Market Overview
The global electric motor market has experienced consistent revenue growth, achieving a compound annual growth rate (CAGR) of 3.0% from USD 19,427 million in 2020 to USD 21,236 million in 2023. This positive trend is expected to continue in the coming years, with a projected CAGR of 3.3% from 2024 to 2029, resulting in a market value of USD 25,854 million by 2029.
The market can be segmented by product type, namely AC motor, DC motor, and ED motor. In 2023, the AC motor segment emerged as the dominant category. Furthermore, this segment is expected to exhibit the highest CAGR of 3.5% during the forecast period from 2024 to 2029.
In terms of end-use industries, the electric motor market encompasses oil & gas, discrete manufacturing, mineral, power, petrochemical, food & beverage, water treatment, and others. Among these sectors, the oil & gas segment is projected to reach USD 4,067.6 million by 2029, indicating a CAGR of 2.5% from 2024 to 2029.
Notably, the Asia Pacific region has played a significant role in driving the revenue growth of the global electric motor market. Valued at USD 7,839 million in 2023, this market is expected to reach USD 9,874 million by 2029, reflecting an impressive CAGR of 3.9% during the forecast period.
In terms of market share, the top six competitors collectively held approximately 50% of the revenue in 2022. Key players in the global electric motor market include ABB, Ltd., Siemens AG, Nidec Corporation, Regal Rexnord Corporation, WEG SA, Wolong Electric Group Co., Ltd., maxon motor ag (Interelectric AG), AMETEK, Inc., ebm-papst Mulfingen GmbH & Co. KG, Altra Industrial Motion Corporation, Toshiba Corporation, Benshaw, Inc., Yaskawa Electric Corporation, Rockwell Automation, Inc., Teco Electric Company Limited, Allient Inc., Danaher Corporation, General Electric Company (GE), Hitachi, Ltd., Johnson Electric Holdings Limited, and Mitsubishi Electric Corporation, among others. These companies offer a diverse range of products to meet the varied needs of clients worldwide, while striving to strengthen their positions in this dynamic business landscape.
This study aims to analyze the global market for various segments of electric motor, including:
Product Type: AC (Alternating Current) Motor, DC (Direct Current) Motor, and ED (Electronically Dependent) Motor.
End-User: Oil & Gas, Discrete Manufacturing, Mineral, Power, Petrochemical, Food & Beverage, Water Treatment, and Others.
Region: North America (USA, Canada, and Mexico), Europe (Germany, Russia, Italy, United Kingdom, France, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), Middle East, and Africa.
Table of Contents
TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 4
Part 1. Key Findings 7
Part 2. Scope and Methodology 8
Report Scope 9
Product Type 9
End-User 9
Region 9
Research Methodology 11
Part 3. Electric Motor Market Overview 13
Summary 13
Part 4. Market Dynamics 14
Growth Drivers and 14
Restraints and Challenges 16
Opportunities 17
Part 5. Global Electric Motor Market by Product Type 28
Part 6. Global Electric Motor Market by End-User 30
Part 7. Global Electric Motor Market by Region 32
Part 8. North America Electric Motor Market 35
By Motor Type 35
By Country 37
Part 9. Europe Electric Motor Market 39
By Motor Type 39
By Country 41
Part 10. Asia Pacific Electric Motor Market 42
By Motor Type 42
By Country 44
Part 11. Latin America Electric Motor Market 45
By Motor Type 45
By Country 47
Part 12. MEA Electric Motor Market 48
By Motor Type 48
By Region 50
Part 13. Competitive Analysis 51
Competition Overview 51
Recent Developments 53
ABB, Ltd. 55
Business Overview 55
Contact Information 58
Siemens AG 59
Business Overview 59
Contact Information 61
AMETEK, Inc. 62
Business Overview 62
Contact Information 64
Rockwell Automation, Inc. 65
Business Overview 65
Contact Information 68
Nidec Corporation 69
Business Overview 69
Small Precision Motors 71
Contact Information 72
Regal Rexnord Corporation 73
Business Overview 73
Contact Information 75
WEG SA 76
Business Overview 76
Contact Information 78
Wolong Electric Group Co., Ltd. 79
Business Overview 79
Industrial Motors and Drives 81
Daily Motors and Controls 82
Contact Information 83
Maxon Group 85
Business Overview 85
Contact Information 85
ebm-papst Mulfingen GmbH & Co. KG 86
Business Overview 86
Contact Information 86
Other Leading Competitors 87
Part 14. Key Conclusions 88
Disclaimer 90
FIGURES AND TABLES
Global Electric Motor Market, Net Growth, 2020-2029 (USD Million)
Global Electric Motor Market by Product Type, 2020-2029 (USD Million)
Global Electric Motor Market by Product Type, CAGR Historic and Forecast, 2020-2029
Global Electric Motor Market by End-User, 2020-2029 (USD Million)
Global Electric Motor Market by End-User, CAGR Historic and Forecast, 2020-2029
Global Electric Motor Market Share by Region, 2023
Global Electric Motor Market by Region, 2020-2029 (USD Million)
Global Electric Motor Market by Region, CAGR Historic and Forecast, 2020-2029
North America Electric Motor Market, Net Growth, 2020-2029 (USD Million)
North America Electric Motor Market by Product Type, 2020-2029 (USD Million)
North America Electric Motor Market by Product Type, CAGR Historic and Forecast, 2020-2029
North America Electric Motor Market Share by Country, 2023
Europe Electric Motor Market, Net Growth, 2020-2029 (USD Million)
Europe Electric Motor Market by Product Type, 2020-2029 (USD Million)
Europe Electric Motor Market by Product Type, CAGR Historic and Forecast, 2020-2029
Europe Electric Motor Market Share by Country, 2023
Asia Pacific Electric Motor Market, Net Growth, 2020-2029 (USD Million)
Asia Pacific Electric Motor Market by Product Type, 2020-2029 (USD Million)
Asia Pacific Electric Motor Market by Product Type, CAGR Historic and Forecast, 2020-2029
Asia-Pacific Electric Motor Market Share by Country, 2023
Latin America Electric Motor Market, Net Growth, 2020-2029 (USD Million)
Latin America Electric Motor Market by Product Type, 2020-2029 (USD Million)
Latin America Electric Motor Market by Product Type, CAGR Historic and Forecast, 2020-2029
Latin America Electric Motor Market Share by Country, 2023
MEA Electric Motor Market, Net Growth, 2020-2029 (USD Million)
MEA Electric Motor Market by Product Type, 2020-2029 (USD Million)
MEA Electric Motor Market by Product Type, CAGR Historic and Forecast, 2020-2029
MEA Electric Motor Market Share by Region, 2023
Global Electric Motor Market Share (%), by Competitors, 2022
Global Electric Motor Top Competitors, By Region, 2022
ABB, Ltd. Financial Overview (USD Million)
ABB, Ltd. Revenue, by Type, 2022
ABB, Ltd. Revenue, by Segment, 2022
ABB, Ltd. Revenue, by Product, 2022
ABB, Ltd. Revenue, by Region, 2022
Siemens AG Financial Overview (EUR Million)
Siemens AG Revenue, by Segment, 2022
Siemens AG Revenue, by Region, 2022
AMETEK, Inc. Financial Overview (USD Million)
AMETEK, Inc. Revenue, by Segment, 2022
AMETEK, Inc. Revenue, by Region, 2022
Rockwell Automation, Inc. Financial Overview (USD Million)
Rockwell Automation, Inc. Revenue, by Segment, 2023
Rockwell Automation, Inc. Revenue, by Type, 2023
Rockwell Automation, Inc. Revenue, by Region, 2023
Nidec Corporation Financial Overview (JPY Billion)
Nidec Corporation Revenue, by Segment, 2023
Nidec Corporation Revenue, by Region, 2023
Nidec Corporation Small Precision Motors Revenue (JPY Billion)
Regal Rexnord Corporation Financial Overview (USD Million)
Regal Rexnord Corporation Revenue, by Segment, 2022
Regal Rexnord Corporation Revenue, by Region, 2022
WEG SA Financial Overview (BRL Million)
WEG SA Revenue, by Region, 2022
WEG SA Domestic Market Revenue, by Segment, 2022
WEG SA International Market Revenue, by Region, 2022
Wolong Electric Group Co., Ltd. Financial Overview (CNY Million)
Wolong Electric Group Co., Ltd. Revenue, by Segment, 2022
Wolong Electric Group Co., Ltd. Revenue, by Region, 2022
Wolong Electric Group Co., Ltd. Industrial Motors and Drives Revenue (CNY Million)
Wolong Electric Group Co., Ltd. Industrial Motors and Drives Production (MW)
Wolong Electric Group Co., Ltd. Industrial Motors and Drives Sales (MW)
Wolong Electric Group Co., Ltd. Daily Motors and Controls Revenue (CNY Million)
Wolong Electric Group Co., Ltd. Daily Motors and Controls Production (Million Units)
Wolong Electric Group Co., Ltd. Daily Motors and Controls Sales (Million Units)
Companies Mentioned
A selection of companies mentioned in this report includes:
ABB, Ltd.
Allient Inc.
Altra Industrial Motion Corporation
AMETEK, Inc.
Benshaw, Inc.
Danaher Corporation
ebm-papst Mulfingen GmbH & Co. KG
General Electric Company (GE)
Hitachi, Ltd.
Johnson Electric Holdings Limited
maxon motor ag (Interelectric AG)
Mitsubishi Electric Corporation
Nidec Corporation
Regal Rexnord Corporation
Rockwell Automation, Inc.
Siemens AG
Teco Electric Company Limited
Toshiba Corporation
WEG SA
Wolong Electric Group Co., Ltd.
Yaskawa Electric Corporation
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