Global Electric Motors

Report Overview

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This study analyzes the $111.9 billion global market for electric motors. Products that are discussed in the report include:

• alternating current (AC) motors – including breakouts for fractional and integral motors
• direct current (DC) motors – including breakouts for fractional and integral motors

The major electric motor markets are:

• motor vehicles
• household appliances
• heating and cooling equipment
• machinery

Other applications for electric motors include aerospace and other transportation equipment, computers and other electronic products, and medical and scientific instruments.

Historical data for 2008, 2013, and 2018 and forecasts for 2023 are provided on a select country-by-country and region-by-region basis for electric motor demand (by product type and by market).

Global demand for electric motors is projected to increase 5.7% per year to $147.7 billion in 2023. Electric motors are key components in many durable goods, and – as manufacturing output rises – sales of electric motors will follow.

Key Findings in the Global Electric Motors Study:

Key Geographic Trends Through 2023

• In the mature motor markets of the US and Western Europe, growth in electric motor demand will be moderate. However, strong sales opportunities will arise in the production of hybrid and electric vehicles in Europe and of energy-efficient heating and cooling equipment in the US.
• In nations where electric motor markets are still developing, sales will be fueled by rapidly growing durable goods manufacturing and the increasing ability of the average consumer to purchase items like heating and cooling equipment and household appliances.
• China will be the largest source of market growth through 2023, with electric motor demand expected to climb more than 8.0% annually, accounting for 65% of all additional sales globally.
• China will be the largest market for electric motors in 2023, accounting for approximately half of global demand, and product sales there will be greater than in Japan, North America, and Western Europe combined. Sales will be stimulated by rapidly expanding production of a number of durable goods – including aerospace equipment, heating and cooling equipment, household appliances, machinery, and motor vehicles.
• India will register the fastest growth between 2018 and 2023, growing at an annual rate of 9.2%.

Key Product and Market Trends Through 2023

• Demand for AC motors is expected to grow 7.0% annually through 2023, supported by favorable production outlooks for heating and cooling equipment, household appliances, and machinery, the three major applications for these products.
• Opportunities for DC motors – which are used extensively in automotive applications – will arise from strengthening motor vehicle output. However, an ongoing shift toward HEVs will provide better opportunities for AC motors.
• Demand for electric motors used in machinery is projected to register the fastest gains through 2023, boosted by increasing industrial output.
• Growth in demand for electric motors in the aerospace market will be aided by continuous research and development aimed at improving current systems by reducing size, weight, and power, plus cost (SWaP-C).

Study Coverage

This Freedonia industry study analyzes the $112 billion global electric motors market. It presents historical demand data (2008, 2013, and 2018) and forecasts for 2023 by product (alternating current, direct current) and market (motor vehicles, heating and cooling equipment, household appliances, machinery). The study also evaluates company market share and analyzes selected industry competitors including ABB, Bosch, DENSO, Mabuchi Motors, Mitsubishi Electric, Nidec, Panasonic, Regal Beloit, and Siemens.