The global electric motors market size was US$ 141.1 billion in 2021. The global electric motors market is forecast to grow to US$ 240.1 billion by 2030, registering a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.

Electric motors are devices that operate on the electromagnetic induction principle. An electric motor is made up of bearings, rotors, windings, air gaps, stators, and commutators. Hybrid autos, appliances, electric vehicles, fans, disc drivers, and power tools all use electric motors to operate.

Factors Influencing the Market

The increasing industrialization and growing manufacturing segment will fuel the growth of the global electric motors market during the forecast period. The governments of emerging economies, majorly in Asia-Pacific, are focusing on strengthening industrialization. As a result, the electric motors market will grow significantly during the forecast period.

Growing foreign direct investment, majorly to promote the manufacturing industry, will benefit the overall electric motors market during the forecast period.

The increasing demand for motor-driven household appliances is forecast to surge the market growth in the coming years. In addition, a growing number of innovations in the electric motor segment will benefit the electric motor market.

The benefits of electric motors, such as operational efficiency & improved insulation, will accelerate the market growth during the forecast period. Furthermore, growing motorized automation will escalate the market growth in the coming years.

However, the high cost of electric motors, limited range of electric motors, and lack of awareness among consumers about the benefits of electric motors may restrain the growth of the electric motors market.

COVID-19 Impact Analysis

The COVID-19 pandemic emerged as a huge downfall for the electric motors market. The demand for electric motors reduced from the oil and gas sector. In addition, people stopped purchasing costly products due to this crisis. Thus, the demand for electric motors from end-use industries also reduced drastically. Moreover, manufacturing operations were also hampered due to the COVID-19 pandemic. Shortage of raw material, labor, and other necessities caused disruptions, which hampered the manufacturing activities. As a result, the electric motor market witnessed a significant decline to an extent.

Regional Analysis

Due to technical advancements and massive expenditures in industrialization, Asia-Pacific electric motors market is forecast to grow at the fastest rate. In addition, increasing government investments and the rising oil and gas industry will benefit the regional electric motors market during the study period.

Competitors in the Market

Allied Motion Technologies Inc.
Ametek Inc.
Arc Systems Inc.
Asmo Co. Ltd.
Baldor Electric Company Inc.
Emerson Electric Co.
Franklin Electric Co.
General Electric
Johnson Electric
Nidec Corporation
Rockwell Automation
Siemens.
Other Prominent Players
Market Segmentation

The global electric motors market segmentation focuses on Product, Application, and Region.

The electric motors market has been segmented based on product type

AC Motors
DC Motors
The electric motors market has been segmented based on application

Industrial Machinery
Residential
Commercial
Transportation
Others (Agriculture)
Based on Region, the electric motors market has been segmented into

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America