Market Size of Electric Motor Industry
| 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
*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.
