Electric Motor Market Size to Hit USD 85.31 Billion in 2026, Expanding at 9.77% CAGR (2026-2034)

Key companies covered in the electric motor market include ABB Ltd., Siemens AG, WEG S.A., Mitsubishi Electric Corporation, Toshiba Corporation & others

PUNE, INDIA, February 3, 2026 /EINPresswire.com/ -- The global electric motor market size was valued at USD 79.45 billion in 2025 and is projected to grow from USD 85.31 billion in 2026 to USD 163.82 billion by 2034, exhibiting a CAGR of 9.77% during the forecast period. Market expansion is driven by the rapid adoption of electric vehicles, rising industrial automation, growing demand for energy-efficient motors, and large-scale investments in renewable energy and infrastructure development. Asia Pacific dominates the market due to strong manufacturing activity and urbanization, while North America and Europe continue to benefit from regulatory mandates promoting high-efficiency motor adoption.

Electric motors are electromechanical devices that convert electrical energy into mechanical energy and are widely used across industrial machinery, power generation, oil & gas, petrochemicals, chemicals, HVAC systems, transportation, and household appliances. Technological advancements such as IE3, IE4, and IE5 efficiency-class motors and the rising penetration of brushless DC (BLDC) motors are reshaping the industry.

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List of Key Players Profiled in the Report
ABB Ltd. (Switzerland)
Siemens AG (Germany)
WEG S.A. (Brazil)
Nidec Corporation (Japan)
Regal Rexnord Corporation (U.S.)
Mitsubishi Electric Corporation (Japan)
Toshiba Corporation (Japan)
Hitachi Industrial Equipment Systems (Japan)
TECO Electric & Machinery Co., Ltd. (Taiwan)
Johnson Electric Holdings Ltd. (China)
Bosch Rexroth AG (Germany)
Brook Crompton (U.K.)
SEW-EURODRIVE GmbH & Co. KG (Germany)
Hyundai Electric & Energy Systems Co., Ltd. (South Korea)

Market Drivers and Restraints
Rapid Growth of Electric Vehicles to Propel Market Growth
Electric vehicles rely heavily on high-performance traction motors such as induction motors, BLDC motors, and permanent magnet synchronous motors (PMSM). Rising EV sales worldwide, supported by emission regulations and government incentives, are directly accelerating electric motor demand.

Rising Focus on Energy Efficiency
Government regulations encouraging reduced energy consumption and carbon emissions are pushing industries to replace conventional motors with high-efficiency IE3, IE4, and IE5 motors.

Market Restraints
The high upfront cost of premium-efficiency motors remains a key challenge, particularly for small and medium-sized enterprises, limiting rapid adoption in cost-sensitive applications.

Market Opportunities
Expansion of HVAC and Building Infrastructure
Rapid urbanization, growth of smart buildings, and rising deployment of HVAC systems are creating strong opportunities for motor manufacturers.

Growth of Renewable Energy Installations
Increasing deployment of wind turbines and solar tracking systems is boosting demand for specialized electric motors.

Market Trends
Rising Demand for Brushless DC (BLDC) Motors
BLDC motors offer high efficiency, compact size, lower maintenance, and longer service life. Their increasing adoption across EVs, robotics, industrial automation, HVAC, and home appliances is a key trend shaping the market.

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Market Segmentation
By Motor Type
Low Voltage (Up to 1 kV) – Dominant segment
Medium Voltage (1 kV–6.6 kV)
High Voltage (Above 6.6 kV)
By Speed
Regular Speed (Up to 3000 rpm) – Largest segment
High Speed (Above 3000 rpm)

By Power Rating
Up to 100 kW – Largest segment
100–500 kW
500–1000 kW
1000–1500 kW
1500–2500 kW
2500–3500 kW
3500–4500 kW
4500–5500 kW
5500–10,000 kW
10,000–20,000 kW
20,000–30,000 kW

By Application
Industry Machinery – Dominant segment
Power Generation
Oil and Gas
Petrochemicals
Chemicals

Regional Insights
North America holds a significant share of the electric motor market, driven by steady demand from industrial automation, HVAC systems, and electric vehicles. Stringent energy efficiency standards and the modernization of manufacturing infrastructure continue to support the adoption of high-efficiency motors. The region also benefits from strong investments in renewable energy and smart manufacturing, particularly in the United States.

Europe represents a mature yet innovation-driven market, supported by strict environmental regulations and aggressive decarbonization goals. Demand is largely fueled by electric mobility, industrial robotics, and renewable energy applications such as wind power. Countries including Germany, France, and Italy remain key contributors due to their advanced manufacturing bases and early adoption of energy-efficient motor technologies.

Asia Pacific dominates the global electric motor market and is expected to register the fastest growth during the forecast period. Rapid industrial expansion, increasing urbanization, and large-scale adoption of electric vehicles are key growth drivers. China leads the region due to its massive manufacturing ecosystem and strong government support for energy-efficient equipment, while India, Japan, and South Korea contribute through expanding industrial output and infrastructure development.

Latin America shows moderate growth, supported by rising investments in industrial automation, mining, and renewable energy projects. Brazil and Mexico are the primary markets, driven by expanding manufacturing activities and gradual adoption of energy-efficient motor solutions across industrial and commercial sectors.

The Middle East & Africa market is in a developing phase, with growth supported by infrastructure development, oil & gas operations, water treatment facilities, and renewable energy investments. Government initiatives aimed at diversifying economies and improving energy efficiency are expected to create long-term opportunities for electric motor manufacturers in the region.

Competitive Landscape
Key players focus on product innovation, capacity expansion, acquisitions, and development of high-efficiency and smart motor technologies to strengthen their market position.

Key Industry Developments
May 2025: Bosch Rexroth introduced pre-parameterized stepper motors with integrated drive controllers.
October 2024: Ashok Leyland and Nidec Motor Corporation signed a partnership to develop e-drive motor systems for India’s commercial vehicle sector.
September 2024: Johnson Electric launched a new high-speed rotary actuator for automated sortation systems.
September 2023: WEG S.A. acquired Regal Rexnord’s industrial electric motors and generators business.
June 2023: SEW-Eurodrive delivered its two-millionth IE3 DRN series energy-efficient motor.

Related reports:
Brushless DC Motor Market Size, Share & Industry Analysis
Variable Frequency Drive (VFD) Market Size, Share & Analysis

Ashwin Arora
Fortune Business Insights™ Pvt. Ltd.
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