Global Electric Motor Market Projected to Reach $22.6 Billion by 2030
Global Electric Motor Market Projected to Reach $22.6 Billion by 2030
According to a recent publication from Allied Market Research titled “Electric Motor Market by Motor Type, Output Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global electric motor market was valued at $106.3 billion in 2020 and is projected to grow to $207.3 billion by 2030, registering a CAGR of 6.7% between 2021 and 2030. In 2020, Asia-Pacific led the market, contributing approximately 41.10% of the total revenue.
Electric motors are compact, deliver high torque, require minimal maintenance, operate with low noise, and offer an excellent torque-to-weight ratio. These characteristics make them suitable for a wide range of applications, including automotive systems, beauty and healthcare devices, and robotics. These advantages collectively propel the global electric motor market forward.
Key industry players such as Mitsuba Corporation, Portescap, and Siemens AG have introduced new electric motor models to the market. For example, in April 2018, Mabuchi Motor Co. Ltd. unveiled its RS-4G5WA motor designed for peripheral engine systems. It features enhanced heat and vibration resistance, high torque speed, and comes with an output capacity ranging from 2.0 W to 33 W, weighing only 125 grams.
The increasing adoption of electric motors—driven by advancements in electronic control systems used in automation and construction—has amplified demand, especially for luxury automotive features and electric vehicles. As an illustration, the Indian Brand Equity Foundation reported a 10.5% growth in India’s pharmaceutical sector from 2018 to 2019, indirectly supporting increased demand for electric motors in related applications.
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However, the COVID-19 pandemic caused widespread disruptions. Many manufacturers temporarily suspended operations in countries such as the UAE, India, and Brazil, which directly affected global electric motor sales. For instance, Siemens AG recorded a 0.4% decline in net sales from September 2019 to September 2020. Moreover, raw material shortages, supply chain breakdowns, and workforce limitations further hindered production. Despite these challenges, the reopening of industries and the rollout of vaccines are expected to help the electric motor industry return to full operational capacity.
The global electric motor market is segmented by motor type, product type, application, and region. Based on motor type, it includes AC motors and DC motors, with AC motors generating the largest revenue share in 2020. By output power, the market is categorized into integral horsepower (IHP) and fractional horsepower (FHP), with the IHP segment dominating in 2020. In terms of application, the market covers automotive, HVAC, medical equipment, industrial machinery, home appliances, and others, with the home appliances segment leading the market that year.
Regionally, the market analysis spans North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific not only held the highest share in 2020 but is also expected to maintain its leadership throughout the forecast period.
Key Findings of the Study
- The report offers a thorough evaluation of current and emerging trends in the global electric motor market.
- AC motors represented the highest revenue-generating motor type in 2020.
- The integral horsepower (IHP) output segment led the market in 2020.
- Among applications, the automotive segment held the dominant share in 2020.
- Asia-Pacific is projected to continue leading the global market during the forecast period.
- The study highlights growing opportunities and ongoing trends across the electric motor market.
- Market forecasts from 2021 to 2030 are included in the report.
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