The electric motor market has been gaining significant growth over the past few years owing to growing demand for eco-friendly transportation solutions. Electric motors find widespread applications in fans, disk drives, power tools, electric vehicles and various industrial machinery where they are replacing traditional internal combustion engines. Key advantages of electric motors include high energy efficiency, precise control capabilities, reliability and minimal maintenance. Increase in sales of hybrid and electric vehicles globally is a major factor fueling sales of electric motors. Rapid industrialization and growing infrastructure development activities are also propelling the demand for AC and DC motors in various industrial equipment and machinery.

The Global Electric Motor Market is estimated to be valued at US$ 166.4 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the electric motor market are Leidos Holdings Inc., SAAB AB, Nuctech Company Limited, Thales Group, OSI Systems Inc., Leonardo SpA, Smiths Group PLC, Elbit Systems Ltd., Kongsberg Gruppen ASA, Airbus SE, Westminster Group PLC, BAE Systems PLC, and Terma AS. Increasing investment by these players to develop advanced and energy efficient motor technology is positively impacting the market growth.

The growing demand for variable frequency drives for efficient speed control of electric motors from industries such as manufacturing, oil & gas, mining, and automotive is driving the market. Variable frequency drives help electric motor market.operate at variable speeds, thereby improving energy efficiency.

Technological advancements focused on development of integrated motors with advanced features such as sensorless commutation, field oriented control and space vector pulse width modulation are expanding the potential applications of electric motors.

Market Trends
Permanent magnet synchronous motors are emerging as a trend in the market owing to their high power density and efficiency compared to traditional motors. Major players are developing innovative permanent magnet motors for various industrial applications.

Adoption of integrated electric motor market drives with advanced capabilities such as sensorless vector control and direct torque control is growing. These improve the performance and efficiency of electric motors significantly.

Market Opportunities
Increasing investments by governments globally to develop electric vehicle charging infrastructure is expected to create lucrative opportunities for electric motor manufacturers.

Growing focus on development of energy-efficient and smart electric motors for applications in robotics, hybrid vehicles, industrial automation and home appliances will continue boosting innovation and market opportunities.

Impact of COVID-19 on Electric Motor Market growth

The COVID-19 pandemic impacted the electric motor market significantly. Factory shutdowns, supply chain disruptions and restrictions on travel & transportation affected the production and sales of electric motors globally during the initial phase of the pandemic. Various end-use industries such as automotive, construction, mining, oil & gas witnessed a decline in demand which impacted the electric motor market negatively. However, with the resumption of economic activities post lockdowns, the demand is recovering steadily. Governments across countries are focusing on boosting domestic manufacturing through incentives and policy support to make their economies self-reliant which is creating new opportunities for the electric motor market. Original equipment manufacturers are realizing the importance of local sourcing and inventory management to mitigate future supply chain disruptions. The demand for electric motors is expected to rise in healthcare, pharmaceutical, food processing industries to meet their increased production requirements. With continued investments in renewable energy solutions, growth in electrified transportation, focus on industrial automation and upgrading of existing infrastructure, the electric motor market is projected to grow at a steady pace in the coming years.

Geographical Regions with highest Electric Motor market value

Asia Pacific currently dominates the global electric motor market in terms of value and is expected to maintain its leading position throughout the forecast period owing to rapid industrialization and urbanization in major countries like China, India. China represents the largest electric motor market globally due to the presence of a strong manufacturing sector focused on electronics, automotive, machinery etc and accounts for over 35% of the global demand for electric motors. North America and Europe are other prominent regions for the electric motor market. Stable economic growth and increasing investments in industries such as oil & gas, mining, construction in the US and Germany is driving the consumption of electric motors in these regions.

Fastest growing region for the Electric Motor Market

The Middle East & Africa region is projected to emerge as the fastest growing market for electric motors during the forecast period supported by ongoing infrastructure development projects in oil & gas, mining, utilities sectors across GCC countries and Africa. Mega projects such as industrial cities, highways, power plants, rail networks are increasing the requirement for electric motors. In addition, rising electrical network connectivity in rural and remote communities across the African continent is propelling the growth of small fractional horsepower motors market in the residential sector. Governments are undertaking initiatives to boost private investments and modernization of existing facilities which will continue to augment the sales of electric motors in the Middle East & Africa region over the coming years.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)