Electric Motors Market –Forecast, 2024-2030
Electric Motors Market Overview:
Electric Motors Market Size is?valued at $169 Billion by 2030, and is anticipated to grow at a?CAGR of 5.6% during the forecast period 2024 -2030.?The electric motors market is witnessing significant growth, driven by their widespread application across industries such as automotive, manufacturing, healthcare, and?consumer electronics. One key trend is the rising adoption of electric vehicles (EVs), as governments worldwide enforce stricter emission regulations and offer incentives to promote sustainable transportation. Electric motors are a critical component in EVs, powering their drivetrains and enhancing overall performance. Another major trend is the growing emphasis on industrial automation and smart manufacturing. Industries are increasingly adopting electric motors for robotics, conveyor systems, and automated machinery to boost productivity and energy efficiency. The integration of IoT and AI in motors enables predictive maintenance and optimized operations, further fueling market expansion.
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Key Takeaways:
On the basis of Type, DC Motor is projected to grow at a robust CAGR of 7.6% during 2024-2030, fueled by the growing use of brushless DC motors in a variety of sectors. Because of their increased durability and efficiency, these motors are taking the place of conventional brushed DC and AC induction motors in applications such as household appliances. DC motors play a key role in electric vehicles in the automotive industry, enabling non-traction applications like cooling fans and window regulators and contributing to the global trend toward environmentally friendly transportation.
The surge in EV production globally has been a key driver, as DC motors, particularly brushless DC motors (BLDC), are widely used for their energy efficiency and longer operational life. In May 2023, Hitachi in India has today announced their collaboration with M/s NASH INDUSTRIES, a pioneer, offering solutions with distinctiveness in Design, Precision Sheet Metal Stamping, Fabrication and Assemblies, to offer controllers for Brushless DC motors with the Integrated Single Chip ICs manufactured at Hitachi Power Semiconductor Device, Ltd. Japan.
Additionally, advancements in DC motor technology, such as improved electronic control systems and reduced maintenance requirements, are further boosting their adoption. Industries focusing on automation and renewable energy systems also favor DC motors for precise motion control and efficient energy conversion, contributing to their high growth rate in the market.
On the basis of product category, permanent magnet held the highest segmental market share of around 59.9% in 2023 accounting for a significant portion due to its superior performance and energy efficiency. Permanent magnet motors, including brushless DC motors (BLDC) and permanent magnet synchronous motors (PMSM), are widely used across industries such as automotive, industrial automation, and consumer electronics. These motors offer advantages like high torque density, reduced energy consumption, and compact design, making them the preferred choice for applications in electric vehicles (EVs), robotics, and renewable energy systems.
In November 2023, WEG announces new investments for its motor manufacturing plant located in Manaus, Brazil. The Company will invest R$ 48 million, in the next three years, to expand production capacity and adapt the plant to produce a new line of permanent magnet electric motors. The rising demand for EVs, which heavily rely on permanent magnet motors for drivetrain efficiency, has further propelled this segment's dominance. Typically, the permanent magnet segment constitutes over 50% of the electric motors market, driven by the growing emphasis on sustainability and technological advancements.?? ??
On the basis of phase, three-phase motor held the highest segmental market share of 72.6% in 2023. This dominance can be attributed to the widespread use of three-phase motors across commercial sectors due to their efficiency, durability, and superior performance. Three-phase motors are widely used in large-scale manufacturing, pumps, and conveyors, where high power output and continuous operation are required.
Unlike single-phase motors, which are primarily used for low-power applications, three-phase motors offer a balanced power supply that reduces energy losses, increases reliability, and provides smoother operation, making them more suited for demanding environments. The ability of three-phase motors to operate at higher speeds and provide more consistent power output allows them to handle heavier loads, making them the preferred choice in industries like automotive, energy, and chemicals.
Furthermore, advancements in motor technology, such as improved energy efficiency and automation integration, have further increased their appeal. In April 2022, Electric three-wheeler maker Euler Motors today announced that the company has tied up with Magenta, an integrated energy and electric mobility solutions provider, to deploy 1000 HiLoad EVs. The Euler HiLoad EV is powered by a three-phase induction motor, which churns out 10.96 kW and 88.5Nm. industrialization continues to grow globally, the demand for three-phase motors is expected to remain robust, contributing to their significant market share in 2023 and beyond. Their cost-effectiveness, long lifespan, and minimal maintenance needs continue to make them indispensable in industrial applications.
On the basis of power rating, 1W to 100W held the highest segmental market share of around 83% in 2023, This segment's substantial market share is primarily driven by the extensive use of small motors in household appliances, consumer electronics, and office equipment. Devices such as fans, pumps, refrigerators, air conditioners, and various automation systems in both residential and light commercial sectors rely heavily on these small and efficient motors.
The popularity of these motors in everyday products continues to support the large market share of the FHP segment. Additionally, the growth of IoT devices and robotics, which often require small electric motors, has further boosted demand in this power range. This segment's dominance is also reinforced by the increasing focus on energy efficiency and miniaturization in both consumer and industrial products, contributing to the ongoing demand for electric motors within this power range.
On the basis of efficiency, IE3 held the highest segmental market share of 48.37% in 2023. This dominance is attributed to the increasing adoption of IE3 motors across various industrial sectors, driven by their high energy efficiency and the growing emphasis on sustainability. IE3 motors are widely used in applications such as HVAC systems, pumps, industrial machinery, and fans, where energy savings and reduced operational costs are critical.
The global shift towards energy-efficient solutions, combined with stricter energy regulations, has accelerated the demand for IE3 motors. In April 2024, ABB India has introduced its latest IEC Low Voltage IE4 cast iron super premium efficiency motors in 71-132 frame sizes and IE3 Aluminum Motors in 71 – 90 frame sizes for reliable and energy efficient solutions in India. Many industries are upgrading to IE3 motors to comply with these regulations and to benefit from the long-term financial savings associated with lower energy consumption.
As energy efficiency continues to be a top priority in both industrial and commercial sectors, the IE3 segment’s share in the electric motors market is expected to remain dominant in the coming years. Three-phase single-speed electric motors must minimum be IE3 ranging from 0.75 to 55 kW and from 250 to 1000 kW. This applies to 2, 4, 6, and 8-pole electric motors designed for continuous duty, i.e. duty class S1, S3 ≥ 80 %, S6 ≥ 80 %. The supply voltage is up to 1000 V.
On the basis of application, the medical and healthcare sector is anticipated to grow at a CAGR of 8.5% from 2024 to 2030, driven by increasing investments and advancements in medical devices and equipment. Advanced medical technologies such as prosthetics, imaging devices like MRI and CT scanners, and surgical robots all depend on electric motors. By ensuring precise movements and precision in diagnostic imaging, these high-performance motors improve patient care.
In order to increase accessibility and operational efficiency, they are also used in vital healthcare systems including infusion pumps, patient monitoring equipment, and mobility aids like electric wheelchairs and patient lifts. Healthcare methods are advanced by electric motors, which also support robotic surgical systems and laboratory automation. The need for electric motors keeps growing as the medical industry develops with creative, technologically advanced solutions. This pattern emphasizes how crucial they are to providing the accuracy and dependability needed in contemporary healthcare applications, spurring additional advancements and uptake in this vital sector.
The electric vehicle (EV) revolution is one of the most significant trends driving the electric motors market. As the automotive industry increasingly shifts towards electrification, the demand for electric motors, especially those used in EVs, is soaring. Electric motors are the heart of EV propulsion systems, and as more manufacturers enter the EV market and governments incentivize the transition from combustion engines to electric propulsion, the demand for efficient and high-performance motors is growing exponentially. With plans to launch more than 400 EV models globally, major manufacturers like General Motors, Toyota, and BMW expect sales to exceed 25 million units by 2025.
Ford committed $50 billion to EV development by 2026 in March 2022, and Volkswagen set a goal of $131 billion to EV and digital technology investments by 2028 in March 2023. ?In particular, Permanent Magnet Synchronous Motors (PMSMs) and Induction Motors are being widely used in electric vehicles due to their high efficiency, torque density, and compact design. The global push towards reducing carbon emissions and the growing popularity of EVs in countries like China, the United States, and Europe are further driving the need for high-performance electric motors in automotive applications. Additionally, the development of next-generation EVs, including electric trucks and buses, is expected to further fuel the demand for electric motors, contributing to the market’s growth.
One of the major challenges faced by the electric motors market is the high initial cost of energy-efficient motors, such as those with IE3 and IE4 ratings. While these motors offer significant long-term savings in energy consumption and lower operating costs, their upfront purchase price is considerably higher compared to traditional motors. For many small and medium-sized businesses, as well as industries operating on tight margins, the high initial investment can be a barrier to adoption. Despite the long-term cost benefits, these industries may hesitate to upgrade to more energy-efficient solutions due to the substantial upfront financial commitment required.
Additionally, the integration of advanced technologies, such as smart motor systems, that optimize energy usage and improve performance can further increase the initial cost. This presents a challenge, particularly in regions with limited capital investment capabilities or where businesses are already struggling with high operational costs. To mitigate this issue, governments and regulatory bodies often provide incentives, rebates, and subsidies to encourage the adoption of energy-efficient solutions, but these initiatives are not always sufficient to offset the high upfront cost for every company. As a result, the electric motors market faces a significant hurdle in persuading industries to transition to more efficient motors despite the long-term benefits.
Key Market Players:?
Product launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Electric Motors Market. The top 10 companies in this industry are listed below:
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