The global electric motors market size is expected to reach USD 289.18 billion by 2032, according to a new study by Polaris Market Research. The report “Electric Motors Market Share, Size, Trends, Industry Analysis Report, By Type (AC Motor, DC Motor, Hermetic Motor); By Output Power; By Voltage; By End-User; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An electric motor is a device that transforms electrical energy into mechanical energy. The majority of contemporary electric motors function by using the interplay between the motor's magnetic field and the electric current within a wire winding to produce torque, exerting force on the motor's shaft.
The rapid growth of urban areas is driving an increased demand for a variety of services, creating opportunities for the extensive use of electric motors. In the residential sector, there is a rising requirement for motors in a range of household applications.
The expanding use of electric motors across numerous sectors, including agriculture and automotive, related to the overall growth of the global industrial landscape, is fueling the growth of the market.
Electric motors find application in diverse industries like automotive, construction, healthcare, consumer goods, and agriculture. The anticipated growth in these industries on a global scale is expected to contribute significantly to the overall growth of the electric motors market.
Do you have any questions? Would you like to request a sample or make an inquiry before purchasing this report? Simply click the link below: https://www.polarismarketresearch.com/industry-analysis/electric-motors-market/request-for-sample
The COVID-19 pandemic has had a negative impact on the market. Stringent measures like nationwide lockdowns, implemented to control the virus's spread, have led to significant operational disruptions across industries. Thus, the emergence of the disease has disrupted the demand for electric motors. Given the expansive nature of the market, which involves numerous players with extensive sales networks spanning various countries, the lack of available workforce and travel restrictions have impeded production activities, bringing the market to down.
Electric Motors Market Report Highlights
Polaris Market Research has segmented the electric motors market report based on type, output power, voltage, end-user, and region:
Electric Motors, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Electric Motors, Output Power Outlook (Revenue - USD Billion, 2019 - 2032)
Electric Motors, Voltage Outlook (Revenue - USD Billion, 2019 - 2032)
Electric Motors, End-User Outlook (Revenue - USD Billion, 2019 - 2032)
Electrical Motors, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2024 |
USD 164.77 billion |
Revenue forecast in 2032 |
USD 289.18 billion |
CAGR |
7.30% from 2024 – 2032 |
Base year |
2023 |
Historical data |
2019 – 2022 |
Forecast period |
2024 – 2032 |
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
Segments Covered |
By Type, By Output Power, By Voltage, By End-User, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
For Specific Research Requirements |