Electric Motors Market Set for Strong Growth with 7.1% CAGR by 2031: A Deep Dive into Trends and Innovations

Electric Motors Market Set for Strong Growth with 7.1% CAGR by 2031: A Deep Dive into Trends and Innovations

According to the latest report by Meticulous Research®, the global electric motors market is projected to reach $254.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.1% between 2024 and 2031. The surge in demand for energy-efficient electric motors, the increasing adoption in manufacturing industries, rising sales of consumer electronics, and the growing need for HVAC systems are key factors propelling this growth. However, market challenges such as fluctuating raw material prices and limitations in battery technology could impede progress.

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Advancements in motor technology, coupled with the rising importance of electric motors in robotics and automation, present significant opportunities for market players. Nonetheless, challenges such as component shortages, supply chain disruptions, and high maintenance costs could limit growth potential.

The global electric motors market is categorized by motor type, power output, and end users. In terms of motor type, the market is divided into AC motors and DC motors. The AC motor segment, which includes synchronous motors, induction motors, and universal motors, is expected to hold the largest share (~66%) of the market by 2024. This dominance is largely due to the growing automation across industries such as manufacturing, automotive, and robotics, driving demand for AC motors in powering conveyor systems, pumps, and HVAC equipment. These motors, known for their precise control, are crucial in maintaining efficient temperature and airflow control in HVAC applications. Continued advancements in motor design and control systems are improving efficiency, reliability, and performance, further boosting demand.

On the other hand, the DC motor segment is forecasted to register the fastest growth, with a CAGR of approximately 9% during the forecast period. Brushed and brushless DC motors, stepper motors, and other variants play a key role in industrial machinery, electronic toys, and equipment requiring variable speed control. Brushless DC motors, in particular, are gaining popularity due to their energy efficiency and low maintenance requirements. This trend is driven by the growing demand for energy-efficient solutions in industries and feature-rich consumer electronics like drones and power tools.

Several industry players are advancing motor technologies to capitalize on this growing market. For example, in October 2023, Toshiba Electronic Devices & Storage Corporation launched two 600V intelligent power devices (IPDs) designed for brushless DC motor applications, such as air conditioners and pumps. Similarly, in April 2022, AMETEK Haydon Kerk Pittman introduced a new size in its IDEA Motor series of brushless DC motors, enhancing performance for motion control applications.

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The power output of electric motors is another key segment of the market, categorized into fractional horsepower motors (up to 1 HP), integral horsepower motors (1 HP to 400 HP), and large horsepower motors (over 400 HP). In 2024, the fractional horsepower motors segment is expected to dominate the market, accounting for ~85% of the total market share. This is due to the widespread use of small motors in automation and industrial processes, such as powering fans, pumps, and conveyor belts. The demand for these motors is growing across residential, commercial, and industrial HVAC systems, where they enable precise climate control. Additionally, the rise in electric vehicles (EVs) continues to drive demand for small motors used in auxiliary functions like windows and ventilation.

Meanwhile, the integral horsepower motor segment is poised for rapid growth, driven by the increasing need for efficient motors in industries and electric vehicles. The acquisition of Siemens' low-voltage NEMA motor business by ABB (Switzerland) in August 2022 exemplifies the ongoing consolidation and investment in the electric motor sector.

In terms of end users, the industrial segment is expected to lead, accounting for ~32% of the market in 2024. Electric motors are indispensable in industrial settings due to their precision in controlling speed and torque, making them ideal for automation and variable-speed applications. The market is further supported by growing demand from sectors like manufacturing, robotics, and HVAC systems. The high reliability and reduced maintenance needs of electric motors, compared to internal combustion engines, also contribute to their popularity in industrial environments.

Several companies are enhancing their industrial motor offerings to meet market demand. For instance, Robert Bosch GmbH began producing electric motors in its Charleston facility in October 2022, while WEG S.A. launched a new high-performance motor, W12, in July 2022 to support industrial applications.

Geographically, Asia-Pacific is expected to hold the largest share of the electric motors market in 2024 (~47%). This region’s growth is driven by advancements in the agriculture sector, rapid industrialization, and a surge in electric vehicle production, particularly in China, Japan, and South Korea. The presence of key original equipment manufacturers (OEMs) like Honda, Hyundai, Toyota, and Nissan further supports market growth in the region. Moreover, increased EV adoption in countries like China and India is projected to fuel further expansion.

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With growing investments and innovation across various sectors, the global electric motors market is poised for substantial growth, though challenges such as supply chain issues and component shortages may temper the pace of progress. Nonetheless, with advancements in motor technology and increasing demand across industries, the electric motors market presents significant opportunities for stakeholders in the years ahead.

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