Top Electric Motor Companies

Global Electric Motor Market size was valued at USD 182.29 Billion in 2023 and is poised to grow from USD 197.78 Billion in 2024 to USD 379.86 Billion by 2032, growing at a CAGR of 8.5% in the forecast period (2025-2032).

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', 'WEG', 'Tesla, Inc.', 'Rockwell Automation, Inc.', 'Allied Motion, Inc.', 'AMETEK.Inc.', 'Johnson Electric Holdings Limited', 'Nidec Motor Corporation', 'Franklin Electric', 'Regal Rexnord Corporation', 'Schneider Electric', 'Siemens', 'ORIENTAL MOTOR USA CORP.'

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.

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