Electric Motors Market to be Worth $254.1 Billion by 2031

Electric Motors Market by Type (AC Motors and DC Motors), Power Output (Fractional HP Motors (Upto 1 HP), Integral HP Motors (1 HP to 400 HP), Large HP Motors (More than 400 HP)), End User (Industrial Commercial), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Electric Motors Market by Type (AC Motors and DC Motors), Power Output (Fractional HP Motors (Upto 1 HP), Integral HP Motors (1 HP to 400 HP), Large HP Motors (More than 400 HP)), End User (Industrial Commercial), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global electric motors market is expected to reach $254.1 billion by 2031, at a CAGR of 7.1% from 2024–2031. The growth of the electric motors market is driven by the increase in demand for energy-efficient electric motors, growing demand for electric motors in manufacturing industries, increased sales of consumer electronics and appliances in developing countries, and increasing demand for HVAC systems among end users. However, the fluctuating prices of raw materials and the limited range of battery technology may restrain the growth of this market.

Furthermore, the advancements in motor technology and the progressive significance of electric motors in robotics & automation are expected to offer significant growth opportunities for players operating in the electric motors market. However, the shortage of components, supply chain issues, and high maintenance costs may hinder the growth of this market.

The global electric motors market is segmented into type (AC motors {synchronous motors, induction motors, universal motors, and other AC motors} and DC motors {brushed DC motors, brushless DC motors, stepper motors, and other DC motors}), power output (fractional horsepower motors, integral horsepower motors, and large horsepower motors), end user (industrial {conveyors and material handling, pumps and fans machine tools and robotics, HVAC systems, and other applications}, commercial, residential {consumer electronics, kitchen appliances, other applications}, transportation {automobiles, railways, marine, and other applications}, agriculture {irrigation equipment, agriculture machinery, livestock management, food processing and storage, and other applications}, and other end users). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the global electric motors market is segmented into AC motors and DC motors. Further, the AC motors market is segmented into synchronous motors, induction motors, universal motors, and other AC motors. In 2024, the AC motors segment is expected to account for the larger share of ~66% of the global electric motors market. The growth of this segment is attributed to the increasing adoption of automation in industries such as manufacturing, automotive, and robotics, which has led to a higher demand for AC motors.

These motors are vital components in automated systems, powering conveyor belts, pumps, fans, and other machinery. The growing demand for heating, ventilation, and air conditioning (HVAC) systems in residential, commercial, and industrial buildings is driving the demand for AC motors. These motors are commonly used in HVAC applications due to their ability to provide precise control over airflow and temperature. Also, ongoing advancements in motor design, materials, and control systems have improved the efficiency, reliability, and performance of AC motors. These advancements include the development of higher-efficiency motor designs, improved insulation materials, and advanced control algorithms.

However, the DC motors segment is projected to register the highest CAGR of ~9% during the forecast period. The DC motors market is segmented into brushed DC motors, brushless DC motors, stepper motors, and other DC motors. These motors possess remarkable starting torque capability and exhibit excellent speed regulation. They find extensive application in industrial machinery, equipment, and electronic toys requiring variable speed control. With a heightened awareness of energy consumption among industries and consumers, the superior efficiency of brushless DC motors renders them an appealing alternative to conventional brushed DC motors. Brushless DC motors, known for their low maintenance costs, are increasingly preferred, thereby driving higher revenue within the DC motor segment. Furthermore, the escalating demand for feature-rich consumer electronics such as drones, power tools, and high-end appliances is propelling the market for compact yet potent DC motors.

In October 2023, Toshiba Electronic Devices & Storage Corporation (Japan) launched two products of 600V small intelligent power devices (IPDs) for brushless DC motor drive applications, such as air conditioners, air cleaners, and pumps. In April 2022, AMETEK Haydon Kerk Pittman (HKP), a business unit of AMETEK, announced a new size in its IDEA Motor series of brushless DC motors: 57mm. This EC057B joins the 42mm EC042B product and enhances an already popular line of motors with integrated, programmable drives. The IDEA Motor combines a precision brushless servo motor with an IDEA Drive controller to reduce design time, wiring needs, and overall cabinet space, which in turn leads to lower system costs. The programmable drive is specifically designed for real-time, embedded motion control and is well-suited for autonomous and precise single-axis motion.

Based on power output, the global electric motors market is segmented into fractional horsepower motors (Upto 1 HP), integral horsepower motors (1 HP to 400 HP), and large horsepower motors (More than 400 HP). In 2024, the fractional horsepower motors segment is expected to account for the largest share of ~85% of the global electric motors market. The growth of this segment is attributed to the rise of automation and industrial applications, as various industrial processes rely on small motors for tasks like powering fans, pumps, and conveyor belts.

With the rise of automation across various industries, the need for integral horsepower motors is also on the ascent. HVAC systems in residential, commercial, and industrial buildings rely on low-power motors to facilitate functions such as fan operation. The growing requirement for efficient climate control is anticipated to drive the market for 1HP motors. Although electric vehicles primarily employ higher-powered motors for propulsion, there remains a demand for 1HP motors to power auxiliary functions like windows, seats, and ventilation systems. These factors are poised to fuel the market's growth throughout the forecast period.

In August 2022, ABB (Switzerland) entered into an agreement to purchase Siemens’ low-voltage NEMA motor business. With manufacturing operations in Guadalajara, Mexico, this acquisition provides a well-regarded product portfolio, a longstanding North American customer base, and an experienced operations, sales, and management team.

Additionally, the same segment is projected to register the highest CAGR during the forecast period.

Based on end user, the global electric motors market is segmented into industrial, commercial, residential, transportation, agriculture, and other end users. Further, the industrial electric motors market is segmented into conveyors & material handling, pumps and fans, machine tools and robotics, HVAC systems, and other applications. In 2024, the industrial segment is expected to account for the largest share of ~32% of the global electric motors market.

Electric motors provide precise control over speed and torque, making them well-suited for variable-speed applications and automated processes. This level of control enables the optimization of industrial tasks and enhances product quality. Compared to internal combustion engines, electric motors typically have fewer moving parts, resulting in higher reliability and reduced maintenance downtime. They are widely used in industrial equipment due to their suitability for operation in heavy industrial environments. Additionally, electric motors offer advantages such as high starting torque and stability in the face of electric current fluctuations. Various companies are launching initiatives to further develop the market for electric motors. For instance, in October 2022, Robert Bosch GmbH (Germany) announced the launch of production of electric motors at its Charleston, S.C. manufacturing facility. In July 2022, WEG S.A. (Brazil) launched W12, a light and versatile motor for industrial applications. The new W12 electric motor from WEG is designed for use in higher-performance industrial applications, offering versatility and efficiency.

Additionally, the same segment is projected to register the highest CAGR during the forecast period.

Based on geography, the electric motors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of ~47% of the global electric motors market. The large share of the Asia-Pacific market is attributed to the advancements in the agriculture sector and enormous investments in industrialization in countries including China, India, South Korea, and Australia. Further, the increasing production and sales of electric vehicles in countries including China and Japan, as well as the presence of established OEMs such as Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Toyota Industries Corporation (Japan), and Nissan Motor Corporation (Japan) are estimated to boost the growth prospects of the market in this region. The Asia-Pacific region, particularly China and India, is witnessing a surge in EV adoption.

Moreover, various key players in this market have launched various initiatives in the development of electric motors. For instance, in July 2023, General Electric Vernova’ Solar & Storage Solutions (U.S.) partnered with Fortune Electric (Taiwan) to develop Battery Energy Storage Solutions (BESS) in Taiwan. The purpose is to use electric motors in the storage system to keep control of the energy flow, manage the charging and discharging of batteries, and ensure smooth integration of the stored energy. In August 2022, Sona BLW Precision Forgings Ltd (India) crossed the milestone of producing 100,000 EV traction motors in its Chennai Plant in India. As more consumers and businesses adopt EVs, the EV traction motors market is expected to grow significantly in the coming years.

Additionally, the same region is projected to register the highest CAGR of ~8.5% during the forecast period.

Key Players

The key players operating in the global electric motors market include ABB Ltd. (Switzerland), Schneider Electric SE (France), Siemens AG (Germany), Rockwell Automation Inc. (U.S.), Allied Motion Technologies, Inc. (U.S.), AMETEK Inc. (U.S.), Johnson Electric Holdings Limited (Hong Kong), Nidec Motor Corporation (Japan), Franklin Electric Co., Inc. (U.S.), Regal Rexnord Corporation (U.S.), Arc Systems Inc. (U.S.), Denso Corporation (Japan), Emerson Electric Co. (U.S.), Nidec Corporation (Japan), and Oriental Motor USA Corp (Germany).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of type, power output, and end user?
What is the historical market size for the global electric motors market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global electric motors market?
Who are the major players in the global electric motors market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global electric motors market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global electric motors market, and how do they compete with other players?

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