Electric Motor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Electric Motors Market is Segmented by Motor Type (DC and AC), Voltage (Less Than 1 KV, Between 1 KV - 6 KV and Higher Than 6 KV), Application (Residential, Commercial, Industrial, and Automotive), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East & Africa). The report offers the market size and forecasts in revenue (USD) for all the above segments.

Electric Motors Market Size

Electric Motor Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 136.95 Billion
Market Size (2029) USD 191.82 Billion
CAGR (2024 - 2029) 6.97 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Electric Motor Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Electric Motors Market Analysis

The Electric Motor Market size is estimated at USD 136.95 billion in 2024, and is expected to reach USD 191.82 billion by 2029, growing at a CAGR of 6.97% during the forecast period (2024-2029).

  • Over the medium term, factors such as increasing residential usage of the electric motor, increasing adoption of electric vehicles, and increasing automation in various industrial processes, are expected to drive the electric motor market.
  • On the other hand, the restraints like the life expectancy of these assets due to harsh operating conditions and fluctuating prices of raw materials are expected to hamper the market growth.
  • Nevertheless, the technological developments for the advancement of electric motor technology create tremendous opportunities for the market. For example, emerging technologies like axial flux, in-wheel, etc., are gaining popularity. Axial flux motor technology offers numerous benefits like increased power and torque density and a pancake form factor ideal for integration in various scenarios.
  • The Asia-Pacific region is expected to ace the market during the forecast period due to the progress in the industrial sector currently witnessed.

Electric Motors Market Trends

Automotive Segment to Witness Growth

  • The automotive segment is estimated to witness significant growth during the forecast period owing to the increasing transition towards electric vehicles as a cleaner source of transportation.
  • The demand for electric motors is expected to increase exponentially, owing to the rapid growth of electric vehicle sales across China, the United States, Japan, South Korea, and Europe. Electric vehicle sales are rising exponentially worldwide due to government incentives offered by various Governments to promote electromobility, increasing environmental consciousness amongst general car buyers, and rising fuel prices.
  • It is also due to lower operating costs provided by electric vehicles than traditional internal combustion engine (ICE) vehicles and announcements by the governments of China and the EU to ban ICE mobility by 2035.
  • The government across several countries is adopting initiatives to increase the sales of electric vehicles. The government also provides subsidies and opportunities for manufacturers to install battery and motor manufacturing plants in-house. Countries such as China, India, France, and the United Kingdom have announced plans to phase out the petrol and diesel vehicles industry entirely before 2040. For instance, in October 2022, European Union announced the ban on selling new ICE vehicles from 2035 in EU member states.
  • According to Federal Motor Transport Authority, Germany has seen a significant increase in the number of new electric cars registered in recent years. So far, in 2022, 470,559 new electric cars have been registered, representing a growth of 32.19% compared with the previous year's figures.
  • Such developments are expected to accelerate the demand for electric motors in the industrial sector during the forecast period.
Electric Motor Market: New Electric Car Registrations, in Numbers, Germany, 2011-2022

Asia-Pacific Expected to Dominate the Market Growth

  • Asia-Pacific is the best host for the electric motors industry and is expected to continue its dominance in the coming years on account of rapid growth in the industrial sector. Industries such as automotive, chemical, fertilizers, and petrochemical are witnessing steady growth in the region, which is expected to offer tremendous growth opportunities for the global electric motor players.
  • China has been instrumental in driving the manufacturing sector globally. The country is the global leader in the steel, chemical, power, and cement industries, among the top players in the petrochemical and refining industries. Several new industrial projects are queued up in the country to get added to the national industry portfolio.
  • Recently, the Chinese government approved new refinery projects with foreign companies' participation. In January 2022, an Aramco-led joint venture took the final investment decision to develop a major integrated refinery and petrochemical complex in Northeast China. The new complex will be located in Panjin City. It is expected to be operational by 2024, with a capacity of 300,000 BPD.
  • India is the second-largest producer of crude steel at the global level, and the progress is still on. In April 2023, Nippon Steel Corporation (NSC) announced its plan to set up the world's largest steel plant facility in Odisha, India. The company will invest around INR 1.02 lakh crore. The company already has a presence in Odisha with LN Mittal-led Arcelor Mittal.
  • In January 2023, AMNS India, a joint venture between Nippon Steel and Arcelor Mittal, received approval for a USD 4.68 billion steel plant project from the government of Odisha. The annual production capacity of the plant will be around 7 million tons.
  • Such developments will likely overwhelmingly impact the electric motor market in the coming years.
Electric Motor Market : Growth Rate by Region, 2023-2028

Electric Motors Industry Overview

The electric motor market is fragmented. Some of the major companies in the market (not in any particular order) include ABB Ltd. AMETEK Inc., Johnson Electric Holdings Limited, Siemens AG, and Toshiba Corp., among others.

Electric Motors Market Leaders

  1. ABB Ltd.

  2. AMETEK, Inc.

  3. Siemens AG

  4. Toshiba Corp

  5. Johnson Electric Holdings Ltd.

*Disclaimer: Major Players sorted in no particular order

Electric Motor Market Concentration
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Electric Motors Market News

  • February 2023: Electronic component maker Flash announced a technical collaboration with Slovenia-based GEM motors to develop electric motors. Under the partnership, both brands will manufacture hub motors for various electric vehicle segments in the range of 1 kW to 15 kW.
  • November 2022: Nidec Corporation announced an investment of USD 715 million in Mexico to manufacture electric motors and e-axle drives for electric vehicles. The plant was anticipated to have a production capacity of 1 million units annually when it became operational.

Electric Motors Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. Increasing Residential Usage of the Electric Motor

        2. Rising Adoption of Electric Vehicles

      2. 4.5.2 Restraints

        1. Fluctuating Prices of Raw Materials

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Motor Type

      1. 5.1.1 AC

      2. 5.1.2 DC

    2. 5.2 Voltage

      1. 5.2.1 Less than 1 kV

      2. 5.2.2 Between 1kV-6kV

      3. 5.2.3 Higher than 6 kV

    3. 5.3 Application

      1. 5.3.1 Residential

      2. 5.3.2 Commercial

      3. 5.3.3 Automotive

      4. 5.3.4 Industrial

    4. 5.4 Geography

      1. 5.4.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.4.2 Europe

        1. Germany

        2. France

        3. United Kingdom

        4. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. Saudi Arabia

        2. United Arab Emirates

        3. South Africa

        4. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 ABB Ltd.

      2. 6.3.2 AMETEK Inc.

      3. 6.3.3 Regal Rexnord Corporation

      4. 6.3.4 Robert Bosch GmbH

      5. 6.3.5 Johnson Electric Holdings Limited

      6. 6.3.6 Siemens AG

      7. 6.3.7 Rockwell Automation

      8. 6.3.8 TECO-Westinghouse Motor Company

      9. 6.3.9 Toshiba Corp.

      10. 6.3.10 Weg SA

      11. 6.3.11 Nidec Corporation

      12. 6.3.12 Hitachi Ltd.

    4. *List Not Exhaustive

    1. 7.1 Technological Developments for the Advancement of Electric Motor

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Electric Motors Industry Segmentation

The electric motors are operated through interaction between the magnetic field of the motor and the winding currents, producing rotation. Electric motors can convert electrical energy to mechanical energy, so they have widespread applications in fans, pumps, compressors, elevators, and refrigerators. Electric motors are a major piece of equipment used across industrial, commercial, and residential sectors. The demand for electric motors in the industrial industry arises from developing new industrial projects and needs due to the refurbishment of old infrastructure.

The market is segmented based on motor type, voltage, application, and geography. By motor type, the market is segmented into DC and AC. The market is segmented by voltage into less than 1 kV, between 1-6 kV, and higher than 6 kV. The market is segmented by application into residential, commercial, industrial, and automotive. The report also covers the market size and forecasts for the electric motor market across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).

Motor Type
Less than 1 kV
Between 1kV-6kV
Higher than 6 kV
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle-East and Africa
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Electric Motors Market Research FAQs

The Electric Motor Market size is expected to reach USD 136.95 billion in 2024 and grow at a CAGR of 6.97% to reach USD 191.82 billion by 2029.

In 2024, the Electric Motor Market size is expected to reach USD 136.95 billion.

ABB Ltd., AMETEK, Inc., Siemens AG , Toshiba Corp and Johnson Electric Holdings Ltd. are the major companies operating in the Electric Motor Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Electric Motor Market.

In 2023, the Electric Motor Market size was estimated at USD 128.03 billion. The report covers the Electric Motor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Motor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The automotive segment is expected to witness significant growth in the Electric Motors Market due to the increasing adoption of electric vehicles.

The challenges facing the Electric Motor Market are a) Fluctuating prices of raw materials like permanent magnets and copper wires b) Shortage of components and supply chain issues leading to higher product costs

Electric Motor Industry Report

The global electric motors market, as analyzed by Mordor Intelligence™ Industry Reports, is projected to experience significant growth in the coming years. This growth is driven by an increasing demand for Heating, Venting, and Air Conditioning (HVAC) systems, energy-efficient motors, and the rising adoption of electric vehicles. Industrial sectors are expected to witness substantial growth, contributing to the expansion of the global electric motor market. The market is also being propelled by advancements in robotics technology and the escalating implementation of automation in various industrial processes. However, the market faces challenges such as fluctuating raw material prices and supply chain issues, leading to higher product costs for electric motors. The market, segmented by type, power rating, voltage, rotor type, output power, and end-user, is anticipated to be dominated by the Asia-Pacific region due to its rapid industrialization. Despite the high maintenance cost of electric motors acting as a restraint, opportunities lie in emerging technologies like axial flux and in-wheel motors, further boosting the industrial electric motors market. This analysis includes a market forecast outlook and historical overview, with statistics for the electric motor market share, size, and revenue growth rate. A sample of this industry analysis is available as a free report PDF download.

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Electric Motor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)