Research Reports
Electric Motor Market to reach US$ 837 Mn in 2031 – FMI
Published by maria gbaf
Posted on January 28, 2022
4 min readLast updated: January 28, 2026
Global Banking & Finance Review®
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Published by maria gbaf
Posted on January 28, 2022
4 min readLast updated: January 28, 2026
The Electric Motor Market is poised for growth, reaching $837 Mn by 2031, driven by automation and energy-efficient innovations.
The Electric Motor Market to exhibit year-on-year (YoY) growth of 4.2% in 2021 to total 1.2 billion units. As per the report, demand in the DC motors segment will grow by 2.2% to 339 million units in 2021, while the AC Motors segment was up 5.1% to 837 million units.
According to Future Market Insights (FMI), increasing automation and robotics in industrial production sector have fuelled the demand for electric motors. The market also is gaining from rapid technological advancement and advent of industrial 4.0.
The electric motors market however registered moderate decline in its sales volume in FY2020 due to the unforeseen COVID-19 pandemic. Demand from major end-use industries like automotive, oil & gas, and other waned. Contrary to this, sections of medical sector were not affected due to increase in demand amid the adoption of COVID-19 precautionary measures.
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Demand for alternating current (AC) electric motors has been steadily increasing. This can be attributed to operating advantage linked with it, its prime advantage is its speed torque characteristics which has raised the application for electric motors in various end uses, owing to which the AC electric motors has secured a prominent share in the global Electric motors market.
The growing requirement for pumping application from agriculture, water treatment plants, oil & gas sector and other industries is expected to drive the electric motors market in the forecast period.
“The electric Motors market is anticipated to grow at a strong pace driven largely by increasing demand for innovative and energy-efficient products across industries. Raising automation and digitalization in various end-use sectors are key factors fuelling the demand for electric motors. Industry participants are investing in expansions, strategic alliances, and cost effective solutions to gain a competitive advantage,” says a Future Market Insights analyst.
Increasing number of players are focusing on research and development related to electric motors, which is anticipated to contribute towards market growth in the years to come.
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Key Takeaways from Electric Motors Market Study
Competitive Landscape
The electric motors market is highly competitive with more than 1,000+ players consisting of tier-1, tier-2 and local based vendors across the region, key players accounting for around 20-30% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks in order to maintain their market presence.
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Some of the key players in this industry include but are not limited to General Electric, Robert Bosch GmbH, Hitachi, Ltd., Nidec Corporation, WEG S.A., Siemens AG, ABB Group, Regal Beloit Corporation, Toshiba Corporation, Johnson Electric, Hyosung Corporation, Schneider Electric SE, Bonfiglioli Riduttori S.p.A., Kirloskar Electric Company Ltd., Allied Motion Technologies Inc., East West Manufacturing, LLC, Hyundai Electric Co. Ltd.
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The article discusses the growth and future projections of the Electric Motor Market, highlighting key trends and regional insights.
Increasing automation, robotics, and demand for energy-efficient products are key drivers of the Electric Motor Market.
East Asia is a primary market, accounting for over 22.7% of global demand in 2021.
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