Electric motor market seen reaching $373.9B by 2032

Allied Market Research says the global electric motor market is on track to more than double to $373.9 billion by 2032, driven by energy-efficiency mandates, EV adoption and industrial automation. AC motors lead today, while DC motors are expected to grow fastest as electrification spreads across factories, vehicles and appliances. Why it matters: - Electric motors sit inside vehicles, factories, HVAC systems, medical devices and appliances, so market growth tracks broader electrification across the global economy. - The forecast points to sustained demand for more efficient motors as companies and governments push to cut energy use and emissions. - EV production and factory automation are adding new demand centers beyond traditional industrial uses. What happened: - Allied Market Research projects the global electric motor market will rise from $142.2 billion in 2020 to $373.9 billion by 2032. - The report forecasts a 9.5% compound annual growth rate from 2023 to 2032. - The report was released June 19, 2026. - Allied Market Research says the market is being lifted by energy-efficient technologies, electrification initiatives and automation systems. - A sample report is available here . The details: - AC motors hold the largest market share because they are widely used in industrial machinery, HVAC systems, manufacturing facilities and household appliances. - DC motors are expected to post the fastest growth, helped by brushless DC motors and higher use in medical devices, EVs, robotics and precision applications. - The rotor segment generated the highest revenue share and is expected to keep that lead as rotor design and materials improve efficiency. - Major applications include automobile traction motors, automobile non-traction motors, HVAC, medical equipment, industrial machinery and household appliances. - Industrial machinery remains one of the largest application categories because of automation and manufacturing modernization. - Power segments in the report include up to 5 kW, 5 kW to 10 kW, 10 kW to 75 kW and above 75 kW. - Demand is rising across all power bands as motors become more common in industrial equipment, transportation, renewable energy infrastructure and commercial systems. - The report lists ABB, Denso Corporation, Emerson Electric Co., Johnson Electric Holdings Limited, Maxon, Nidec Corporation, Regal Rexnord Corporation, Rockwell Automation Inc., Siemens AG and ARC Systems Inc. as major participants. - Companies are focusing on product innovation, strategic partnerships, manufacturing expansion and technology upgrades. - A purchase inquiry form is available here . - A customization request form is available here . Between the lines: - The strongest demand signals are coming from industries under pressure to cut operating costs and carbon output at the same time. - Asia-Pacific is positioned as the fastest-growing region because of industrialization, appliance demand, EV adoption and infrastructure spending. - Europe’s growth is tied to regulation and carbon-reduction goals, while North America is being supported by automation, EV adoption and factory upgrades. - The technology mix is shifting toward BLDC motors, smart sensors, predictive maintenance, rare-earth permanent magnets, IIoT integration and better control electronics. - Those changes suggest the market is moving from basic motor replacement toward smarter, higher-efficiency systems. What’s next: - Allied Market Research expects EV traction motors, industrial automation systems and smart appliances to keep expanding demand through 2032. - Asia-Pacific is expected to remain the fastest-growing regional market over the forecast period. - Motor makers are likely to keep investing in lightweight designs, higher power density, thermal management and digital monitoring. - The complete report is positioned for stakeholders looking for segmentation, regional performance, investment opportunities and competitive benchmarking.