Electric Motor Market Size To Reach $322.08 Billion By 2030

Electric Motor Market Growth & Trends

The global electric motor market size is expected to reach USD 322.08 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.5% from 2024 to 2030. Rapid technological advancements have been playing an imperative role in the growth of the market. Further, improved insulation and operational efficiency have significantly improved the electro-mechanical machines in terms of safety and functionalities, leading to increased demand across multiple industries. Electric motors are used in multiple applications across industry verticals such as home appliances, industrial machinery, and vehicles. The market is expected to witness high growth from Heating, Ventilation, and Cooling (HVAC) applications as they are an inseparable component of HVAC equipment.

Rising fuel prices across the globe are impelling people to shift to non-conventional fuel alternatives. As a result, electric vehicles are manufactured with a view of reducing operational costs and carbon footprint. The upsurge in the production of electric vehicles is expected to positively impact the demand for electric motors as they are used in various applications ranging from performance components to comfort components of the vehicle.

The industry is characterized by regulatory policies and government initiatives that promote energy efficiency in machines and equipment. High-efficiency and output, low power consumption, increased operational life, and low maintenance costs are essential requirements for the electro-mechanical machines. Notably, technological innovations have introduced improved design, components, and motor specifications resulting in fulfillment of end-user requirements. Innovations and evolving policy frameworks are crucial for industry development and will play a key role in fueling the demand for the products over the forecast period.

Asia Pacific region held the largest revenue share in the electric motor market in 2023 and is projected to witness the fastest CAGR from 2024 to 2030. The growth can be attributed to increasing industrialization investments in countries such as China, India, South Korea, and Australia. Further, the scope for market growth in the region is expected to increase significantly over the coming years, owing to the evolving agriculture sector through efficient irrigation practices and technology transfer.

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Electric Motor Market Report Highlights

• Based on motors, the AC motors segment dominated the global market with a revenue share of 71.2% in 2024. This high share is attributable to AC motors' extensive applications, ranging from irrigation pumps to modern-day robotics.

• Fractional HP output segment held the largest revenue share of this market in 2024. The growth of this segment is mainly influenced by factors such as its wide array of use cases in all household appliances, ranging from vacuum cleaners to coffee machines and refrigerators.

• Based on application, the motor vehicles segment dominated the global electric motor market in 2024.

• Asia Pacific electric motor market dominated the global industry, with a revenue share of 51.2% in 2024.

Electric Motor Market Segmentation

Grand View Research has segmented the global electric motor market on the basis of motor, power output, application, and region:

Electric Motor Outlook (Revenue, USD Billion,  2018 - 2030)

• AC Motor

  • Synchronus AC Motor

  • Induction AC Motor

• DC Motor

  • Brushed DC Motor

  • Brushless DC Motor

• Hermetic Motor

Electric Motor Power Output Outlook (Revenue, USD Billion, 2018 - 2030)

• Integral HP Output

• Fractional HP Output

Electric Motor Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Industrial Machinery

• Motor Vehicles

• HVAC Equipment

• Aerospace & Transportation

• Household Appliances

• Others

Electric Motor Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

• MEA

  • UAE

  • KSA

  • South Africa

List of Key Players of Electric Motor Market

• ABB

• Allied Motion, Inc.

• AMETEK.Inc.

• Johnson Electric Holdings Limited

• Nidec Motor Corporation

• Franklin Electric

• Regal Rexnord Corporation

• Schneider Electric

• Siemens

• ORIENTAL MOTOR USA CORP.