Delray Beach, FL, Feb. 23, 2025 (GLOBE NEWSWIRE) -- The global Electric Motors Market size is projected to grow from USD 152.2 billion in 2024 to USD 206.4 billion by 2029, at a CAGR of 6.3% according to a new report by MarketsandMarkets™. The rising demand for HVAC systems among residential, commercial, and industrial end-users, the growing demand for electric motors in manufacturing industries, and the increasing demand for energy-efficient motors are the major driving factors for the electric motors market. The growth of the electric vehicle (EV) industry is creating new revenue pockets for the electric motors market due to several factors. Electric motors are the heart of electric vehicles, providing the necessary torque and power to drive the vehicle. The increasing production and adoption of EVs directly boost the demand for electric motors, making the EV industry a significant revenue generator for motor manufacturers.
Browse in-depth TOC on “Electric Motors Market”
686 – Tables
73 – Figures
439 – Pages
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Scope of the Report
| Report Metric | Details |
| Electric Motors Market Size Values |
|
| Base Year | 2023 |
| Forecast Period | 2024–2029 |
| Forecast Unit | Value (USD Billion) |
| Segments Covered | Electric Motors Market by type, power rating, voltage, rotor type, output power, end user, and region. |
| Geographic Regions Covered | Asia Pacific, Europe, North America, South America, Middle East & Africa |
| Companies Covered | ABB (Switzerland), Siemens (Germany), NIDEC Corporation (Japan), WEG (Brazil), Wolong Electric Group (China), HITACHI (Japan), WEG (Brazil), Wolong Electric Group (China), Robert Bosch GmbH (Germany), Regal Rexnord Corporation (US), Toshiba Corporation (Japan), Rockwell Automation (US), Franklin Electric (US), Hyosung Heavy Industries (South Korea), TECO Electric & Machinery (Taiwan), Johnson Electric (China), AMETEK (US) among others |
Electric mobility is making a huge transition in the global automobile industry. The proactive efforts for the decarbonization of society in Europe are driven by the ever-increasing share of electric motors in the market. Advancements in battery technologies have reduced costs of batteries and improved the charging speed of the batteries. The increase in government support by providing redemptions on tax and incentives for promoting eco-friendly electric vehicles through electric motors are also acts of opportunities for the growth of the Electric Motors Market.
The electric motors 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 that are driven by alternating current. Applications involving these motors require power performance for a long duration. The applications for AC motors are found in air conditioners, washers, dryers, industrial machinery, fans, blowers, vacuum cleaners, and other appliances.
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North America is expected to be the second-fastest region in the Electric Motors Market between 2024-2029. The North American market consists of US, 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 EV drivetrains. Companies like Tesla, Ford, and General Motors drive this demand to a great extent. Growth factors include increasing demand due to the adoption of energy-efficient motors and the abundance of the electric vehicle industry.
Key Market Players
Some of the major players in the Electric Motors Market are ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan). These companies have a strong diversified product portfolio and a strong global presence.
With operations spread across the globe, these players leverage their R&D capabilities and wide ranges of products and services to gain further market share. They focus on product launches, collaborations, acquisitions, contracts, and partnerships towards improving business reach and reviving innovation in products.
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Recent Developments
- In December 2024, WEG acquired Volt Electric Motor, a company specializing in producing industrial and commercial electric motors. With this acquisition, the WEG will expand its regional presence and diversify its industrial presence to serve Turkey and all of Europe.
- In November 2024, ABB signed an agreement to purchase Aurora Motors. This acquisition will represent a significant enhancement to ABB’s NEMA product portfolio, bolstering the most comprehensive range of industrial electric motors in the global market.
- In May 2024, Nidec Corporation executed a memorandum of understanding with Taiwan’s Metal Industries Research & Development Centre (MIRDC) to collaborate on the technological development, manufacturing, and application of high-efficiency motor system-related products. With the execution of this MOU, the MIRDC intends to achieve further improvement and application for products of Nidec’s high-efficiency motor called SynRATM (Synchronous Reluctance Motor with Aluminum Cage Rotor) to meet the Taiwanese government’s policy of achieving net-zero carbon emissions.
- In May 2023, ABB announced it has completed its acquisition of the Siemens low voltage NEMA motor business. The acquisition of this business is part of the Motion business area’s profitable growth strategy. It strengthens ABB’s position as a leading industrial NEMA motor manufacturer, and it provides an even stronger platform from which ABB can better serve its global customers.
- In April 2023, Siemens Mobility is expanding its manufacturing and services facility in Munich-Allach to meet the growing demand for locomotives and services.
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