Electric Motors and Generators Market Report and Forecast 2025-2034

The global electric motors and generators market attained a value of D 169.50 Billion in 2024 . The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 5.50% to reach nearly USD 289.53 Billion by 2034 .

Rising Demand for Electric Motors in Industrial Applications Driving the Market for Electric Motors and Generators

The increasing use of electric motors as a sustainable alternative to gas-burning counterparts in various industries is driving the market growth. With the evolution of designs of electric motors, their versatility, reliability, and efficiency are increasing, which is fuelling the market growth. The growing cost-effectiveness of electric motors and generators is surging their use in various industries, which is also propelling the industry growth. As miniature electric devices are increasingly used in various industries like medical and construction, among others, the demand for small electric motors is surging, hence driving the market growth.

The increasing supply-demand disparity between electricity is augmenting the growth of the electric motors and generators industry. With the growing concerns regarding rapid climate change, the use of natural resources like the wind for power generation in electric generators is surging, which is driving the market growth. In addition, the enhanced efficiency and cost-effectiveness offered by electric generators operated with natural resources are providing impetus to the growth of the industry. The advent of bi-fuel technology to boost the efficiency and environmental benefits of large electric generators is anticipated to augment the market for electric motors and generators in the coming years.

Electric Motors and Generators: Market Segmentation

Electric motors are devices that are used to convert electrical energy into mechanical energy by deploying the principles of electromagnetism. They are essential for the functioning of electrical devices, such as air conditioners, vacuum cleaners, and pumps, among others. Electric generators refer to machines that convert mechanical energy into electrical energy for its distribution over power lines. They are typically used to provide adequate electricity supply in commercial, residential, and industrial applications.

The major types of electric motors and generators markets are

• AC Motors
• DC Motors

Based on application, the market is classified into

• Industrial
• Residential and Commercial
• E-Mobility
• Others

The market can be broadly categorised on the basis of power generation into

• Thermal
• Hydro
• Nuclear
• Wind
• Others

Based on region, the market is classified into

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The Advent of Industry 4.0 to Augment the Growth of the Electric Motors and Generators Industry

The advent of Industry 4.0 is driving the market for electric motors and generators. As uninterrupted power supply is crucial in smart factories deploying Industry 4.0, the growing demand for generators to future-proof electric supply is adding to the growth of the market. The increasing preference for smart generators that can efficiently fulfil the power requirements of a manufacturing plant, especially in regions prone to power outages, is significantly contributing to the market expansion. Moreover, the development of innovative electric generators that can predict power requirements while operating silently to boost cost-effectiveness and comfortability is anticipated to provide further impetus to the growth of the market in the forecast period.Technological advancements and innovations are expected to fuel the growth of the electric motors and generators industry. The integration of artificial intelligence (AI) to automate controls for electric motors while boosting efficiency is surging their applications in major industries, which is predicted to augment the market growth. Moreover, the advent of robotics, especially in the manufacturing sector, is expected to surge the use of AI-enabled electric motors to bolster productivity and enhance cost-effectiveness, which is estimated to significantly contribute to the growth of the market.

Key Industry Players in the Global Electric Motors and Generators Market

The report presents a detailed analysis of the following key players in the global electric motors and generators market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• ABB Ltd
• Robert Bosch GmbH
• Siemens AG
• General Electric
• Rockwell Automation, Inc.
• Nidec Corporation
• Cummins Inc.
• Caterpillar Inc.
• Mitsubishi Heavy Industries, Ltd.
• Atlas Copco
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.