Polaris Market Research today announced findings from its latest report, projecting the global Electric Motors Market to grow from USD 164.77 billion in 2024 to USD 289.18 billion by 2032, at a CAGR of 7.30% from 2024 to 2032. The report profiles 12 leading companies across five segmentation categories: type, output power, voltage, end-user, and region.

Analyst Commentary on Electric Motors Market Growth

“Electrification of vehicles, factories, and farms is pulling electric motors into nearly every corner of the economy, and efficiency requirements are accelerating replacement demand,” said the Polaris Market Research analyst team. “The opportunity for buyers and investors lies with suppliers that combine compact, energy-efficient designs with strong positions in electric vehicles, automation, and renewable energy, where motor content per system keeps rising.”

Electric Motors Market Statistics at a Glance

• 2023 Market Size: USD 154.42 billion
• 2024 Market Estimate: USD 164.77 billion
• 2032 Projected Size: USD 289.18 billion
• CAGR (2024-2032): 7.30%
• Largest Region (2022): Asia Pacific

Key Growth Drivers, Major Companies and Segments Covered

Growth Drivers: Increasing automobile manufacturing, rising demand for electric vehicles, and the expansion of the agriculture industry are the primary forces behind the market's growth, alongside growing demand for energy-efficient motors in automation and smart manufacturing. Electric motors serve as the primary power source in electric vehicles, and advances in motor safety, operating efficiency, and insulation technology are strengthening automotive demand. They also offer long service life, with potential to exceed 30,000 hours when properly maintained. In May 2023, ABB announced the purchase of Siemens' low-voltage NEMA motor business, strengthening its position in the NEMA motor sector. High initial and maintenance costs remain a restraint.

Browse Insights:

https://www.polarismarketresearch.com/industry-analysis/electric-motors-market

Segment Highlights: AC motors accounted for the largest revenue share, reflecting applications from irrigation pumps to robotics and HVAC equipment, and growing adoption in electric vehicles supported by affordable electronics and improved permanent magnet materials. By output power, the fractional HP segment held the highest share, given its use in household appliances, HVAC systems, and lower-power industrial equipment.

Competitive Landscape: The market is intensely competitive, with established players relying on advanced technology, high-quality products, and strong brand image. Companies use research and development, mergers and acquisitions, and technological innovation to widen product portfolios, and rapid urbanization is increasing motor demand in households while crop cultivation supports agricultural adoption.

Major Companies Covered: ABB Ltd., Siemens AG, Bosch Group, Rockwell Automation, Inc., and Emerson Electric Co., among others.

Segments Covered: By Type (AC Motor, DC Motor, Hermetic Motor), By Output Power (Fractional HP, Integral HP), By Voltage (9 V & Below, 10-20 V, 21-60 V, 60 V & Above), By End-User (Automotive, Agriculture, Residential, Commercial, Industrial), By Region.

Recent Developments in the Electric Motors Market

• June 2025: Allied Motion expanded its SA Series Axial Flux Motor range with a new 63.5 mm variant designed for compact, high-precision applications such as camera and imaging systems.
• May 2025: Schneider Electric highlighted AI-driven electrification at its Innovation Summit North America 2025, featuring the EcoStruxure platform for industrial energy management.
• November 2023: Bosch unveiled a new integrated 6 kW motor at EICMA, enabling manufacturers to electrify two-wheeler segments that have tended to rely on combustion engines.
• May 2023: ABB announced the purchase of Siemens' low-voltage NEMA motor business.
• August 2023: WEG opened a new office in Dilovasi, Kocaeli, to expand operations in Eastern Europe and Southwest Asia, cutting time to market for local customers.
• July 2023: GE Vernova's Solar & Storage Solutions united with Fortune Electric to co-create battery energy storage solutions in Taiwan.

Regional Snapshot: Asia Pacific Leads, Europe Fastest-Growing

Asia Pacific accounted for the largest share in 2022, supported by expansion across automotive, fertilizer, chemical, and petrochemical industries, with China playing a central role in cement, electricity, and steel manufacturing and the region's automobile industry growing quickly. Europe is expected to record the fastest growth through 2032 on the back of a strong emphasis on renewable power and ambitious green energy targets, along with rising motor adoption in industrial and agricultural applications.

Why It Matters for Stakeholders Tracking the Electric Motors Market Forecast to 2032

For stakeholders researching the electric motors market forecast, the underlying report benchmarks Electric Motors market share, company positioning, and segment-level forecasts to support sourcing, partnership, and investment decisions through 2032. It also includes Porter's Five Forces, PESTLE, value chain, and COVID-19 impact analysis, plus country-level data across five regions and profiles of 12 key players. Coverage includes synchronous and induction AC motors, brushed and brushless DC motors, and voltage classes from 9 V and below to above 60 V.

About Polaris Market Research

Polaris Market Research is a B2B syndicated market research and consulting firm offering 5,000+ published reports across 20+ industry verticals, delivering data-backed insights to help businesses make informed decisions.

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