Electric Motor Market is growing due to rising demand for energy-efficient solutions and the global adoption of electric vehicles during 2026-2030 forecast period.
According to a TechSci Research report, the global electric motor market was valued at USD 141.68 billion in 2024 and is projected to reach USD 247.64 billion by 2030, with a CAGR of 9.59%. This growth is driven by the increasing demand for energy-efficient solutions and the rising adoption of electric vehicles globally during the forecast period.
Government regulations and support for sustainable technologies have played a crucial role in driving the demand for electric motors. With growing environmental concerns and a global push for carbon reduction, governments worldwide are implementing policies to promote energy-efficient, low-emission technologies. These regulations have created a favorable environment for the electric motor market, as electric motors are essential components in technologies designed to reduce environmental impact.
Governments are also introducing stringent energy efficiency standards for electric motors to reduce energy consumption across various industries. For example, the International Electrotechnical Commission (IEC) has established global motor efficiency standards, encouraging manufacturers to develop more energy-efficient motors. These standards have led to increased demand for advanced electric motor technologies that meet these criteria, ensuring industries comply with energy efficiency regulations and reduce their carbon footprint.
However, the technological complexity and integration challenges associated with electric motors pose a hurdle to widespread adoption. As electric motor technologies evolve, they are becoming more sophisticated, with features like variable speed controls and integration with digital systems like the Internet of Things (IoT). While these features enhance energy efficiency and performance, they also increase the complexity of electric motor systems.
Integrating these advanced motors into existing infrastructure, especially in industries with older equipment, is another challenge. Retrofitting systems with new electric motors often requires significant modifications, resulting in downtime, costly redesigns, and potential disruptions to operations. This can be a major concern for businesses looking to minimize downtime and maintain productivity.
The industrial segment dominates the global electric motor market and is expected to maintain this lead throughout the forecast period. The extensive use of electric motors in manufacturing processes, including automation, material handling, and machinery operations, has driven the demand in this sector. Additionally, the rise of industrial automation and energy-efficient technologies has further boosted the market. Industries such as chemicals, paper and pulp, cement, and wastewater treatment have also contributed to the expansion of the industrial electric motor market.
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North America is the fastest-growing region in the global electric motor market. Several factors contribute to this growth, including a strong push for energy efficiency and sustainability across industries like manufacturing, automotive, and renewable energy. As industries in North America prioritize reducing energy consumption and carbon footprints, the demand for energy-efficient electric motors has surged.
The electric vehicle (EV) market in North America has also significantly contributed to the growth of electric motors, particularly in traction and powertrain applications. The expansion of EV production in the U.S. and Canada, coupled with government incentives and environmental regulations aimed at reducing emissions, has driven the demand for electric motors.
Investment in renewable energy projects, such as wind and solar energy, has further boosted the need for electric motors in energy conversion systems like wind turbines and solar panel tracking mechanisms. With increasing emphasis on energy efficiency, sustainability, and clean technology adoption, North America is expected to remain a key driver in the electric motor market’s growth.
Key market players in the Electric Motor Market are: –
- General Electric Company
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- Rockwell Automation, Inc.
- Mitsubishi Electric Corporation.
- Emerson Electric Co.
- Yaskawa Electric Corporation.
- Toshiba Corporation.
- Nidec Corporation
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“The Electric Motor market is poised for robust growth driven by increasing demand for energy-efficient technologies, particularly in automotive, industrial automation, and HVAC applications. Advancements in electric vehicle adoption and stringent regulations promoting energy efficiency are key factors propelling market expansion. Innovations in motor design focusing on performance enhancement, durability, and reduced operational costs are expected to further accelerate growth.
Moreover, investments in renewable energy and smart infrastructure initiatives globally will create new opportunities for market expansion, fostering a positive outlook for the Electric Motor market in the foreseeable future.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Electric Motor Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (AC Motors, DC Motors and Hermetic Motors), By Output Power (Above 1HP and Upto 1HP), By End Use (Residential, Commercial, Industrial, Transportation and Others), By Region, By Competition, 2020-2030F” has evaluated the future growth potential of Electric Motor Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Electric Motor Market.
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