The electric motor market experienced significant growth in 2024, driven mainly by increased sales of electric vehicles (EVs) and the expansion of consumer electronics.
Automotive Sector
Global sales of electric cars reached about 17 million units in 2024, an increase of 25 percent in the first quarter compared to the same period in 2023. This means that, on average, one out of every five cars sold in 2024 was electric.
In China, electric vehicles are projected to outnumber those with heat engines by 2025, with an estimated 20 percent growth over the previous year.
Consumer Electronics
The consumer electronics electric motor market has been valued at US$14 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.4 percent from 2024 to 2032. This increase is attributed to increased consumption of energy-efficient home appliances and the adoption of advanced electric motors to meet energy efficiency standards.
Industrial Motors
The industrial motors market was estimated at US$21.24 billion in 2024 and is expected to grow at a CAGR of 4.80 percent, reaching US$28.21 billion by 2030. This development is supported by the growing adoption of HVAC systems and the expansion of industrial infrastructure.
Global view
The global electric motor market is expected to reach USD 222.82 billion by 2031, up from USD 134.64 billion in 2023, registering a CAGR of 6.5 percent over the period 2023-2031. The growing adoption of energy-efficient technologies and government initiatives to promote electric mobility are key factors that will drive this growth.
In summary, 2024 represented a year of significant expansion for the electric motor market, with continued growth prospects in the automotive, consumer electronics, and industrial sectors for years to come.
