Electric Motors Market Size

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.