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Electric Motor Market Size, Share & Industry Analysis, By Motor Type (AC Motor, DC Motor, Hermetic Motor), By Power Output (Fractional Horsepower (Up to 1HP), Integral Horsepower (Above 1HP)), By Voltage (Up to 1kV, 1kV - 6.6kV, Above 6.6kV), By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Electrical Appliances, Others), By End-User (Industrial, Commercial, Residential, Agriculture, Transportation) and Regional Forecast, 2024-2032

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI100752



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The global electric motor market size was valued at USD 128.35 billion in 2023 and is projected to grow from USD 137.12 billion in 2024 to USD 246.59 billion by 2032, exhibiting a CAGR of 7.61% during the forecast period. Asia Pacific dominated the electric motor market with a market share of 35.97% in 2023.

An electric motor is an electrical machine that is used to convert electrical energy into mechanical energy. Most of the present electrical motors operate through the interaction between the motor's magnetic field and electric current in a wire winding to generate force in the form of torque applied on the motor's shaft. Industrial, agricultural, and automotive sectors are the prime sectors for the deployment of such motors. But with the improving technology and urbanization, the demand for motors has increased across the commercial and residential sectors. Moreover, the heating and air conditioning (HVAC) sectors have emerged as the fastest-growing sector for motor deployment.

The global health emergency caused by the sudden spread of the novel coronavirus or COVID-19 pandemic has had a negative impact on every industry. Industries have to suffer a significant loss in operational time owing to the imposition of strict policies such as nation-wide lockdowns to curb the reach of the virus. Accordingly, the outbreak of the disease has altered the demand for electric type of motors. As the market is vast and includes many players with extensive sales channels spread over different countries, the unavailability of workers and travel restrictions have put a halt to production activities and brought the market to a standstill.

Electric Motor Market Trends

Rapid Paced Urbanization to Promote Market Growth

The increasing urbanization directly leads to high demand for various services and, therefore, creates opportunities to deploy electrical motors. For example, the growing construction activities boost the deployment of electrical motors as motors are required during several construction activities. Similarly, in the residential sector, the demand for motors increases for various household applications. The high power demand further leads to growth in energy generation capacities. Also, the cultivation of crops directly impacts the electric machine's adoption in the agricultural sector as motors are of prime importance for crop irrigation purposes. Such factors are expected to favor the global electric motor market growth in the forthcoming years.

Increasing Focus on Adopting Vehicles Running on Renewable Sources to Aid Growth

Automotive manufacturers are currently initiating various projects to focus on adopting various alternatives to eliminate fossil fuel use in vehicles. The companies have come up with electric vehicles that run on battery and fuel cell electric vehicles (FCEVs) powered by reactions in fuel cells. For instance, in 2019, Toyota planned to increase its global production to 30,000 fuel cell stacks by 2020 and started deploying its hydrogen forklifts, buses, and heavy trucks. Furthermore, in December 2018, Hyundai Motor Group introduced a new plan intending to make 700,000 fuel cell systems annually, out of which 500,000 MW would be used for private and commercial FCEVs.

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Electric Motor Market Growth Factors

Ongoing Advancements in Electric Motor Technology to Drive Market Growth

Continuous research and development efforts are focused on enhancing the efficiency of electric motors. Advancements in motor design, materials, and manufacturing processes help reduce energy losses, resulting in higher overall efficiency and lower operating costs. The development of electric motors with higher power density allows for more compact designs without sacrificing performance. These high-power density motors are particularly valuable in applications where space is limited, such as automotive propulsion systems and industrial machinery.

In September 2022, Mitsubishi Electric Corporation announced that it has jointly developed an electric motor design support system with Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) that incorporates Mitsubishi Electric's Maisart AI technology to reduce the time required to generate electricity significantly, engine designs that achieve the same efficiency as conventional design methods used by experienced engineers by hand. TMEIC plans to introduce the system for internal work in the financial year 2024. The new system can be used in the design of electric motors for industrial pumps, compressors, and fans.

Increasing Adoption for HVAC Application to Propel the Market Growth

The heating and air-conditioning (HVAC) industry has expanded with the growing demand for heating and cooling across residential, commercial, and industrial locations. This has led the new construction activities to look at the HVAC equipment supply in the buildings as an important characteristic during construction. Moreover, it has ultimately fueled the demand for the deployment of electric motors. Developing economies are the major countries indulged in the HVAC industry's growth as commercial spaces are increasing, along with the rising standard of living.


High Maintenance Cost to Hinder Market Growth

The major factor that can restrain the key market growth is the high maintenance cost of the motor. In some cases, the operational cost is also very high, which can hamper its adoption by customers. For example, if a high-horsepower motor is used, along with a low load factor, the cost per hour of the operation increases significantly. However, some motors do not have a self-starting torque, as in the case of induction motors. Furthermore, auxiliaries may also be required to start single-phase motors. Therefore, the growth of the market may impede on account of such factors.

Electric Motor Market Segmentation Analysis

By Motor Type Analysis

Increasing Demand of AC Motors Owing to its Operational Advantages

Based on the motor type, this market is segmented into AC motors, DC motors, and Hermetic motors.

The AC motors segment is projected to hold a significant market share owing to the extensive use of AC motors in various applications ranging from irrigation pumps to advanced industrial operations.

The DC motors segment will showcase considerable growth during the forecast period owing to the increasing application in electric vehicles and the booming transportation sector.

The Hermetic motor is widely deployed for compression, heating, and ventilation purposes, which holds an uptick in demand from developing economies. This is expected to lead to segmental growth during the forecast period.

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By Power Output Analysis

Increasing Deployment of Motors in Small Scale Industries Will Drive the Fractional Horsepower Segment Growth 

Based on the power output segment, the market is segmented into fractional horsepower (Up to 1HP) and integral horsepower (Above 1HP).

The fractional horsepower (Up to 1HP) segment is expected to lead the market owing to the growing deployment of electric motors of power range up to 1HP for small scale industries such as paper & pulp industries, textile mills, warehouses, and other applications.

The investments for the integral horsepower (Above 1HP) segment will majorly come from large-scale industries.

By Voltage Analysis

Up to 1 kV Segment to Hold Largest Market Share

Based on the voltage segment, the market is bifurcated into Up to 1 kV, 1 kV-6.6 kV, and above 6.6 kV segment.

The up to 1 kV segment currently holds the largest share in the market due to the increasing demand from residential & commercial sectors such as household appliances ranging from vacuum cleaners, coffee machines, refrigerators, washing machines, etc.

The investment in the 1 kV-6.6 kV segment will mainly be from the industrial and agricultural sectors. The operations carried out in industrial and agricultural sectors generally require high capacity motors as power demand is high from equipment used. Also, a proper flow of coolant or water must be maintained to ensure efficient working of whole industrial set up and agricultural activity.

By Application Analysis

Increasing Investment from Automotive Sector for Electric Vehicles Propels Market Dynamics

Based on application, the market is segmented into industrial machinery, motor vehicles, HVAC equipment, electrical appliances, and others.

The motor vehicle segment is expected to remain at the forefront due to the increasing investment in electric vehicles and the automobile industry to achieve global targets of reducing carbon emissions.

The growing investment from the industrial sector and surging demand for energy-efficient motors drive the demand for industrial machinery and HVAC equipment.

The surging deployment of electrical motors-based products such as vacuum cleaners, washing machines, refrigerators, and others, across the residential segment, will boost the electrical appliances segment growth in the forthcoming years.

By End-User Analysis

Increasing Focus on Vehicles to Curb Carbon Emissions to Boost Transportation Segment  

Based on the end-user, the market is segmented into industrial, commercial, residential, agriculture, and transportation.

With governments worldwide focusing on formulating supportive policies and regulations to create awareness regarding the use of electric vehicles in their respective countries, the demand for electric motors from the automotive industry has been rising in the transportation sector. This trend is set to be continued for several years down the lane and therefore drive the investments in the transportation sector.

The growing demand for agricultural and industrial pumps and motors and household appliances will propel the electric motor demand as it forms an integral part of the working system.


The market has been analyzed across major regions, which include North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

Asia Pacific Electric Motor Market Size, 2023 (USD Billion)

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Asia-Pacific stood at USD 46.17 billion in 2023 and is expected to dominate the global electric motor market in the forthcoming years. This is due to the increasing demand from sectors such as industrial, automotive, and power. Moreover, the region stands as the hub for automation and is experiencing massive demand for electric vehicles. The region is further witnessing a significant rise in demand for power due to rapid-paced urbanization in China and India.

Europe is projected to experience exponential growth during the forecast period owing to an increased focus on renewable energy and green energy targets. Additionally, the growing focus on the deployment of electric motors for agricultural and industrial activities will favor the market’s demand in the region. In Europe, as per the latest update for targets by European Union for 2030, it includes a 40% reduction in greenhouse gas emissions by 2030 as compared to 1990 levels.

The increasing demand for electric vehicles and the growing focus on achieving renewable energy targets will play a major part in the growth of the market in North America.

Latin America and the Middle East & Africa regions are expected to showcase exponential growth due to the rising investments in the oil and gas sector and rising construction activities within the regions, which promote the growth of residential and commercial sectors.  

List of Key Companies in Electric Motor Market

ABB and GE Lead the Way with Broad Product Portfolio and Wide Customer Reach

The market is highly dominated by ABB and GE, which have a broad range of products available for different end-user segments. These companies are equipped with products required for different applications and have advanced stator, rotor, and copper rotor technology, which improves motor performance, reliability, and efficiency. Furthermore, they are leading in different sectors such as battery manufacturing and the renewable energy sector that aids in seeking investment opportunities from several customers.

The other companies in the market include Nidec Motor Corporation, WEG, Toshiba Corporation, and Hitachi. These companies focus on improving their product portfolio and customer reach by securing contracts and investments in R&D.


  • ABB (Switzerland)

  • AMETEK (United States)

  • Johnson Electric (China)

  • Siemens (Germany)

  • Rockwell Automation (United States)

  • GE (United States)

  • Nidec Motor Corporation (Japan)

  • WEG (Brazil)

  • Toshiba Corporation (Japan)

  • Hitachi (Japan)

  • Mitsubishi Heavy Industries (Japan)

  • TECO-Westinghouse Motor Company (United States)

  • Arc Systems Inc. (Japan)

  • DENSO (Japan)

  • Regal Beloit Corporation (United States)


  • August 2023- WEG expanded its operations to the markets of Eastern Europe and Southwest Asia by opening a new office in Dilovas, Kocaeli, Turkey. The 7,000 m2 area is used to provide technical support to customers and assemble products. The move offers a shorter time to market not only for the local area but also for the surrounding countries.

  • May 2023- ABB India announced that it is expanding its production with a new range of drive modules at its Peenya plant in Bengaluru. The new line produces frequency converters from 75 kW to 250 kW and serves all major industrial segments. ABB variable frequency drives control the speed of electric motors to match actual process requirements and improve energy efficiency and effectiveness in all industrial applications.

  • February 2021 – German propulsion manufacturer Schottel won a contract for supplying main propulsion units to Vancouver-based company Western Pacific Maritime (WPM). The order for the new sea ferry vessel is being placed by the British Columbia Ministry of Transport and Infrastructure. It will be fitted with four high-efficiency Schottel TwinPropellers STP 150 L of 360kW each. These propellers will be powered by a permanent magnet motor (PEM). Propulsion units to Vancouver-based Company Western Pacific Maritime (WPM). The order for the new sea ferry vessel is being placed by the British Columbia Ministry of Transport and Infrastructure. It will be fitted with four high-efficiency Schottel TwinPropellers STP 150 L of 360kW each. These propellers will be powered by a permanent magnet motor (PEM).

  • February 2021 –   Lordstown Motors plans to start producing its all-electric Endurance pickup truck in September 2021. The electric pickup truck has its e-motor at each wheel that produces 447 kW and will be available at a price starting from USD 52,500. Furthermore, the company plans to complete the first beta prototypes, which will be used for testing and sent to customers to gather their feedback.

  • December 2020 - ABB announced that it is expanding its range of high-power series motors with the launch of the new M3BP motor range for industrial customers in India. These reliable and durable Made in India Process power motors offer frame sizes from 280 to 355 and power from 75 kW to 560 kW. Their power is greater than the standard defined by standard engines of the same frame size. Its compact design facilitates installation, commissioning, and maintenance.


The electric motor market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the market research report provides insights into the latest market trends and analyzes technologies that are being deployed at a rapid pace at a global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the industry.

An Infographic Representation of Electric Motor Market

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Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 7.61% from 2024 to 2032


Value (USD Billion)













By Motor Type

  • AC Motors

  • DC Motors

  • Hermetic Motors

By Power Output

  • Fractional Horsepower (Up to 1HP)

  • Integral Horsepower (Above 1HP)

By Voltage

  • Up to 1 kV

  • 1 kV-6.6 kV

  • Above 6.6 kV

By Application

  • Industrial Machinery

  • Motor Vehicles

  • HVAC Equipment

  • Electrical Appliances

  • Others

By End-User

  • Industrial

  • Commercial

  • Residential

  • Agriculture

  • Transportation

By Geography

  • North America

    • By Motor Type

    • By Power Output

    • By Voltage

    • By Application

    • By End-User

    • By Country

      • The U.S.

      • Canada

  • Europe

    • By Motor Type

    • By Power Output

    • By Voltage

    • By Application

    • By End-User

    • By Country

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Netherlands

      • Rest of Europe

  • Asia Pacific

    • By Motor Type

    • By Power Output

    • By Voltage

    • By Application

    • By End-User

    • By Country

      • China

      • Japan

      • India

      • Australia

      • Southeast Asia

      • Rest of Asia Pacific

  • Latin America

    • By Motor Type

    • By Power Output

    • By Voltage

    • By Application

    • By End-User

    • By Country

      • Brazil

      • Mexico

      • Rest of Latin America

  • The Middle East & Africa

    • By Motor Type

    • By Power Output

    • By Voltage

    • By Application

    • By End-User

    • By Country

      • GCC

      • South Africa

      • Rest of the Middle East & Africa

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 128.35 billion in 2023 and is projected to reach USD 246.59 billion by 2032.

In 2023, Asia Pacific stood at USD 46.17 billion.

The market is likely to grow at a CAGR of 7.61% while exhibiting substantial growth during the forecast period (2024-2032).

The AC motor segment is anticipated to dominate this market during the forecast period.

The increasing adoption of the electric motor across various application sectors is the key factor driving the market.

ABB, Siemens, and GE are some of the key participants operating across the industry.

Asia Pacific dominated the market in terms of share in 2023.

Urbanization leads to increasing demand for automotive, HVAC applications and other operations across several commercial & residential sectors. Therefore, this leads to higher adoption of these motors that are convenient and sustainable energy sources.

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