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Global Electric Motor Market Poised for Substantial Growth at a CAGR of 6.6% from 2024 to 2034, Totalling Around USD 268.2 Billion by 2034

NEWARK, Del, Nov.

14, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the global electric motor market is set to witness robust expansion in the coming decade, projected to grow at a compound annual growth rate (CAGR) of 6.6% between 2024 and 2034. The market, valued at approximately USD 141.6 Billion in 2024, is anticipated to reach a significant milestone of USD 268.2 Billion by 2034[1]. This surge is driven by a confluence of factors, including an increased demand for electric vehicles (EVs), rising consumer interest in sustainable practices, and expanding applications of electric motors in household and industrial appliances.

What are the Prominent Drivers of the Electric Motor Market? Expansion of the Municipal Water Treatment Market will Gradually Profit Electric Motor Sales Robust rate of investments in civic infrastructure involving municipal water supply and wastewater treatment process will call for a hefty rate of pumps thus involving a proportionate rate of electric motors to be sold and installed with the electric motor market growth in the intermediate stages and clocking nearly double-digit growth rates in the next 5 years, new unit sales of electric motors will be highly sought.

Supporting factor for growth promotion is that electric motors and associated pumps for heavy-duty water supply processes are priced at a premium which will prove as a value proposition for the OEMs when coupled with installation and aftersales services. Growth in Globalization and Growth of Carbon Emissions An increase in globalization and growth in the level of emissions led by carbon and air pollution will continue to act as the main market in the growth driving factor of electric motors.

Growth in penetration of green vehicles in developing economies, i.e. boosting the focus on the technological advancements in electric motors and approaches of better insulation materials will further provoke the value of the market. Growth in Research and Development is also Raising the Demand for Electric Motors Market Growth in expenditure also undertakes proficiencies in research and development and an overall rise in the production of automobiles will further chisel out the way for the growth of the market.

Key Drivers of Growth: The primary drivers propelling the electric motor market include the growing demand for home appliances and the global shift toward sustainable energy solutions. With the expansion of middle-class populations and urbanization worldwide, appliances such as refrigerators[2], dryers, vacuum cleaners, mixers, and grinders are seeing an uptick in sales, leading to greater demand for reliable and efficient electric motors.

Another critical factor is the increasing inclination towards green vehicles, notably electric vehicles (EVs). Governments across the globe are promoting electric mobility through subsidies, incentives, and supportive policies aimed at reducing carbon emissions and combating climate change. The significant advantages of electric motors, such as enhanced efficiency, reduced energy costs, and minimal environmental impact, make them an integral component of EV technology.

As the global community becomes more environmentally conscious and committed to mitigating the effects of climate change, the adoption of EVs is expected to surge, subsequently driving electric motors demand[3]. Environmental Benefits and Consumer Awareness: Electric motors are recognized for their superior energy efficiency compared to conventional internal combustion engines or older motor technologies.

Their ability to optimize energy consumption not only aids in cost-saving measures for consumers but also contributes to broader environmental objectives. As more individuals and corporations seek solutions to lower their carbon footprint, the implementation of electric motors in applications ranging from transportation to industrial machinery becomes increasingly attractive. The heightened awareness surrounding sustainability and the need to curb greenhouse gas emissions has fueled a paradigm shift in consumer behavior.

Consumers are becoming more receptive to green products, making the market ripe for innovation and expansion. The combined benefits of energy savings and environmental preservation position electric motors as a pivotal technology in the global effort to achieve carbon neutrality. Click Here to Explore the Report & Stay Ahead with Strategic Insights! https://www.futuremarketinsights.com/reports/electric-motor-market[4]

Key Takeaways from the Report:

  • Strong Market Growth: The electric motor market is anticipated to expand significantly from 2024 to 2034, with a projected CAGR of 6.6%, reaching an estimated value of USD 268.2 Billion by 2034.
  • Notable Regional Growth: The USA is expected to lead among key markets with a value-based CAGR of 6.2%, followed closely by Japan at 6.0% and Germany at 5.6%.
  • High Demand Drivers: The growth is propelled by increasing demand for electric vehicles, energy-efficient home appliances, and a global emphasis on sustainability and carbon footprint reduction.
  • Significant Market Value: The market is forecasted to grow from an initial estimated value of USD 141.6 Billion in 2024, underscoring strong and consistent industry expansion.
  • Emerging Economies Contribution: Developing nations like India and China are also contributing to the market's growth, with respective CAGRs of 5.4% and 5.3%, indicating expanding adoption of electric motor technologies.

Industry Insights and Analyst Perspectives: Industry analysts emphasize the pivotal role that advancements in electric motor technology will play in sustaining market growth. According to Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI), "The global transition towards sustainability and energy efficiency has created an environment where electric motor technology is essential.

Continued investment in R&D will drive innovation, improve motor performance, and make these technologies more accessible and appealing to a broader audience."[5] In addition, the focus on developing low-power consumption products will encourage manufacturers to innovate and develop new solutions that cater to both consumer and industrial needs. Enhancements in motor efficiency will not only support the automotive sector but also contribute to the growth of smart appliances and industrial automation[6].

Competitive Landscape: The electric motor market is characterized by significant competition among major players who are investing heavily in research and development to stay ahead. Key companies contributing to this dynamic market include:

  • General Electric
  • Robert Bosch GmbH
  • Hitachi, Ltd
  • Nidec Corporation
  • WEG S.A
  • Siemens AG
  • ABB Group
  • Regal Beloit Corporation
  • Toshiba Corporation
  • Johnson Electric
  • Hyosung Corporation
  • Schneider Electric SE
  • Bonfiglioli Riduttori S.p.A
  • Kirloskar Electric Company Ltd.
  • Allied Motion Technologies Inc.
  • East West Manufacturing, LLC
  • Hyundai Electric Co.

    Ltd

These industry leaders are focusing on mergers, acquisitions, and partnerships to enhance their market share and technological capabilities. As the competitive landscape intensifies, strategic collaborations and innovations will be key to maintaining a strong market position. Future Outlook:

The market's growth trajectory is bolstered by government policies promoting EVs and renewable energy sources. Additionally, the development of smart grids and advancements in automation are set to play a significant role in driving the demand for advanced electric motors. With global market leaders investing in technological advancements, the industry is expected to see a proliferation of new products that cater to the diverse needs of both consumers and industrial players.

These innovations will further strengthen the market, ensuring sustained growth and the continual development of environmentally friendly technologies. Electric Motor Market Segmentation Analysis: By Power Output:

  • <1 HP
  • 1-5 HP
  • 5-10 HP
  • 10-20 HP
  • 20-50 HP
  • 50-100 HP
  • 100-300 HP
  • 300-500 HP
  • Above 500 HP

By Product Type:

  • AC Motor
  • DC Motor

By Application:

  • Pumps
  • Fans
  • Drives
  • Compressors
  • General Machinery
  • Centrifugal Machinery
  • Grinders
  • Extruders
  • Robotics
  • Others

By End-Use Industry:

  • Industrial
  • Residential
  • HVAC & Refrigeration
  • Medical
  • Municipal Water Treatment
  • Transportation
  • Others

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa

Explore Previous Coverages of Electric Motor Market Report:

Global Electric Motor Market[7] is Poised to Grow at a CAGR of 6.64% and Reach a worth of USD 252.6 Billion by 2033 | Future Market Insights, Inc. Electric Motor Market[8] to Showcase Lucrative Growth Opportunities Beyond 2031 Owing to the Surge in Robotics and Automation | Future Market Insights, Inc. About Future Market Insights (FMI) - Industrial Automation

The industrial automation[9] division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

German Language: Laut Future Market Insights (FMI) wird der globale Markt fur Elektromotoren im kommenden Jahrzehnt ein starkes Wachstum erleben und zwischen 2024 und 2034 voraussichtlich eine durchschnittliche jahrliche Wachstumsrate (CAGR) von 6,6 % aufweisen. Der Markt, der im Jahr 2024 auf etwa 141,6 Milliarden US-Dollar geschatzt wird , soll bis 2034 einen bedeutenden Meilenstein von 268,2 Milliarden US-Dollar erreichen .

Dieser Aufschwung ist auf ein Zusammentreffen von Faktoren zuruckzufuhren, darunter eine erhohte Nachfrage nach Elektrofahrzeugen (EVs), ein steigendes Interesse der Verbraucher an nachhaltigen Praktiken und eine zunehmende Anwendung von Elektromotoren in Haushalts- und Industriegeraten. Wichtige Wachstumstreiber: Die wichtigsten Treiber fur den Markt fur Elektromotoren sind die steigende Nachfrage nach Haushaltsgeraten und der globale Wandel hin zu nachhaltigen Energielosungen.

Mit dem Wachstum der Mittelschicht und der weltweiten Urbanisierung verzeichnen Haushaltsgerate wie Kuhlschranke , Trockner, Staubsauger, Mixer und Muhlen einen Aufschwung, was zu einer hoheren Nachfrage nach zuverlassigen und effizienten Elektromotoren fuhrt. Ein weiterer entscheidender Faktor ist die zunehmende Tendenz zu umweltfreundlichen Fahrzeugen, insbesondere Elektrofahrzeugen (EVs). Regierungen auf der ganzen Welt fordern die Elektromobilitat durch Subventionen, Anreize und unterstutzende Massnahmen zur Reduzierung der Kohlenstoffemissionen und Bekampfung des Klimawandels.

Die erheblichen Vorteile von Elektromotoren, wie z. B. hohere Effizienz, geringere Energiekosten und minimale Umweltbelastung, machen sie zu einem integralen Bestandteil der EV-Technologie. Da die Weltgemeinschaft umweltbewusster wird und sich fur die Eindammung der Auswirkungen des Klimawandels einsetzt, wird erwartet, dass die Einfuhrung von EVs sprunghaft ansteigen wird, was wiederum die Nachfrage nach Elektromotoren ankurbelt .

Umweltvorteile und Verbraucherbewusstsein: Elektromotoren sind fur ihre hohere Energieeffizienz im Vergleich zu herkommlichen Verbrennungsmotoren oder alteren Motortechnologien bekannt. Ihre Fahigkeit, den Energieverbrauch zu optimieren, hilft den Verbrauchern nicht nur bei Kosteneinsparungen, sondern tragt auch zu umfassenderen Umweltzielen bei.

Da immer mehr Privatpersonen und Unternehmen nach Losungen suchen, um ihren CO2-Fussabdruck zu verringern, wird der Einsatz von Elektromotoren in Anwendungen vom Transport bis hin zu Industriemaschinen immer attraktiver. Das gestiegene Bewusstsein fur Nachhaltigkeit und die Notwendigkeit, Treibhausgasemissionen zu reduzieren, hat zu einem Paradigmenwechsel im Verbraucherverhalten gefuhrt. Verbraucher werden empfanglicher fur umweltfreundliche Produkte, was den Markt reif fur Innovation und Expansion macht.

Die kombinierten Vorteile von Energieeinsparungen und Umweltschutz machen Elektromotoren zu einer Schlusseltechnologie im weltweiten Bemuhen um CO2-Neutralitat. Wichtige Erkenntnisse aus dem Bericht:

  • Starkes Marktwachstum : Der Markt fur Elektromotoren wird voraussichtlich zwischen 2024 und 2034 mit einer prognostizierten durchschnittlichen jahrlichen Wachstumsrate von 6 % deutlich wachsen und bis 2034 einen geschatzten Wert von 268,2 Milliarden USD erreichen
  • Bemerkenswertes regionales Wachstum : Die USA werden voraussichtlich mit einer wertbasierten durchschnittlichen jahrlichen Wachstumsrate (CAGR) von 2 % die wichtigsten Markte anfuhren , dicht gefolgt von Japan mit 6,0 % und Deutschland mit 5,6 % .
  • Treiber mit hoher Nachfrage : Das Wachstum wird durch die steigende Nachfrage nach Elektrofahrzeugen und energieeffizienten Haushaltsgeraten sowie einen weltweiten Schwerpunkt auf Nachhaltigkeit und der Reduzierung des CO2-Fussabdrucks vorangetrieben.
  • Bedeutender Marktwert : Der Markt soll von einem ursprunglich geschatzten Wert von 141,6 Milliarden USD im Jahr 2024 wachsen, was die starke und bestandige Expansion der Branche unterstreicht.
  • Beitrag der Schwellenlander : Entwicklungslander wie Indien und China tragen ebenfalls zum Marktwachstum bei, mit durchschnittlichen jahrlichen Wachstumsraten von 4 % bzw. 5,3 % , was auf eine zunehmende Verbreitung von Elektromotortechnologien hindeutet.

Brancheneinblicke und Analystenperspektiven: Branchenanalysten betonen die entscheidende Rolle, die Fortschritte in der Elektromotorentechnologie fur ein nachhaltiges Marktwachstum spielen werden.

Nikhil Kaitwade , Associate Vice President bei Future Market Insights (FMI), meint dazu : ,,Der globale Wandel hin zu Nachhaltigkeit und Energieeffizienz hat ein Umfeld geschaffen, in dem Elektromotorentechnologie unverzichtbar ist. Kontinuierliche Investitionen in Forschung und Entwicklung werden Innovationen vorantreiben, die Motorleistung verbessern und diese Technologien fur ein breiteres Publikum zuganglicher und attraktiver machen." Daruber hinaus wird der Fokus auf die Entwicklung von Produkten mit geringem Stromverbrauch die Hersteller dazu ermutigen, innovativ zu sein und neue Losungen zu entwickeln, die sowohl den Bedurfnissen der Verbraucher als auch der Industrie gerecht werden.

Verbesserungen der Motoreffizienz werden nicht nur den Automobilsektor unterstutzen, sondern auch zum Wachstum intelligenter Gerate und der industriellen Automatisierung beitragen . Wettbewerbslandschaft: Der Markt fur Elektromotoren ist durch einen starken Wettbewerb zwischen den grossen Akteuren gekennzeichnet, die massiv in Forschung und Entwicklung investieren, um an der Spitze zu bleiben.

Zu den wichtigsten Unternehmen, die zu diesem dynamischen Markt beitragen, gehoren:

  • Allgemeine Elektrik
  • Robert Bosch GmbH
  • Hitachi, Ltd
  • Nidec Corporation
  • WEG SA
  • Siemens AG
  • ABB-Konzern
  • Regal Beloit Corporation
  • Toshiba Corporation
  • Elektro-Grosshandel
  • Hyosung Corporation
  • Schneider Electric SE
  • Bonfiglioli Riduttori SpA
  • Kirloskar Electric Company Ltd.
  • Allied Motion Technologies Inc.
  • East West Manufacturing, LLC
  • Hyundai Electric Co. Ltd

Diese Branchenfuhrer konzentrieren sich auf Fusionen, Ubernahmen und Partnerschaften, um ihren Marktanteil und ihre technologischen Fahigkeiten zu steigern. Angesichts der zunehmenden Wettbewerbsintensitat sind strategische Kooperationen und Innovationen der Schlussel zum Erhalt einer starken Marktposition.

Zukunftsaussichten: Der Wachstumstrend des Marktes wird durch staatliche Massnahmen zur Forderung von Elektrofahrzeugen und erneuerbaren Energiequellen unterstutzt. Daruber hinaus werden die Entwicklung intelligenter Stromnetze und Fortschritte in der Automatisierung eine wichtige Rolle bei der Steigerung der Nachfrage nach modernen Elektromotoren spielen.

Da die globalen Marktfuhrer in technologische Fortschritte investieren, wird die Branche voraussichtlich eine Vielzahl neuer Produkte erleben, die den vielfaltigen Bedurfnissen von Verbrauchern und Industrieunternehmen gerecht werden. Diese Innovationen werden den Markt weiter starken und ein nachhaltiges Wachstum sowie die kontinuierliche Entwicklung umweltfreundlicher Technologien sicherstellen. Elektromotor Marktsegmentierungsanalyse:

Nach Leistungsabgabe:

  • <1 PS
  • 1-5 PS
  • 5-10 PS
  • 10-20 PS
  • 20-50 PS
  • 50-100 PS
  • 100-300 PS
  • 300-500 PS
  • Uber 500 PS

Nach Produkttyp:

  • Wechselstrommotor
  • Gleichstrommotor

Nach Anwendung:

  • Pumps
  • Fans
  • Laufwerke
  • Kompressoren
  • Allgemeine Maschinen
  • Zentrifugalmaschinen
  • Schleifmaschinen
  • Extruder
  • Robotik
  • Sonstiges

Nach Endverbrauchsbranche:

  • Industrie
  • Wohnen
  • Klima- und Kaltetechnik
  • Medizin
  • Kommunale Wasseraufbereitung
  • Transport
  • Sonstiges

Nach Region:

  • Nordamerika
  • Lateinamerika
  • Westeuropa
  • Osteuropa
  • Ostasien
  • Sudasien und Pazifik
  • Naher Osten und Afrika

Authored By: Nikhil Kaitwade[10] (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making. Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering.

Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times. Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:

The global large synchronous motor market revenue[11] is estimated to reach USD 11.4 Billion in 2033, recording a CAGR of 5.5% from 2023 to 2033. The global motor winding repair service market size[12] is forecasted to grow at 5% from 2022 to 2032. The global motor generator set market share[13] is estimated to surge beyond USD 4.5 Billion by 2033 end.

The global heat recovery steam generator market valuation[14] is anticipated to exceed USD 2.03 Billion by 2033. The global gasoline generator market value[15] is forecasted to surpass USD 994.6 Million by the end of 2029. The global woodworking circular saw blades sales[16] are predicted to rise at a CAGR of 4.4% from 2022 to 2029.

The global modular energy control system industry[17] is estimated to be valued at USD 8.2 Billion by 2032. The global aircraft sequencing system market analysis[18] suggests that the industry is likely to hold a valuation of USD 10.94 Billion by 2032. The global mini cranes demand[19] to grow significantly at a CAGR of 6.0% during forecast period 2023 to 2033.

The global modular energy control system industry[20] is estimated to be valued at USD 8.2 Billion by 2032. About Future Market Insights (FMI): Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries.

FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Contact Us:       

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube[21][22][23][24][25][26]


References

  1. ^ USD 268.2 Billion by 2034 (www.globenewswire.com)
  2. ^ refrigerators (www.globenewswire.com)
  3. ^ electric motors demand (www.globenewswire.com)
  4. ^ https://www.futuremarketinsights.com/reports/electric-motor-market (www.globenewswire.com)
  5. ^ Nikhil Kaitwade (www.globenewswire.com)
  6. ^ industrial automation (www.globenewswire.com)
  7. ^ Electric Motor Market (www.globenewswire.com)
  8. ^ Electric Motor Market (www.globenewswire.com)
  9. ^ industrial automation (www.globenewswire.com)
  10. ^ Nikhil Kaitwade (www.globenewswire.com)
  11. ^ large synchronous motor market revenue (www.globenewswire.com)
  12. ^ motor winding repair service market size (www.globenewswire.com)
  13. ^ motor generator set market share (www.globenewswire.com)
  14. ^ heat recovery steam generator market valuation (www.globenewswire.com)
  15. ^ gasoline generator market value (www.globenewswire.com)
  16. ^ woodworking circular saw blades sales (www.globenewswire.com)
  17. ^ modular energy control system industry (www.globenewswire.com)
  18. ^ aircraft sequencing system market analysis (www.globenewswire.com)
  19. ^ mini cranes demand (www.globenewswire.com)
  20. ^ modular energy control system industry (www.globenewswire.com)
  21. ^ [email protected] (www.globenewswire.com)
  22. ^ https://www.futuremarketinsights.com (www.globenewswire.com)
  23. ^ LinkedIn (www.globenewswire.com)
  24. ^ Twitter (www.globenewswire.com)
  25. ^ Blogs (www.globenewswire.com)
  26. ^ YouTube (www.globenewswire.com)

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