Global Electric Motors and Generators Market to Grow at a CAGR of 5.5% During 2024-2032, Driven by the Rising Demand for Electric Vehicles (EV)

The growing demand for electric vehicles owing to the rising environmental consciousness is augmenting the growth of the electric motors and generators industry. The rising use of efficient electric motors in the automotive and mobility sectors is also propelling the growth of the market. As fuel prices and environmental consciousness are significantly increasing, electric vehicles are increasingly preferred in developing countries. This, in turn, is surging the use of efficient electric motors and fuelling the growth of the market. Moreover, the increasing affordability and acceptability of electric vehicles are expected to provide further impetus to the market for electric motors and generators in upcoming years.

General Electric (NYSE: GE), one of the leading companies in the market, announced in June 2018 that it had been chosen by the Seattle City Light (SCL) to rebuild three generators in the powerhouse of the Boundary Dam. The latter supplies up to 30% of the total electricity requirements in Northeastern Washington State. The project would encompass the refurbishment of power generators 51, 52, and 54 and engineering and site work. It would also enhance the output of the generators from 166 MVA and 170 MVA to 190 MVA while boosting grid stability and reducing power losses. This would allow safe and reliable operations of the site for the next 40 years. Moreover, the company was also selected by the Eugene Water & Electric Board to rehabilitate two 50 MW turbine-generator units on the Carmen Smith Hydroelectric Projects. Such developments are propelling the growth of the market.

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Market Analysis by Type, Application, Power Generation, and Region:

• The markets, on the basis of type, can be divided into AC motors and DC motors.
• Based on application, the electric motors industry can be divided into industrial, commercial and residential, and e-mobility, among others.
• The power generations of electric generators include thermal, hydro, nuclear, and wind, among others.
• The regional markets for electric motors and generators include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing demand for electric motors in various industrial applications owing to their high efficiency and cost-effectiveness is driving the market growth.
• The market is being aided by the growing demand for electric generators that use natural resources like wind for power generation.
• The advent of Industry 4.0 and the rising demand for electric generators for uninterrupted power supply are bolstering the growth of the market.
• The integration of artificial intelligence (AI) in electric motors to automate control and enhance efficiency is providing impetus to the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for electric motors and generators for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, applications, power generations, and major regions of electric motors and generators.
• The market report also analyses the trade data by covering the major importing and exporting countries. 
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global electric motors and generators market are ABB Ltd, Robert Bosch GmbH, Siemens AG, General Electric, Rockwell Automation, Inc., Nidec Corporation, Cummins Inc., Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., and Atlas Copco, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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