energy Efficient HVAC Systems

Electric motors are used in HVAC equipment such as fans, blowers, compressors, and pumps to circulate air, regulate temperature, and maintain indoor comfort. With the increasing focus on energy conservation, sustainability, and cost savings, there is growing demand for electric motors that offer high efficiency, variable speed control, and intelligent motor management features to optimize HVAC system performance and reduce energy consumption.

● Growing Demand for Industrial Automation and Robotics

With the increasing adoption of Industry 4.0 technologies and smart manufacturing processes, there is a rising demand for electric motors used in industrial automation equipment, robotics, and motion control systems. Electric motors play a crucial role in powering conveyor systems, machine tools, robotic arms, and automated assembly lines, enabling efficient and flexible manufacturing operations..

One major challenge in the electric motor market is the limitations of battery technology and range. Despite advancements, electric vehicles (EVs) face challenges related to battery energy density, charging infrastructure, and range anxiety. Batteries are a significant cost component in EVs, and improving energy density while reducing costs remains a challenge. Additionally, the availability of charging infrastructure and the limited driving range of EVs compared to traditional vehicles hinder widespread adoption.

With increasing environmental awareness, stringent emission regulations, and advancements in battery technology, there is a significant shift towards electric propulsion systems in the automotive industry. This transition presents an opportunity for electric motor manufacturers to capitalize on the growing demand for electric drivetrains and auxiliary systems in EVs. As automakers invest heavily in electrification initiatives and expand their EV product portfolios, there is a rising need for efficient, reliable, and cost-effective electric motors tailored for various vehicle segments, including passenger cars, commercial vehicles, and two-wheelers. Electric motor manufacturers can leverage this opportunity by developing innovative motor designs, optimizing manufacturing processes, and collaborating with automotive OEMs to supply customized motor solutions that meet performance, efficiency, and reliability requirements for EV applications.

With the growing emphasis on clean energy, decarbonization, and sustainability, there is increasing investment in renewable energy projects such as wind farms, solar power plants, hydroelectric facilities, and energy storage systems. Electric motors play a vital role in renewable energy applications, powering wind turbines, solar tracking systems, hydroelectric generators, and other renewable energy systems used for power generation. As governments, utilities, and private investors commit to achieving renewable energy targets and reducing reliance on fossil fuels, there is a rising demand for electric motors that offer high efficiency, reliability, and durability to support renewable energy integration into the grid.

The COVID-19 pandemic drove up sales of supplements due to increased focus on health. According to the Consumer Healthcare Products Association (CHPA), the pandemic accelerated self-care in general and led to the largest spike in supplement sales in two decades. Consumers particularly focus on supplements marketed for stress, sleep, and overall health and wellness which also benefitted the Electric Motor market.

Ukraine and Russia collectively consume approximately 10% of Europe's coffee, as per the International Coffee Organization. The conflict is expected to reduce consumption and also cause logistic issues. These disruptions affect exporters, traders, and coffee companies, with reports of delayed payments and concerns about container handling suspension in Russia. This uncertainty has also contributed to fluctuations in coffee prices, impacting Electric Motor producers and traders amid a complex geopolitical situation.

List of Key Market Players in Electric Motor Market:

The key companies profiled in the Electric Motor Market Report are listed below: 

Related Reports:

 

Industrial Motors Market:   - The global Industrial Motor Market size is expected to reach $42.19 billion by 2027, growing at a CAGR of 4.20% during the forecast period from 2022 to 2027. Globally, increasing demand for industrial motors in the Automotive and Oil & Gas industries is set to drive the Industrial Motor Market during the forecast period.

Report Code: AIR 0033

Automotive Motors Market: - Owing to the fact that increase production of vehicles propels the demand in the global automotive motor market, opportunities will increment at a notable compound annual growth rate of 8.69% during the forecast period of 2019-2025, mounting on $27.81 billion worth as of 2018.

Report Code: AIR 0033

 

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