The Electric Motor Market is to Touch $169 Billion by 2030; The Use of Electrical Equipment and Machines in Different Industries and the Renewables Sector Propels Market Growth.

  

The Electric Motor Market size is estimated to reach $169 billion by 2030, growing at a CAGR of 5.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, 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, 2024-2030”

The use of electrical equipment and machines in different industries and the renewables sector are fueling the growth of the Electric Motor industry during the forecast period.

The Asia-Pacific region holds a significant position in the global electric motor market, accounting for a substantial market share of 38% in 2023. This dominance can be attributed to the region's increasing compliance with energy efficiency standards and the rising adoption of motor-driven electric vehicles. Countries like China, India, Japan, and South Korea are at the forefront of this trend, with their rapidly growing automotive sectors and investments in industrialization. The Asia-Pacific's position as a manufacturing hub, coupled with its focus on sustainable energy solutions, has made it an attractive destination for electric motor manufacturers and investors alike. 

Electric propulsion is gaining popularity in the maritime industry, with electric motors replacing conventional diesel engines in boats, yachts, ferries, and other vessels. This shift is motivated by environmental regulations, goals to curb emissions, and advancements in battery and electric drivetrain technologies. Electric motors provide benefits like zero emissions, decreased noise pollution, and lower operating expenses, making them appealing choices for marine applications.

Electric motors play a crucial role in HVAC systems, powering components like fans, blowers, compressors, and pumps to circulate air, control temperature, and ensure indoor comfort. As energy conservation, sustainability, and cost savings gain importance, there is an increasing demand for electric motors that provide high efficiency, variable speed control, and advanced motor management features to enhance HVAC system performance and minimize energy use.