Electric Motors Market Size & Share 2023 to 2032
Market Size in Transportation Sector by Motor (Traction Motors, Small DC Motors For Automotive, Small DC Motors For Railways And Aerospace Applications), by End Use (OEM, Aftermarket) & Forecast.
Report ID: GMI2144
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Published Date: December 2022
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Electric Motors Market Size
Electric Motors Market size in Transportation Sector surpassed USD 18 billion in 2022 and is anticipated to register over 5.5% CAGR from 2023 to 2032. This is a result of the increasing government efforts to boost EV production and curb environmental hazards.
As global automakers are shifting toward eco-friendly mobility options, the deployment of electric motors as electric vehicle engines is set to accelerate. Over the years, governments have gained increasing awareness of the environmental impact of transportation and joined hands with other authorities on various fronts, including the reduction of carbon dioxide emissions. Citing an instance, in May 2019, major economies across the globe came together to develop multi-government policies to accelerate EV adoption. Stringent government mandates and regulations have also been imposed as part of global zero-carbon targets, thereby proliferating electric motor installation in automobiles.
Apart from motor vehicles, the machine is a vital component in automotive HVAC equipment, considering its lightweight, small-sized, and cost-effective attributes. However, the utilization of a low load factor and a high HP motor is associated with higher expenses per hour. Additionally, battery crises and supply chain disruptions may likely stall EV production and consequently limit the use of electric motors. Despite these challenges, increased funding programs to supercharge battery manufacturing for EV applications are likely to fuel product demand over the estimated timeline.
Electric Motors Market Analysis
Based on the motor, the electric motors market in transportation sector from small DC motors for automotive segment will exceed USD 22 billion by 2032. This motor is adopted for retracting, positioning, and extending electrically powered side windows, among other electric vehicle applications. Product demand is likely to remain strong, due to continued innovation to improve performance and costs. Key features also include high-speed range, noiseless operation, and faster dynamic response, leading to the widespread usage of small DC motors in the automotive industry.
Small DC motors for automotive segment is further segregated into cooling fans & blower motors, forklift actuation motors, vacuum pump motors, ABS motors, and air suspension motors categories. The ABS motors segment will depict a 6% CAGR through 2032, owing to their use as an alternative to conventional friction braking systems. These motors also ensure a superior braking performance and can save energy, thereby contributing to their development for EV applications.
The electric motors market size in transportation sector from the OEM end-use segment is expected to reach USD 25 billion by 2032, given the rising disposable income and improving economic conditions. Over the years, automobile manufacturers have been targeting to upgrade vehicle features through the deployment of advanced electric motors. Furthermore, the high emphasis on the production of different types of cars and railway vehicles will create lucrative opportunities for OEMs to design electric motors.
Regionally speaking, the North America electric motors market value in transportation sector is slated to exhibit a 5.5% CAGR till 2032, owing to the rise in living standards and healthy economic conditions is one of the prominent reasons driving electric motor development. Strict regulations have also been imposed to limit carbon emissions, encouraging manufacturers to integrate electric motors into their products. Additionally, with the increasing individual income levels, manufacturing output, and automobile innovations, product consumption is likely to further surge across the North American region.
Electric Motors Market Share
Some of the leading companies operating in the market include:
These companies are emphasizing business expansions, collaborations, and other strategies to reinforce their presence in the global market.
Impact of COVID-19 Pandemic
The COVID-19 pandemic has asserted an adverse impact on industry verticals, including the automotive sector, since its onset in early 2020. In the initial months of the outbreak, most auto manufacturing facilities were shut down, creating a ripple effect on labor and supply. These challenges may have hindered the demand for high- and low-voltage motors for EV applications. However, EV adoption has been witnessing a revival in recent years. Based on IEA data, in 2021, electric car sales reached 6.6 million, indicating a 3-fold increase from two years earlier, and consequently generating growth opportunities for the industry over the forecast period.
This electric motors market in transportation sector market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million units and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Motor
Market, By End-Use
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
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2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
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Verified data sources
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Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →