According to the research report, “Global Electric Motor Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 220 Billion by 2029, increasing from USD 141.37 Billion in 2023. The market is expected to grow with 8.14% CAGR by 2024-29. The versatility of electric motors makes them indispensable across a multitude of industries and sectors. In manufacturing plants, electric motors drive conveyor belts, assembly lines, and robotic arms with precision and efficiency.
Largest Electric Motor Market Companies in the World.
1. ABB Ltd
The history of The ABB Group can be traced back to the late nineteenth century, and has a long and illustrious record of innovation and technological leadership in many industries. In many ways, The ABB Group was founded by Ludvig Fredholm (of ASEA) and Charles E.L. Brown and Walter Boveri (of BBC) in the late 1800's. A merger in 1988 between automation moguls ASEA, and the mainstream energy and power company BBC, labeled the new company ABB. ABB’s success is driven by 110,000 talented employees in over 100 countries. ABB has a full range of business activities in China, including R&D, manufacturing, sales and services, 28 local companies with 15,000 employees located in over 130 cities and online and offline channels across around 700 cities. It operates through the following business segments: Electrification, Motion, Robotics & Discrete Automation and Process Automation. Company Financial Year 2023 revenue is USD 33.18 Billion, R&D Investment is USD 1.3 Billion.
2. Siemens AG
Siemens AG, German energy technology and manufacturing company formed in 1966 through the merger of Siemens & Halske AG (founded 1847), Siemens-Schuckertwerke (founded 1903), and Siemens-Reiniger-Werke AG (founded 1932). Financial Year 2023 revenue is 77.76 Billion euro. As of September 30, 2023, the company employed around 320,000 people worldwide. It operates through the following segments: Power & Gas, Energy Management, Building Technologies, Mobility, Digital Factory, Process Industries & Drives, Siemens Healthcare and Financial Services. It serves customers in various industries such as energy, healthcare, infrastructure, process and manufacturing, and others. Siemens is headquartered in Munich, Bavaria, Germany.
3. Nidec Corporation
Nippon Densan Corporation established. On July 23, 1973, Shigenobu Nagamori, who was then 28 years old and who now serves as Representative Director and Chairman, established Nippon Densan Corporation with three friends in Nishikyo-ku, Kyoto. It operates through the following segments: Nidec, Nidec Electronics Thailand, Nidec Singapore, Nidec Hong Kong, Nidec Sankyo, Nidec Copal, Nidec Techno Motor, Nidec Motor, Nidec Motors and Actuators, and Others. Company Financial Year 2023 Net Sales is 2,347,159 Million Yen.
4. WEG S.A.
Founded in 1961, WEG is a global electric-electronic equipment company, operating mainly in the capital goods sector with solutions in electric machines, automation and paints for several sectors, including infrastructure, steel, pulp and paper, oil and gas, mining, among many others. With manufacturing units in 15 countries and present in more than 135 countries, the company has more than 40,000 employees worldwide. WEG’s net revenue reached R$ 32.5 billion in 2023, 52.9% from external markets. WEG SA engages in the production and trade of capital goods such as electric motors, generators and transformers, gear units, and geared motors. It operates through the Brazil and Foreign segments.
5. Toshiba Corporation
Toshiba Corporation is a Japanese multinational electronics company that was founded in 1875 and is headquartered in Minato, Tokyo. It operates through the following segments: Energy Systems Solutions, Infrastructure Systems Solutions, Retail and Printing Solutions, Storage and Device Solutions, Industrial ICT Solutions, and Others. Company Financial Year 2023 revenue is 3285.6 Million Yen. Toshiba has business operations across Asia-Pacific, Europe, the Middle East, Africa, and the Americas.
6. Johnson Electric Holdings Limited
The company was founded in 1959. Johnson Electric is a provider of motors, actuators, motion subsystems and related electro-mechanical components for automotive, industrial and medical applications. Johnson Electric has manufacturing facilities in 22 countries. Company F.Y. 2023 sales is USD 3.8 Billion. The company operates in the Americas, Asia-Pacific, Africa, the Middle-East and Europe. Johnson Electric is headquartered in Shatin, Hong Kong.
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