Electric Motor Market by Motor Type, Component, Voltage, Output Power, End-User

List of Tables

[180 Pages Report] The Electric Motor Market size was estimated at USD 141.31 billion in 2023 and expected to reach USD 148.53 billion in 2024, at a CAGR 5.63% to reach USD 207.40 billion by 2030.

An electric motor uses electromagnetic phenomena to convert electrical energy to mechanical energy. Electric motors are used in various applications, from powering industrial machinery and appliances to driving electric vehicles. They are used in robotics, automation systems, and home appliances such as washing machines and vacuum cleaners. Increasing automation of industries and the high use of HVAC increase the adoption of electric motors. Recent years have also seen the expansion of non-traditional motor technologies such as brushless DC (BLDC) motors and switched to reluctance motors offering higher energy efficiency than traditional AC induction motors. However, technical limitations of their operations and strict regulatory standards for product quality impede electric motor usage. Market players are constantly working on R&D activities to improve the quality of electric motors while introducing new smart motors to remain competitive in the market. Government initiatives for energy efficiency have also given rise to energy-efficient motors.

KEY MARKET STATISTICS
Base Year [2023]	USD 141.31 billion
Estimated Year [2024]	USD 148.53 billion
Forecast Year [2030]	USD 207.40 billion
CAGR (%)	5.63%

Motor Type: Potential demand for AC motors owing to their cost-effectiveness with the ability to supply ample power

AC motors are used in many applications, including refrigerators, air conditioners, pumps, compressors, and industrial machinery. AC electric motors come in various sizes, ranging from small fractional horsepower motors to large industrial types used for heavy machinery. Induction motors are the most common AC motors due to their cost-effectiveness and robustness and are widely used in HVAC systems, home appliances, and industrial machinery applications. Synchronous motors offer precise speed control and enhanced power factor correction capabilities. DC motors are powered by direct current (DC) to effectively and efficiently convert electrical energy into mechanical power. Many applications, such as automobiles, consumer electronics, robotics, medical equipment, elevators, and conveyor belts, use DC power. A self-excited DC motor is a direct current (DC) electric motor that generates its internal magnetic field for operation. A separately excited DC (Direct Current) Motor is an electric motor where the field winding and armature winding are supplied with independent or separate excitation voltage sources. AC motors are normally more effective than DC motors, providing higher torque using a more powerful current. However, DC motors are usually more efficient and make better use of their input energy.

Component: Bearings provide smooth rotation and minimize friction between moving parts

The rotor of an electric motor is a cylindrical core made from iron laminates wound with copper wire. It is the rotating component of the motor and spins when supplied with electric current. Bearings are components that hold the rotor in place and allow it to spin freely without damaging other parts of the motor. The stator is usually a stationary part of the electric motor, which consists of thin metal sheets densely packed with windings. These windings can be made from either copper or aluminum and act as magnets when an electric current is passed through them. Commutators are mechanisms that use brushes to help regulate the direction of current flow in the rotor winding, thus providing a unidirectional torque output from the motor.

Voltage: Extensive adoption of high-voltage motors in heavy-duty operations

Low-voltage motors are typically used in home appliances and other small electronic devices. These motors are preferred for their compact size, energy efficiency, ease of installation and supervision, and lower capital costs than higher voltage counterparts. Medium voltage motors are usually used in industrial or commercial applications, and these motors require greater insulation than their low voltage counterparts and reliable cooling systems. High-voltage motors can generate considerable torque, making them ideal for power plants, oil & gas industries, or other industrial applications requiring high energy output. Due to the increased voltages, high-voltage motors need robust insulation materials such as varnishes or resins, which protect electrical arcs or sparks generated within the motor's components.

Output Power: Penetration of 1 HP and above output power owing to its increasing use across various heavy-duty industrial applications

1 HP and above electric motors are used in tractors, other agricultural equipment, and high-power tools and appliances, such as table saws and pool pumps. Electric motors with less than 1 HP are utilized in wet grinders, surgical pumps, paint mixers, vacuum pumps, needle vibrators, and lawn mowers. These motors have low vibration, which helps expand the motor's durability and reliability, and have sturdy motor construction, which assists in operating it in any environmental condition.

End-User: Proliferating demand for electric motors in the transportation industry

Electric motors are utilized in various residential applications, from controlling the speed of a ceiling fan to providing power for air conditioners and refrigerators. They are also widely used in home automation systems, powering garage doors, robotic vacuums, pool pumps, and security systems. In commercial settings, electric motors can power escalators in retail malls and maintain HVAC systems in large buildings. Standardized motors offer appropriate mechanical energy for industrial use for powering pumps and compressors, driving conveyor belts and assembly line operations, and operating turbines and motors for power generation. Electric motors, including trucks, buses, and cars, have become increasingly important in transportation systems. With the accelerating demand for electric vehicles, electric motors are expected to witness high growth in the transportation industry.

Regional Insights

The electric motor market in the Americas is innovative and advancing, driven by the presence of well-established players consistently working on R&D activities to build smart and energy-efficient products. The U.S. Department of Energy has introduced guidelines determining electric motor load and efficiency, and many players have launched new products. The Asia-Pacific region has witnessed a growth in electric motor production activities in recent years. The region has a wide presence of local players and suppliers, serving multiple industries primarily focused on China, Japan, India, and South Korea. Europe also has the presence of several major producers serving automotive, oil & gas, and renewable energy production. The EU has provided new rules in 2021 to increase electric motors' energy efficiency. The EU-MORE project focuses on elevating the early replacement of old inefficient electric motors in the service and industrial sectors.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Electric Motor Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Electric Motor Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Electric Motor Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Addison Electric, Inc., Allied Motion, Inc., Ametek, Inc., Anaheim Automation, Inc., ARC Systems, Inc., BEVI AB, BorgWarner Inc., Brook Crompton Group, Buhler Motor GmbH, Carter Motor Company, Composite Motors, Inc., DANA TM4 INC., ElectroCraft, Inc., Faulhaber GmbH & Co. KG, Franklin Electric Co., Inc., General Motors Company, Groschopp Inc, Hitachi, Ltd., Hyosung Heavy Industries, Johnson Electric Holdings Limited, Maxon Motor AG, MinebeaMitsumi Inc., Mitsubishi Electric Corporation, Moog Inc., Motor Specialty Inc., Nidec Corporation, Oriental Motor Co., Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, SKF Group, TECO Electric & Machinery Co., Ltd., Toshiba Corporation, WEG S.A., Wolong Electric Group, and Yaskawa Electric Corporation.

Market Segmentation & Coverage

This research report categorizes the Electric Motor Market to forecast the revenues and analyze trends in each of the following sub-markets:

Motor Type
- AC Motors
  - Induction AC Motors
  - Synchronous AC Motors

DC Motors
- Self-Excited DC Motors
  - Series Motor
  - Shunt DC Motor

Separately Excited DC Motors

Component
- Bearings
- Commutator
- Rotor
- Stator
- Windings

Voltage
- High Voltage Motors
- Low Voltage Motors
- Medium Voltage Motors

Output Power
- 1 HP and Above
- Less than 1 HP

End-User
- Commercial
- Industrial
- Residential
- Transportation

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Electric Motor Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Electric Motor Market?

3. What are the technology trends and regulatory frameworks in the Electric Motor Market?

4. What is the market share of the leading vendors in the Electric Motor Market?

5. Which modes and strategic moves are suitable for entering the Electric Motor Market?

Product Code: MRR-43798151B748

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising mechanization and automation across industries
  - 5.1.1.2. Growing adoption of HVAC systems across economies
  - 5.1.1.3. Increasing production and sales of electric vehicles worldwide
- 5.1.2. Restraints
  - 5.1.2.1. Technical limitations and operational complexities of electric motor
- 5.1.3. Opportunities
  - 5.1.3.1. Technological advancements and design improvements in electric motors
  - 5.1.3.2. Initiatives for energy conservation and use of energy-efficient motors
- 5.1.4. Challenges
  - 5.1.4.1. Stringent regulations to ensure quality and performance of electric motor
5.2. Market Segmentation Analysis
- 5.2.1. Motor Type: Potential demand for AC motors owing to their cost-effectiveness with the ability to supply ample power
- 5.2.2. Component: Bearings provide smooth rotation and minimize friction between moving parts
- 5.2.3. Voltage: Extensive adoption of high-voltage motors in heavy-duty operations
- 5.2.4. Output Power: Penetration of 1 HP and above output power owing to its increasing use across various heavy-duty industrial applications
- 5.2.5. End-User: Proliferating demand for electric motors in the transportation industry
5.3. Market Trend Analysis
- 5.3.1. Growing investment in renewable energy coupled with supportive initiatives to modernize electrical infrastructures in the Americas
- 5.3.2. Rapid expansion of automated manufacturing facilities supporting the deployment of electric motors in the Asia-Pacific region
- 5.3.3. Expanding usage of electric motors across energy and manufacturing sectors in the EMEA region
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis

6. Electric Motor Market, by Motor Type

6.1. Introduction
6.2. AC Motors
6.3. DC Motors

7. Electric Motor Market, by Component

7.1. Introduction
7.2. Bearings
7.3. Commutator
7.4. Rotor
7.5. Stator
7.6. Windings

8. Electric Motor Market, by Voltage

8.1. Introduction
8.2. High Voltage Motors
8.3. Low Voltage Motors
8.4. Medium Voltage Motors

9. Electric Motor Market, by Output Power

9.1. Introduction
9.2. 1 HP and Above
9.3. Less than 1 HP

10. Electric Motor Market, by End-User

10.1. Introduction
10.2. Commercial
10.3. Industrial
10.4. Residential
10.5. Transportation

11. Americas Electric Motor Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Electric Motor Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Electric Motor Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Infinitum Acquires Circuit Connect, Inc. to Accelerate Production of Sustainable Electric Motors and Support Hypergrowth
- 14.3.2. 3BG Supply Co. Acquires Controls and Electric Motor Co.
- 14.3.3. Safran Obtains EASA DOA Approval for its Engineus Electric Motor
- 14.3.4. BMW i Ventures Co-Leads Investment Into Deepdrive For New Electric Motors
- 14.3.5. Statkraft Ventures Invests In Disruptive Motor Manufacturer Alva Industries
- 14.3.6. Exro Announces Signing of Strategic Partnership MoU with European-based Global Automotive Industry Supplier
- 14.3.7. EVR Motors Signs Fourth Commercial Agreement in India and Establishes Indian Manufacturing Facility
- 14.3.8. Ideanomics Completes the Acquisition of VIA Motors, Targets the Fast-Growing Commercial EV Delivery Sector
- 14.3.9. Inauguration Of The WEG Motors Production Plant In Algeria
- 14.3.10. Daimler Truck and Gehring Technologies Sign Strategic Partnership Agreement for Commercial Vehicle Specific Application of Electric Motors
- 14.3.11. ABB to Acquire Siemens Low Voltage NEMA Motor Business
- 14.3.12. MAHLE Develops the Most Durable Electric Motor
- 14.3.13. Nidec Launches SynRA, the World's First Aluminum Cage-equipped, High-efficiency Synchronous Reluctance Motor that Achieves IE5, the Highest Level of the IEC Standard
- 14.3.14. Infinitum Electric Gets USD 1.8 Million in Funding to Improve the Electric Motor
- 14.3.15. Kirloskar Motors Announces the Launch of High-Efficiency Low Voltage Electric Motors

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio