Overview and Scope
Machines that transform electrical energy into mechanical energy are known as electric motors. An electric generator is a device that transforms mechanical energy into electrical energy.
Sizing and Forecast
The electric motor and generator market size has grown steadily in recent years. It will grow from $132.9 billion in 2023 to $138.72 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in demand for household appliances, growth in industrial sector, and rise in disposable income.
The electric motor and generator market size is expected to see steady growth in the next few years. It will grow to $161.02 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to rising demand for electric vehicles, rising demand for energy, rising infrastructure development, and rapid urbanization. Major trends in the forecast period include development of high-power density electric motors, sustainable generators, hybridization of power generators, integration of iot and smart technology product innovations and strategic partnerships and collaborations.
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Segmentation & Regional Insights
The electric motor and generator market covered in this report is segmented –
1) By Type: Electric Motors, Electric Generators
2) By Application: Industrial Machinery, Automobile (Motor Vehicle), HVAC (Heating, Ventilation, And Air Conditioning), Other Applications
3) By End User: Industrial, Residential, Commercial
Asia-Pacific was the largest region in the electric motor and generator market in 2023. The regions covered in the electric motor and generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing use of household appliances is expected to contribute to the growth of the motor and generator manufacturing market in the forecast period. Increasing electrification, rising disposable income, and rapid urbanization, along with several other factors, are boosting the demand for household appliances, which in turn will drive the market for motors. For instance, the global household appliance manufacturing market is expected to reach $396.8 billion in 2022 at a CAGR of 8.7%. The growing demand for household appliances that function with a motor will thereby drive the market for motors and generators in the forecast period.
Key Industry Players
Major companies operating in the electric motor and generator market report are Caterpillar Inc., Nidec Corporation, Siemens AG, ABB Ltd., General Electric Company, Robert Bosch Gmbh, Hitachi Ltd., WEG, Generac Holdings Inc., Kohler Co, The Kirloskar group, Mitsubishi Electric Corporation, TECO Electric & Machinery Co., Ltd., Toshiba, Schneider Electric, Leroy-Somer Electric Motors & Generators, SEW-EURODRIVE GmbH & Co KG, WHITE GUARDS TRADING HOUSE CJSC, MAN Energy Solutions, Aksa, Rosenergoatom, Margex, Agar-Power Agregaty Pr dotwórcze, Agregaty Mielec, Amin Power Energy, Dayer, Inc., Cummins, HiPower Systems, Taylor Power Systems Inc., Multiquip, Wacker Neuson, Atlas Copco, Industrias Jezi, CGE Group, EME Electric Motors, Motores Diesel Andinos S.A., Saudi Transformers Company Ltd., Saudi Arabian Electric Motors Manufacturing Company (SAEMMC), ACTOM (Pty) Ltd., Aveng Trident Steel, Powertech Africa, MarelliMotori SA
The electric motor and generator market report table of contents includes:
1. Executive Summary
2. Electric Motor And Generator Market Characteristics
3. Electric Motor And Generator Market Trends And Strategies
4. Electric Motor And Generator Market – Macro Economic Scenario
5. Global Electric Motor And Generator Market Size and Growth
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31. Electric Motor And Generator Market Other Major And Innovative Companies
32. Global Electric Motor And Generator Market Competitive Benchmarking
33. Global Electric Motor And Generator Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Motor And Generator Market
35. Electric Motor And Generator Market Future Outlook and Potential Analysis
36.Appendix
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