Electric motor market seen reaching $373.9 billion by 2032

Allied Market Research says the global electric motor market could grow from $142.2 billion in 2020 to $373.9 billion by 2032, driven by demand for energy-efficient motors, consumer devices and electric vehicles. Asia-Pacific leads the market now, while automobile traction motors and DC motors are among the fastest-growing segments.

Why it matters: - Electric motors sit inside vehicles, industrial systems and household devices, so forecast growth points to broader demand across manufacturing and electrification. - The market’s projected rise to $373.9 billion by 2032 signals continued spending on energy efficiency, automation and electric mobility.

What happened: - Allied Market Research published a report on the global electric motor market covering motor type, application, power rating and region. - The report values the market at $142.2 billion in 2020 and projects it will reach $373.9 billion by 2032. - The report forecasts a 9.5% CAGR from 2023 to 2032. - The release includes sample, purchase and customization links for the full report: Get a sample copy, purchase the report and request customization.

The details: - Demand for energy-efficient electric motors, higher sales of consumer electronics and appliances in developing countries, and rising electric vehicle demand are listed as key growth drivers. - High initial cost is identified as a market restraint. - Technology advances are identified as a future opportunity. - AC motors held more than three-fourths of global revenue in 2020 and are expected to remain the largest motor type through 2032. - DC motors are projected to post the fastest growth in motor type, with a 9.9% CAGR from 2023 to 2032. - Above-75 kW motors held nearly one-third of market revenue in 2020 and are expected to keep the lead through 2032. - The 5 kW to 10 kW segment is projected to grow the fastest in power rating, at 11.1% CAGR from 2023 to 2032. - Automobile traction motors accounted for more than one-fourth of revenue in 2020 and are projected to stay the largest application segment. - Automobile traction motors are also forecast to grow the fastest among applications, at 14.8% CAGR from 2023 to 2032. - Asia-Pacific held more than two-fifths of global revenue in 2022 and is expected to dominate through 2032. - LAMEA is expected to record the fastest regional growth, with a 10.6% CAGR from 2023 to 2032. - The report says leading companies in the market include ABB, Denso Corporation, Emerson Electric Co., Johnson Electric Holdings Limited, Maxon, NIDEC CORPORATION, Regal Rexnord Corporation, Rockwell Automation Inc., Siemens AG and Arc Systems Inc.

Between the lines: - The strongest growth pockets line up with electrification trends in transportation and with industrial demand for higher-efficiency equipment. - Asia-Pacific’s lead reflects the region’s large industrial base and broad use of motors in fans, pumps, compressors, tools and agricultural applications. - LAMEA’s faster growth forecast suggests consumer-appliance demand and industrial expansion could gain pace as urbanization advances in parts of Latin America, the Middle East and Africa. - The report frames competition as a mix of product launches, collaborations and expansion moves, which suggests market share may be increasingly tied to scale and application-specific engineering.

What’s next: - The market is expected to keep expanding through 2032 as electric vehicles, industrial machinery and consumer appliances drive volume. - Regional growth should remain concentrated in Asia-Pacific, with faster percentage gains likely in LAMEA. - Companies focused on high-efficiency AC and DC motors will likely compete most aggressively in traction, industrial and medical applications.

The bottom line: - The electric motor market is on track for steady double-digit-size expansion over the next decade, with electrified transport and energy efficiency doing most of the lifting.