Electric Motor Market to Reach $117.28 Billion, Globally, by 2022
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Electric Motor Market Growth Forecast highlights a $117.28B market by 2022 at 3.7% CAGR, driven by energy-efficient motors for EVs, HEVs, industrial and agricultural uses, permanent magnet tech, and low-emission automotive trends.
Breaking Down the Details
A 2016-2022 forecast to $117.28B and 853M units, led by energy-efficient motors for EVs, HEVs, and industrial uses.
Market value: $91.40B in 2015 to $117.28B by 2022; 3.7% CAGR.
Volume: 853M units by 2022; 4.2% CAGR from 2016 to 2022.
Drivers: EV uptake, energy-efficient motors, industrial and agricultural use.
Notable moves: ABB-Microsoft EV fast-charging platform collaboration.
According to a new report by Allied Market Research, titled, Electric Motor Market, by Motor Type, Output Power, Voltage Range, Applications, Speed (RPM) and Geography: Global Opportunity and Forecast, 2014–2022, the electric motor market generated $ 91.40 billion in 2015 and is expected to reach $117.28 billion by 2022, registering a CAGR of 3.7% from 2016 to 2022. Furthermore, based on units, the global electric motor market is expected to reach 853 million units by 2022, growing at a CAGR of 4.2% from 2016 to 2022.
The report offers a detailed analysis of top impacting factors that would shape the industry in coming years, informed by a 10-year EV outlook that highlights potential adoption trajectories. The utilization of high-efficiency motors would roll down the consumption of energy, which in turn, reduces electricity expenses.
The advent of energy-efficient electric motors for industrial and agricultural applications drive the growth in the electric motor industry worldwide. In addition, widespread awareness regarding vehicles generating low carbon emissions has fueled the demand for electric motors as U.S. EV sales in 2024 point to continued momentum across markets. Various manufacturers have launched their electric cars and, amid global EV adoption, are planning to expand the fleet across various regions. However, portability of electric motors becomes an issue when they are used for heavy duty applications.
Over the past couple of decades, the utilization of electric motors in the automotive industry has grown exponentially owing to the emergence of low-cost and efficient electronics along with advancements in permanent magnetic materials. In addition, a major trend driving the automotive market is increasing the electrical power while reducing fuel emissions and consumption. The automotive industry also experienced a considerable increase in the electronic content in vehicles. Electric motors have played a crucial role in hybrid electric vehicles (HEVs) and electric vehicle (EVs), and EV motor basics help explain key traction technologies adopted by automakers. There has been a significant growth in green vehicles to ensure the safety of the environment by a reduction in carbon emissions. Therefore, the trend of usage of premium efficiency motors in electric cars has gained traction in the motor vehicles sector.
The report offers a competitive scenario of the electric motor market along with detailed insights on key growth strategies by major market players, even as U.S. EV market share Q1 2024 indicates evolving demand signals from automakers and suppliers. Key players analyzed in the market include ARC Systems Inc., ABB Group, Brook Crompton UK Ltd., ASMO Co., Ltd., Emerson Electric, Dr. Fritz Faulhaber GmbH, Regal Beloit Corporation, Maxon Motor AG, Rockwell Automation Inc., and Siemens AG. ABB Group and Microsoft Corporation have collaborated for the launch of an electric vehicle fast-charging services platform. This collaboration will combine the EV charging station portfolio of ABB with Azure cloud-based services of Microsoft. Moreover, ARC Systems Inc. launched new products that provide resistance to high temperature, excessive moisture, and other operational conditions. These products would address the increasing demands for oil fields and petroleum drilling industries.
