From GlobeNewswire: 2025-06-01 21:30:00

The global Electric Motors Market is expected to grow from USD 152.2 billion in 2024 to USD 206.4 billion by 2029, driven by increasing demand for HVAC systems, energy efficiency, and cost reduction across various industries. The market is expanding rapidly, with applications in electric vehicles, industrial machinery, consumer electronics, and more.

As the world population grows, the demand for energy, particularly oil and gas, continues to rise. Increasing demand for HVAC systems and energy-efficient electric motors in manufacturing industries are major factors driving the growth of the electric motors market.

Electric mobility is on the rise globally, with advancements in battery technology reducing costs and improving charging speeds. Government support and incentives for eco-friendly electric vehicles are contributing to the growth of the electric motors market. China is expected to lead in global passenger electric vehicles by 2025.

Governments worldwide are implementing policies to promote electric vehicles, accelerating the transition to electric mobility and increasing demand for electric vehicle motors. Major automakers and startups are investing in scaling up production, driving demand for electric motors across various vehicle types and applications.

Asia Pacific is expected to dominate the global electric motors market, driven by urban population growth, infrastructure development, government initiatives promoting industrial automation, and renewable energy adoption. Countries like China and India are leading the demand, with large water treatment plants and electric vehicle manufacturing contributing to the market’s growth.



Read more at GlobeNewswire: Electric Motors Market Share Expected to Grow $206.4