Top Electric Motor Companies

Global Electric Motor Market size was valued at USD 201.44 Billion in 2024 and is poised to grow from USD 220.17 Billion in 2025 to USD 448.46 Billion by 2033, growing at a CAGR of 9.3% during the forecast period (2026–2033). 

With giants such as Tesla, Siemens, ABB, Nidec, and Bosch leading the way, the electric motor market is highly competitive. ABB is gearing up in 2024 its smart motor solutions for industrial automation, while Tesla is working on new, extremely efficient motors with reduced use of rare earth materials. Additionally, players are strategizing by forming joint ventures and mergers; for instance, Nidec and Stellantis are working on next-generation e-axles. The competitive landscape of the industry is being influenced by investment in AI motor technology and new economic growth. 'ABB Ltd (Switzerland) ', 'Nidec Corporation (Japan) ', 'Siemens AG (Germany) ', 'WEG Electric Corp. (Brazil) ', 'Rockwell Automation, Inc. (USA) ', 'Toshiba Industrial Products and Systems Corporation (Japan) ', 'AMETEK, Inc. (USA) ', 'Johnson Electric Holdings Limited (China) ', 'Regal Rexnord Corp (USA) ', 'General Electric Company (GE) (USA) ', 'Mabuchi Motor Co., Ltd. (Japan) ', 'Franklin Electric Co., Inc. (USA) ', 'Allied Motion Technologies Inc. (USA) ', 'ElectroCraft, Inc. (USA) ', 'Bharat Bijlee Limited (India) ', 'Kirloskar Electric Co. Ltd. (India) ', 'TMEIC (Toshiba Mitsubishi-Electric Industrial Systems Corporation) (Japan) ', 'Wolong Electric Group Co., Ltd. (China) ', 'Danaher Corporation (USA) ', 'Hindustan Electric Motors Mfg. Co. (India)'

The growth of electric vehicles (EVs) is one of the main factors propelling the market. Governments everywhere are imposing more stringent pollution laws and providing incentives to EV purchasers. Automakers like Tesla, BYD, and Volkswagen are increasing their manufacturing of electric motors to keep up with demand. Solid-state batteries and sophisticated motors will improve EV performance, propelling its broad use.

Smart Motors Powered by AI: AI-powered motors are increasing in demand because of their real-time diagnostic features, predictive maintenance, and energy management. Industrial firms such as Rockwell Automation and Schneider Electric are designing Internet of Things-enabled motors. Industry sectors will be employing AI-powered solutions to minimize energy consumption, maximize motor lifespan, and enhance operational efficiency by 2024.

Asia Pacific electric motor market is the leader in revenue, accounting for 51.2% in 2024. The growing application of electric vehicles primarily propelled this market, and China played a major role in it. The United States International Trade Commission, approximately 1.60 million electric vehicles were exported from China throughout 2023. In addition, increased consumption of HVAC equipment by industrial users, increased utilization of automation systems across different manufacturing firms, and government incentives to move reliance away from other sources to energy-efficient electric motors will keep driving growth in the subsequent years.