GITNUX REPORT 2024

Global Electric Motors Industry Statistics: Market Valuation and Growth Analysis

Dive into the booming electric motors industry with staggering growth forecasts and key market insights.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The global electric vehicle motors market is projected to reach USD 34.7 billion by 2030

Statistic 2

Permanent magnet synchronous motors (PMSMs) are expected to dominate the EV motor market

Statistic 3

The electric vehicle motors market is expected to grow at a CAGR of 21.7% from 2021 to 2030

Statistic 4

Permanent magnet motors are expected to dominate the electric vehicle motor market with a share of over 70% by 2030

Statistic 5

The in-wheel motor market for electric vehicles is projected to grow at a CAGR of 35.2% from 2021 to 2026

Statistic 6

The global market for electric vehicle traction motors is expected to reach USD 17.3 billion by 2026

Statistic 7

The electric aircraft motor market is projected to grow at a CAGR of 5.6% from 2021 to 2030

Statistic 8

The industrial machinery segment held the largest market share of over 30% in 2020

Statistic 9

The automotive industry is expected to be the fastest-growing end-use segment, with a CAGR of 7.5% from 2021 to 2028

Statistic 10

The HVAC equipment segment is anticipated to grow at a CAGR of 6.8% from 2021 to 2028

Statistic 11

The automotive industry accounts for approximately 25% of the global electric motors market

Statistic 12

The aerospace and defense sector is expected to witness a CAGR of 6.5% in electric motor adoption from 2021 to 2028

Statistic 13

The home appliances segment is projected to grow at a CAGR of 7.2% from 2021 to 2028 in the electric motors market

Statistic 14

The water and wastewater industry is expected to witness significant growth in electric motor adoption, with a CAGR of 6.8% from 2021 to 2028

Statistic 15

The mining and oil & gas industry is anticipated to grow at a CAGR of 5.9% in electric motor adoption from 2021 to 2028

Statistic 16

The industrial sector accounts for about 64% of global electricity consumption by electric motors

Statistic 17

Implementing best available motor technologies could reduce global electricity consumption by electric motors by 20-30%

Statistic 18

The global market for high-efficiency motors is expected to reach USD 29.2 billion by 2027

Statistic 19

IE3 premium efficiency motors are expected to witness the highest growth rate in the coming years

Statistic 20

Implementation of IE4 and IE5 efficiency class motors can reduce energy consumption by up to 40% compared to IE1 motors

Statistic 21

The global market for energy-efficient motors is expected to reach USD 41.6 billion by 2027

Statistic 22

Variable speed drives can reduce energy consumption in electric motor systems by 20-50%

Statistic 23

The adoption of IE3 and IE4 efficiency class motors is expected to grow at a CAGR of 8.2% from 2021 to 2028

Statistic 24

The global market for smart motors is projected to reach USD 2.5 billion by 2026

Statistic 25

The global electric motors market size was valued at USD 106.3 billion in 2020

Statistic 26

The electric motors market is expected to grow at a CAGR of 6.9% from 2021 to 2028

Statistic 27

The top 5 electric motor manufacturers account for approximately 35% of the global market share

Statistic 28

The electric motors market in emerging economies is expected to grow at a CAGR of 7.5% from 2021 to 2028

Statistic 29

The global market for electric motor repairs and services is projected to reach USD 36.2 billion by 2026

Statistic 30

The electric motors market for robotics and automation is expected to grow at a CAGR of 9.2% from 2021 to 2028

Statistic 31

The global market for electric motor manufacturing equipment is projected to reach USD 4.8 billion by 2026

Statistic 32

The electric motors market for renewable energy applications is expected to grow at a CAGR of 8.7% from 2021 to 2028

Statistic 33

The global market for electric motor testing equipment is projected to reach USD 1.2 billion by 2026

Statistic 34

The global market for electric motor soft starters is expected to reach USD 3.3 billion by 2027

Statistic 35

The global motor control centers market is projected to reach USD 7.3 billion by 2025

Statistic 36

The global market for electric motor bearings is expected to reach USD 8.5 billion by 2027

Statistic 37

The global variable frequency drives market is anticipated to reach USD 27.5 billion by 2026

Statistic 38

The global electric motor winding market is projected to reach USD 12.4 billion by 2027

Statistic 39

AC motors accounted for over 65% of the global electric motors market share in 2020

Statistic 40

Brushless DC motors are projected to witness the highest growth rate in the forecast period

Statistic 41

The fractional horsepower (FHP) motors segment is expected to grow at a CAGR of 6.2% from 2021 to 2026

Statistic 42

Induction motors account for approximately 80% of all electric motors in industrial applications

Statistic 43

Synchronous motors are expected to witness a CAGR of 7.2% from 2021 to 2028

Statistic 44

The global market for DC motors is projected to reach USD 36.5 billion by 2027

Statistic 45

Switched reluctance motors are gaining traction in the automotive industry, with a projected CAGR of 8.5% from 2021 to 2028

Statistic 46

The global market for linear induction motors is expected to reach USD 1.5 billion by 2026

Statistic 47

Asia Pacific dominated the electric motors market with a share of over 40% in 2020

Statistic 48

China is the largest producer of electric motors, accounting for over 30% of global production

Statistic 49

Europe is expected to witness significant growth in the electric motors market due to stringent energy efficiency regulations

Statistic 50

The North American electric motors market is projected to grow at a CAGR of 5.8% from 2021 to 2028

Statistic 51

India's electric motors market is expected to grow at a CAGR of 9.2% from 2021 to 2026

Statistic 52

The Middle East and Africa electric motors market is anticipated to grow at a CAGR of 5.2% from 2021 to 2028

Statistic 53

The global submersible motors market is projected to reach USD 3.5 billion by 2026

Statistic 54

The servo motors market is expected to grow at a CAGR of 6.5% from 2021 to 2026

Statistic 55

The global stepper motors market is anticipated to reach USD 3.6 billion by 2027

Statistic 56

The linear motors market is projected to grow at a CAGR of 7.1% from 2021 to 2026

Statistic 57

The global traction motor market is expected to reach USD 31.5 billion by 2025

Statistic 58

The global submersible pump motors market is expected to grow at a CAGR of 5.8% from 2021 to 2026

Statistic 59

The servo motors market for industrial robots is projected to reach USD 4.7 billion by 2026

Statistic 60

The global market for explosion-proof motors is expected to reach USD 2.8 billion by 2027

Statistic 61

The linear motors market for semiconductor equipment is projected to grow at a CAGR of 8.5% from 2021 to 2026

Statistic 62

The global market for cryogenic motors is expected to reach USD 2.1 billion by 2026

Share:FacebookLinkedIn
Sources

Our Reports have been cited by:

Trust Badges

Summary

  • The global electric motors market size was valued at USD 106.3 billion in 2020
  • The electric motors market is expected to grow at a CAGR of 6.9% from 2021 to 2028
  • AC motors accounted for over 65% of the global electric motors market share in 2020
  • The industrial machinery segment held the largest market share of over 30% in 2020
  • Asia Pacific dominated the electric motors market with a share of over 40% in 2020
  • The automotive industry is expected to be the fastest-growing end-use segment, with a CAGR of 7.5% from 2021 to 2028
  • Brushless DC motors are projected to witness the highest growth rate in the forecast period
  • The fractional horsepower (FHP) motors segment is expected to grow at a CAGR of 6.2% from 2021 to 2026
  • The HVAC equipment segment is anticipated to grow at a CAGR of 6.8% from 2021 to 2028
  • The global electric vehicle motors market is projected to reach USD 34.7 billion by 2030
  • Permanent magnet synchronous motors (PMSMs) are expected to dominate the EV motor market
  • The industrial sector accounts for about 64% of global electricity consumption by electric motors
  • Implementing best available motor technologies could reduce global electricity consumption by electric motors by 20-30%
  • The global market for high-efficiency motors is expected to reach USD 29.2 billion by 2027
  • IE3 premium efficiency motors are expected to witness the highest growth rate in the coming years

Move over, fossil fuels – theres a new electric revolution in town, and its got the global electric motors industry buzzing faster than a high-efficiency motor at full throttle! With a market size worth a staggering USD 106.3 billion in 2020 and projected to rev up at a CAGR of 6.9%, AC motors leading the charge accounting for over 65% of market share, its clear that this industry isnt just spinning its wheels. From the industrial machinery sector dominating the landscape to Asia Pacific driving the market at over 40% share, and with brushless DC motors set to zoom ahead, its electrifying to see how this industry is sparking innovation and efficiency across a diverse array of applications. Stay plugged in for a jolt of insights into this electrifying world of motors, where every watt counts and the possibilities are as limitless as a variable frequency drive!

Electric Vehicle Motors

  • The global electric vehicle motors market is projected to reach USD 34.7 billion by 2030
  • Permanent magnet synchronous motors (PMSMs) are expected to dominate the EV motor market
  • The electric vehicle motors market is expected to grow at a CAGR of 21.7% from 2021 to 2030
  • Permanent magnet motors are expected to dominate the electric vehicle motor market with a share of over 70% by 2030
  • The in-wheel motor market for electric vehicles is projected to grow at a CAGR of 35.2% from 2021 to 2026
  • The global market for electric vehicle traction motors is expected to reach USD 17.3 billion by 2026
  • The electric aircraft motor market is projected to grow at a CAGR of 5.6% from 2021 to 2030

Interpretation

In the ever-evolving world of electric motors, the race towards a sustainable future is gaining momentum, with projections painting a promising picture. With permanent magnet synchronous motors set to reign supreme in the electric vehicle market, it seems like the industry is gearing up for a magnetic makeover. The rapid growth of the market, expected to soar at a CAGR of 21.7% from 2021 to 2030, is electrifying news for investors and enthusiasts alike. As permanent magnet motors rev up to dominate the scene with a projected share of over 70% by 2030, it's clear that the wheels of progress are turning in favor of sustainable transportation. And let's not forget about the in-wheel motor market, poised to spin at a dizzying CAGR of 35.2% from 2021 to 2026, indicating that the future is not just electric but in-wheel as well. With the global market for electric vehicle traction motors racing towards a value of USD 17.3 billion by 2026, and the electric aircraft motor market cruising at a 5.6% CAGR from 2021 to 2030, it's safe to say that the electric motors industry is flying high towards a greener horizon.

End-Use Industries

  • The industrial machinery segment held the largest market share of over 30% in 2020
  • The automotive industry is expected to be the fastest-growing end-use segment, with a CAGR of 7.5% from 2021 to 2028
  • The HVAC equipment segment is anticipated to grow at a CAGR of 6.8% from 2021 to 2028
  • The automotive industry accounts for approximately 25% of the global electric motors market
  • The aerospace and defense sector is expected to witness a CAGR of 6.5% in electric motor adoption from 2021 to 2028
  • The home appliances segment is projected to grow at a CAGR of 7.2% from 2021 to 2028 in the electric motors market
  • The water and wastewater industry is expected to witness significant growth in electric motor adoption, with a CAGR of 6.8% from 2021 to 2028
  • The mining and oil & gas industry is anticipated to grow at a CAGR of 5.9% in electric motor adoption from 2021 to 2028

Interpretation

In the world of electric motors, it's all about who's revving up the fastest and who's keeping things cool under pressure. The industrial machinery sector is strutting its stuff with over 30% of the market share in 2020, while the automotive industry is racing ahead with a projected 7.5% growth rate from 2021 to 2028. Meanwhile, the HVAC equipment segment is chilling out with a 6.8% anticipated growth rate. As the automotive industry cruises in with a hefty 25% slice of the global electric motors market, other key players like aerospace and defense, home appliances, water and wastewater, and mining and oil & gas are also stepping on the gas pedal, set to rev up their electric motor adoption rates in the coming years. It's a high-voltage industry, where everyone's vying for pole position in the electrifying race for innovation and efficiency.

Energy Efficiency

  • The industrial sector accounts for about 64% of global electricity consumption by electric motors
  • Implementing best available motor technologies could reduce global electricity consumption by electric motors by 20-30%
  • The global market for high-efficiency motors is expected to reach USD 29.2 billion by 2027
  • IE3 premium efficiency motors are expected to witness the highest growth rate in the coming years
  • Implementation of IE4 and IE5 efficiency class motors can reduce energy consumption by up to 40% compared to IE1 motors
  • The global market for energy-efficient motors is expected to reach USD 41.6 billion by 2027
  • Variable speed drives can reduce energy consumption in electric motor systems by 20-50%
  • The adoption of IE3 and IE4 efficiency class motors is expected to grow at a CAGR of 8.2% from 2021 to 2028
  • The global market for smart motors is projected to reach USD 2.5 billion by 2026

Interpretation

In the world of electric motors, numbers speak louder than words. With the industrial sector gobbling up a whopping 64% of global electricity consumption, it's clear that efficiency is the name of the game. Embracing the best available motor technologies could slim down that hefty energy bill by 20-30%, a trend that's pushing the high-efficiency motor market towards a hefty USD 29.2 billion by 2027. The rise of IE3 premium efficiency motors is poised to lead the charge, promising a brighter (and greener) future ahead. With IE4 and IE5 motors boasting energy savings of up to 40% compared to their IE1 counterparts, it's no wonder the global market for energy-efficient motors is set to balloon to USD 41.6 billion by 2027. And let's not forget the unsung hero, variable speed drives, swooping in to slash energy consumption by 20-50%. As the world gears up for a more sustainable future, the smart money is on IE3 and IE4 efficiency class motors, forecasted to rev up at an impressive 8.2% CAGR. So, buckle up - the global market for smart motors is revving towards a cool USD 2.5 billion by 2026, proving that when it comes to electric motors, the power is in the numbers.

Market Size and Growth

  • The global electric motors market size was valued at USD 106.3 billion in 2020
  • The electric motors market is expected to grow at a CAGR of 6.9% from 2021 to 2028
  • The top 5 electric motor manufacturers account for approximately 35% of the global market share
  • The electric motors market in emerging economies is expected to grow at a CAGR of 7.5% from 2021 to 2028
  • The global market for electric motor repairs and services is projected to reach USD 36.2 billion by 2026
  • The electric motors market for robotics and automation is expected to grow at a CAGR of 9.2% from 2021 to 2028
  • The global market for electric motor manufacturing equipment is projected to reach USD 4.8 billion by 2026
  • The electric motors market for renewable energy applications is expected to grow at a CAGR of 8.7% from 2021 to 2028
  • The global market for electric motor testing equipment is projected to reach USD 1.2 billion by 2026

Interpretation

The electric motors industry is buzzing with activity, much like the whirl of a well-oiled motor itself. With a global market size that could make anyone's head spin at USD 106.3 billion in 2020, the sector is revving up for even more growth at a CAGR of 6.9% from 2021 to 2028. It's a competitive race out there, with the top 5 manufacturers jostling for a chunk of the market share pie. Emerging economies are poised to drive this horsepower further, with a projected CAGR of 7.5% by 2028. The industry isn't just about motors running on electricity; it's also about keeping them in top shape, with a projected market for repairs and services hitting USD 36.2 billion by 2026. As automation and robotics take the wheel, the forecasted 9.2% CAGR from 2021 to 2028 promises an electrifying ride ahead. So buckle up, because the electric motors industry isn't slowing down anytime soon - it's a dynamic road ahead with renewable energy applications expected to take the lead at an accelerated 8.7% CAGR. With markets for manufacturing and testing equipment also on the rise, it's clear that this industry isn't just sparking interest but igniting a full-blown revolution.

Motor Components

  • The global market for electric motor soft starters is expected to reach USD 3.3 billion by 2027
  • The global motor control centers market is projected to reach USD 7.3 billion by 2025
  • The global market for electric motor bearings is expected to reach USD 8.5 billion by 2027
  • The global variable frequency drives market is anticipated to reach USD 27.5 billion by 2026
  • The global electric motor winding market is projected to reach USD 12.4 billion by 2027

Interpretation

The electric motors industry is revving up for an electrifying future, as the latest statistics suggest a surge in market value across various segments. From soft starters to motor control centers, bearings to variable frequency drives, and motor windings, the numbers paint a picture of accelerated growth on the horizon. With billions in projected market value, it's clear that the world is spinning towards a more efficient and sustainable direction, embracing the power of electric motors with open arms. So buckle up, fellow industry enthusiasts, the ride ahead promises to be both smooth and electrifying!

Motor Types

  • AC motors accounted for over 65% of the global electric motors market share in 2020
  • Brushless DC motors are projected to witness the highest growth rate in the forecast period
  • The fractional horsepower (FHP) motors segment is expected to grow at a CAGR of 6.2% from 2021 to 2026
  • Induction motors account for approximately 80% of all electric motors in industrial applications
  • Synchronous motors are expected to witness a CAGR of 7.2% from 2021 to 2028
  • The global market for DC motors is projected to reach USD 36.5 billion by 2027
  • Switched reluctance motors are gaining traction in the automotive industry, with a projected CAGR of 8.5% from 2021 to 2028
  • The global market for linear induction motors is expected to reach USD 1.5 billion by 2026

Interpretation

In the electrifying world of electric motors, the statistics paint a dynamic picture of innovation and evolution. It seems that while AC motors continue to reign supreme, the rise of Brushless DC motors is like a thrilling underdog story, poised to steal the spotlight with its projected growth rate. The FHP motors segment, steady and reliable, is set to chug along at a respectable CAGR. Meanwhile, induction motors stand tall as the workhorses of industrial applications, commanding a lion's share. Synchronous motors, with their synchronicity, are gearing up for a sprint towards exponential growth. In this whirlwind of progress, DC motors are aiming for the stratosphere of a $36.5 billion market by 2027, while Switched reluctance motors and linear induction motors are revving their engines for their own dazzling performances. The stage is set, and the electric motors industry is a thrilling theater of innovation and growth, where each motor type has its own moment to shine.

Regional Analysis

  • Asia Pacific dominated the electric motors market with a share of over 40% in 2020
  • China is the largest producer of electric motors, accounting for over 30% of global production
  • Europe is expected to witness significant growth in the electric motors market due to stringent energy efficiency regulations
  • The North American electric motors market is projected to grow at a CAGR of 5.8% from 2021 to 2028
  • India's electric motors market is expected to grow at a CAGR of 9.2% from 2021 to 2026
  • The Middle East and Africa electric motors market is anticipated to grow at a CAGR of 5.2% from 2021 to 2028

Interpretation

In the electrifying world of electric motors, it seems Asia Pacific is the power player with a dominant share, while China revs up as the production powerhouse. Europe is gearing up for growth fueled by energy efficiency mandates, while North America accelerates at a steady pace. India shifts into high gear with an impressive growth trajectory, and the Middle East and Africa join the race for market expansion. It's a global relay where every region vies for pole position in the electrifying marathon of motor markets.

Specialized Motors

  • The global submersible motors market is projected to reach USD 3.5 billion by 2026
  • The servo motors market is expected to grow at a CAGR of 6.5% from 2021 to 2026
  • The global stepper motors market is anticipated to reach USD 3.6 billion by 2027
  • The linear motors market is projected to grow at a CAGR of 7.1% from 2021 to 2026
  • The global traction motor market is expected to reach USD 31.5 billion by 2025
  • The global submersible pump motors market is expected to grow at a CAGR of 5.8% from 2021 to 2026
  • The servo motors market for industrial robots is projected to reach USD 4.7 billion by 2026
  • The global market for explosion-proof motors is expected to reach USD 2.8 billion by 2027
  • The linear motors market for semiconductor equipment is projected to grow at a CAGR of 8.5% from 2021 to 2026
  • The global market for cryogenic motors is expected to reach USD 2.1 billion by 2026

Interpretation

In a world where numbers speak louder than words, the electric motors industry is generating quite the buzz with projections that could power up anyone's interest. From submersible motors diving deep into a $3.5 billion market by 2026 to linear motors racing ahead with a 7.1% growth rate, it's clear that this sector is electrifyingly dynamic. Whether it's the steady climb of servo motors or the explosive growth of traction motors, the future looks bright for these mechanical powerhouses. So, buckle up and hold on tight as we witness the electrifying rise of the motors market, where innovation and demand drive the current of progress towards a charged future.

References