Electric Motors Market

The global electric motors market size is valued at USD 152.2 billion in 2024 and is expected to reach USd 206.4 billion by 2029 at a CAGR of 6.3% between 2024 and 2029. Due to the growing demand for electric motors within the global automotive, manufacturing, and renewable energy sectors, among others, 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.

The key players following the strategies between 2020 to 2024, ABB (Switzerland), Siemens (Germany), NIDEC CORPORATION (Japan), WEG (Brazil), and Wolong Electric Group (China). The companies are majorly following product launches, investments, expansions, contracts, agreements, partnerships, funding, and acquisition as the strategy to grow and expand the market.

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Siemens (Germany)  is a technology company and is based out of Germany manufacturing and distributing products and services for transportation, healthcare, and infrastructure markets. The company provides solutions for industries such as automotive manufacturing, cranes, battery manufacturing, commercial buildings, mining, food & beverages, data centers, power utilities wind, oil & gas, and many others. Siemens has the following six operating segments: Digital Industries; Smart Infrastructure; Mobility; Portfolio Companies; Healthineers; and Financial Services. It provides solutions for electric motors under the business segment Digital Industries.

Siemens is an international business company with business spanning in almost every region globally, boasting more than 190 countries. Siemens has its headquarters based in Munich, Germany. Siemens operates its businesses in all the major countries in Europe, South America, North America, the Middle East and Africa, and Asia Pacific. Research and Development and Production and Quality Assurance are supported by 16 corporate technology facilities of the Company around the globe that optimizes business processes.

ABB (Switzerland) undertakes business in power technology and industrial automation through value-added products, systems, solutions, and services that help to enhance productivity, energy efficiency, and power reliability. Some of its products are drives, industrial software, measurement and analytics, PLC automation, robotics, power converters, and inverters, among others. Segments in which ABB operates include Electrification, Motion, Process Automation, and Robotics & Discrete Automation. It provides a diversified product and service portfolio related to electric motors under the Motion business segment.

ABB operates in more than 100 countries with manufacturing units in Europe, Middle East & Africa, South America, Asia Pacific, and North America. Further, it has ~320 consolidated operating and holding subsidiaries with several productions and R&D centers across the world.

Related Reports:

Electric Motors Market by Type (AC, DC), Power Rating (<1 kW, 1–2.2 kW, 2.2–375 kW, 375-900 kW, >900 kW), End User (Industrial, Commercial, Residential, Transportation, and Agriculture), Voltage, Rotor Type, Output Power - Global Forecast to 2029

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