Electric motors find applications across multiple industries owing to their reliability and durability. Some key advantages of electric motors include ease of operation, low maintenance requirements, noiseless operation, and high energy efficiency. They offer a viable solution for power transmission in industrial machinery, home appliances, HVAC equipment, and other automotive components.

The global Electric Motor Market is estimated to be valued at US$ 144.44 billion  in 2023 and is expected to exhibit a CAGR of 3.2%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Stringent government regulations regarding energy conservation and carbon emissions have led to growing demand for energy-efficient electric motors globally. Many countries have implemented standards and labeling programs to phase out inefficient motors and appliances. This has encouraged manufacturers to develop innovative motor technologies featuring higher performance with reduced power consumption. Additionally, increasing investment in industrial automation and emphasis on development of smart factories has boosted adoption of variable speed drives and servo motors. Rising penetration of renewable energy has also augmented the replacement of diesel and gasoline generators with electric motor-driven units. Growing focus toward development of electric vehicles is another major factor driving the electric motor market growth over the forecast period.

Segment Analysis

The global electric motor market is dominated by the AC motor segment. Within AC motor, the induction motor sub-segment accounts for the largest share. Induction motors are increasingly used in various industries such as HVAC, home appliances, industrial machinery, and others due to their low cost, rugged construction, and lower maintenance requirements compared to other motor types. They are generally suitable for constant loads at constant speeds.

Key Takeaways

The Electric Motor Market Analysis is expected to witness high growth over the forecast period 2023 to 2030. Rapid industrialization and increasing demand for HVAC and other motor-driven equipment across industries is driving the demand for electric motors globally.

Regional analysis

Asia Pacific dominates the global electric motor market and is expected to continue its dominance over the forecast period. China is the largest producer and consumer of electric motors globally.Growing manufacturing sector, increasing construction activities and strong presence of motor-driven equipment manufacturers are some of the key factors propelling the demand for electric motors in Asia Pacific.

Key players

Key players operating in the electric motor market are Smurfit Kappa, Optopack Ltd., Amcor plc, Montibox, Aran Packaging, Liquibox, Peak Liquid Packaging, DS Smith, Graficas Digraf Sl, and Goglio SpA. Smurfit Kappa and Amcor plc are two of the largest players in the market and offer a wide range of packaging solutions for electric motor companies globally.

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