The Electric Motor Market is to Touch $169 Billion by 2030; Energy-efficient motor innovations and the increasing demand for automation in industrial and commercial sectors propel market growth.

The Electric Motor Market size is estimated to reach $169 billion by 2030, growing at a CAGR of 5.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “By Product Type (AC Motor (Induction Motor, Synchronous Motor, Servo Motor, Stepper Motor and Others), DC Motor (Brushed DC Motor, Brushless DC Motor, Servo Motor, Series Motor, Stepper motor, Compound Motor and Others)), By Product Category (Permanent Magnet, Non-Permanent Magnet), By Phase (Single Phase, Three Phase), By Power Rating (Below 0.5W, 0.5W-1W, 1W to 100W, 100W to 1KW, 1KW to 10KW, 10KW and Above), By Efficiency (IE1, IE2, IE3, IE4), By Application (Commercial (Automated Doors, Elevators & Escalators, Blowers, Electric Sweepers, Hand Dryers, Data Center & UPS, Pumps, Power Tools, Water Coolers, Camera PTZ Control, Drones, Others), Consumer Products (Pumps, Hair Dryers, Lawn Mowers, Boilers, Dishwashers, Vacuum Cleaners, washing machine, Blenders & Mixers, Fans & Chimneys, Desktop & Laptops, Smartphones, Refrigerators, Others), Automotive (Body Control motors, EPS Motors, Brake Booster BLDC Motor, Seat Adjustment, Belt Tensioner, Car Window Motor, Door Lock Motors, Wiper Motor, Others), Medical & Healthcare (Diagnostic Equipment (CT Scanners, MRI, Biopsy Systems, Diagnostics Analyzers, Ultrasound Transducers, X-Ray, Others), Medical Centrifuges, Medical Pumps, Blowers and Compressors, Surgical Instruments (Saws, Drills, Surgical Robots, Others), Dental CAD/CAM Milling Machines, Exoskeleton & Prosthetics, Microscopes, Wheelchairs & Scooters, Stair Lifts, Hospital Beds & Exam Tables, Others) and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

Advancements and rising environmental regulations are fueling the growth of the Electric Motor industry during the forecast period.

In 2023, the Asia-Pacific region led the electric motor market, capturing a significant 38% share. Key growth drivers include heightened compliance with energy efficiency regulations and the rising adoption of motor-driven electric vehicles. Growing environmental concerns regarding traditional energy sources like coal and natural gas have increased the demand for energy-efficient solutions. Significant investments in industrialization and advancements in agriculture, particularly in China, India, South Korea, and Australia, are further propelling market growth. Additionally, the thriving electric vehicle sector in China and Japan boosts electric motor demand through increased production and sales. Supported by government initiatives promoting clean energy, Asia-Pacific is set to maintain its dominant position in the market. 

The rising demand for electric vehicles (EVs) is transforming the automotive industry, driven by supportive government policies, subsidies, and tax incentives. Major automakers like General Motors, Toyota, and BMW plan to launch over 400 EV models globally, with sales projected to reach 25 million units by 2025. In March 2022, Ford committed $50 billion for EV development by 2026, and in March 2023, Volkswagen announced plans to invest $131 billion in EVs and digital technologies by 2028. This surge in EV production correlates with increased demand for electric motors essential for traction and auxiliary systems. The growth of both sectors indicates a promising future as advanced technologies enhance EV appeal and adoption rates.

Manufacturers are intensifying R&D efforts to innovate electric motors that address efficiency and sustainability demands. Advanced designs, such as synchronous motors, offer up to 80% higher efficiency than traditional induction motors. The development of lightweight materials, like specialized steel, enhances motor efficiency while reducing size and costs. Notable innovations include ABB’s flameproof low-voltage motors launched in January 2022 and CG Power’s new low-voltage induction motors, introduced on October 2024, targeting carbon footprint reduction. These advancements cater to various residential, commercial, and industrial applications, bolstering market expansion.

Key companies profiled in the Electric Motor Market are ABB Ltd. AMETEK, Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd., Nidec Corporation, ARC Systems Inc., WEG Industries and others.