Electric Motors Market Share Expected to Grow $206.4 Billion by 2029
Delray Beach, FL, June 01, 2025 (GLOBE NEWSWIRE) -- The global Electric Motors Market share is expected to grow from USD 152.2 billion in 2024 to USD 206.4 billion by 2029, at a CAGR of 6.3% during forecast period. Electric motors market is driven mainly by Increasing demand for HVAC systems among residential, commercial, and industrial end-users, growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors. The electric motor market has bloomed forth globally. All these sectors inherit demanding environments for solving problems and improving reliability. From electric vehicles to industrial machinery, consumer electronics to wind turbines, electric motors find applications in many areas. They not only ensure low energy consumption but also increase efficiency and reduce operating costs.
As the world population grows and economies expand, the demand for energy, particularly oil and gas, continues to rise. Increasing demand for HVAC (Heating, Ventilation, and Air Conditioning) systems among residential, commercial, and industrial end-users, industries shift towards energy-efficient electric motors due to lowered energy utilization and operational costs in manufacturing industries are some of the major driving factors for the electric motors market.
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List of Key Players in Electric Motors Market:
ABB (Switzerland)
Siemens (Germany)
WEG (Brazil)
Wolong Electric (China)
NIDEC CORPORATION (Japan)
Drivers, Opportunities and Challenges in Electric Motors Market:
Driver: Increasing demand for HVAC systems in residential, commercial, and industrial sectors
Restraint: Fluctuating prices of raw materials
Opportunity: Transition in the global automotive industry toward electric vehicles
Challenge: Shortage of components and supply chain issues
Electric mobility is making a huge transition in the global automobile industry. The proactive efforts for the decarbonization of society in Europe are driven by the ever-increasing share of electric motors in the market. Advancements in battery technologies have reduced costs of batteries and improved the charging speed of the batteries. The increase in government support by providing redemptions on tax and incentives for promoting eco-friendly electric vehicles through electric motors are also acts of opportunities for the growth of the electric motors market. As per the IEA, it is revealed that 50% of global passenger electric vehicles should come from China in the year 2025.
Many governments worldwide are implementing policies and incentives to promote the adoption of electric vehicles as part of efforts to reduce greenhouse gas emissions and combat climate change. These policies include subsidies for EV purchases, tax incentives, and stricter emissions regulations, all of which are accelerating the transition to electric mobility and, consequently, increasing demand for electric vehicle motor market. The rapid growth of the EV market has led to the construction of new manufacturing facilities dedicated to producing electric vehicles and their components, including electric motors. Major automakers and new EV startups are investing heavily in scaling up production, which includes securing a reliable supply of electric motors. the growing demand for electric vehicles is a major driver of demand for electric motors. The transition to electric mobility, driven by technological advancements, government policies, and consumer preferences, is creating a significant and expanding market for electric motors across a wide range of vehicle types and applications. As the EV market continues to grow, the demand for efficient, powerful, and innovative electric motors will remain strong..
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Asia Pacific region to be the largest electric motors market
Asia Pacific is expected to dominate the global electric motor market size between 2024–2029, followed by Europe and North America. The urban population growth drives demand for infrastructure, including commercial buildings, residential complexes, and public utilities, all of which rely heavily on electric motors for HVAC systems, elevators, water treatment, etc are the reasons for the region's significant market size. Countries such as China and India are driving demand, supported by government initiatives promoting industrial automation and renewable energy adoption. The region's large water treatment plants and increasing electric vehicle manufacturing add to the demand for high-power motors. Moreover, improving motor efficiency and compact high-density designs also increase the market further. This is driving the electric motor market size in the Asia Pacific region.
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Energy Efficient Motor Market - Global Forecast to 2028
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