India Electric Motor Market: Industry Analysis and Forecast (2024-2030)

India Electric Motor Market was valued at US$ 1.35 Bn. in 2023. India Electric Motor Market size is estimated to grow at a CAGR of 17.45%.
India Electric Motor Market Overview:
Electro-mechanical devices like electric motors are operating on the principle of electromagnetic induction. They are highly efficient, long-lasting, low-maintenance, energy-efficient, and can endure strong voltage fluctuations. Furthermore, electric motors are substantially less expensive than fossil-fuel engines. There are 12 different types of electric motors are available in the market. Hysteresis motors, pancake or axial rotor motors, synchronous reluctance motors, and stepper motors are some of the types of the electric motors.To know about the Research Methodology :- Request Free Sample Report

Electrical machines that consume electrical energy & convert it into mechanical energy are known as electric motors. The conversion process includes interaction between the magnetic fields set up in the windings of the stator & rotor. Wound-rotor synchronous motors, AC SCIM split-phase, and AC SCIM split-phase capacitor-run are also available in the market. AC induction shaded-pole motors, universal motors, switching reluctance motors, brushless DC motors, and brushed DC electric motors are also used in a wide range of applications, from aeroplanes to industrial handheld power tools.

The segments of the Electric Motor market are investigated in the report (Motor Type, Voltage, Power Capacity, Application, and Region). Market players and regions have given data (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The Electric Motor market study gives a comprehensive overview of the present quick advancements in all industrial sectors. The essential data analysis for the historical era from 2018 to 2023 is presented using facts and figures, pictures, and presentations. The analysis looks at the market's drivers, constraints, prospects, and hurdles for Electric Motor. This MMR report contains investor suggestions based on a detailed study of the current competitive landscape in the Electric Motor industry sector.
India Electric Motor Market Dynamics:
Electric motor manufacturers are continuing to work around traditional challenges of noise, efficiency, and performance due to the ever-increasing end-user demands of the motors. According to the analysis, on the basis of the supply side, there is still a lot of demand for magnets manufactured of more common materials. The demand for electric motors in India has experienced a firm growth. Strict power consumption standards & resolution in the reduction of greenhouse gas (GHG) emissions are the key reasons for the growth in industrial production & the development of the electric motor market.

The India electric motor market growth is driven by the usage of the electric motor in the various end user industries. An increase in the construction activities across residential, commercial sector, government focus towards adopting energy-efficient motors, high growth in the population in the country and rapid urbanisation are some of the prominent factors, which are expected to drive the market growth in the near future. The Indian Currently, one of the most significant instruments, which is used in industrial sector is the electric motor. Steel mills, automobile accessories, treadmill exercisers, and paper manufacturing are all using brushed DC motors. Rigid disc drives, RC vehicles, electric cars, CD/DVD vehicles, and UAVs use brushless DC motors are some of the prominent application areas of the electric motors.

Furthermore, electric motors offer a momentous gain in energy efficiency for industrial usage. The current technology, the Internal Combustion Engine has an energy efficiency of less than 50%, whereas electric motors have an energy efficiency of above 95%. Electric motors are also less expensive to manufacture, small, and lightweight in usage and provide steady and instant torque for applications like as electric automobiles while using renewable energy. These are some factors, which are expected to drive the market growth.

The government of India plays a vital role in the expansion of Electric Motor market,

The government of India is playing a vital role in the expansion of the electric motor market by introducing some of the initiatives like Make in India, Smart City Mission, AMRUT, affordable housing, and others. The Industrial inclination towards the advancement of existing electrical infrastructure have positively influenced the industry outlook. In India, Governments are constantly in dialogue to identify new areas of collaboration with the goal to improve the energy supply for end user industries.

An acceptance of electric vehicles is expected to drive the electric motors market growth.

An increase in fuel prices and stringent regulations towards reducing the air pollution level are expected to increase the demand for electric motors in the coming years. The automotive sector in the country is also booming. Electric mobility will help to balance energy demand, storage, and environmental sustainability. Electric vehicles, by relying on a diverse range of primary energy sources for power generation is expected to help diversify the energy requirement to move people and commodities, significantly boosting energy security.

Currently the Electric Vehicle industry in India is far behind, with less than electrical vehicle sales. Despite the Indian roads are dominated by conventional vehicles, an adoption of the electrical vehicles are expected to increase in the near future. The government of India have undertaken multiple initiatives to encourage manufacturing and adoption of electric vehicles in India. With support of the government, electric vehicles have started piercing in the Indian market.
India Electric Motor Market Segment Analysis:
In the current market scenario, the use of rare earth magnets are becoming a stumbling block, which is promoting machine designers to think outside the box. It also reducing the requirement for rare earth magnets and drive the demand for efficient electric motor demand. Despite the constraints rare earth magnets electric motors like endeavour, small changes in the structure area have potential to increase its significant commercial benefits. Which is expected to continue as new machine designs. It is expected to become a key trend in the India electric motor market.

According to the research, India’s industrial sector consumes about more than 40% of the total electricity consumption. In which, electric motor- systems are using more than 28% of total national electricity. In the India, EESL’s National Motor Replacement Programme (NMRP) goals to stimulate supply for high efficiency motors in the country. Energy Efficiency Services Limited has signed agreements with over 30 major industries to replace over 1,200 inefficient motors, which helps to enable energy savings of 48,16,535 kWh and emission reduction of 4,240 tCO2 per year.
India Electric Motor Market Regional Insights:
The India electric motor market growth is driven by the rapid expansion of the end-user industries and construction activities in the country. Gujarat, Maharashtra, and Madhya Pradesh are the key markets for electric motor, which are playing a vital role in generating revenues in the market. An increase in government initiatives like Green Energy Corridor in Gujarat, Maharashtra, and Madhya Pradesh are expected to contribute significant share during the forecast period.

The Indian market for electric motors is fragmented because of the presence of a large number of players like major manufacturing companies and medium-sized enterprises. An innovation and technological advancement like energy-efficient motors with significant power saving capability are some of the key focus area of the key players operating int the India electric motor market. Automotive, manufacturing, HVAC equipment, and home appliance are some of the key application area in the country, which are expected to increase the adoption of electric motors in near future.

The objective of the report is to present a comprehensive analysis of the India Electric Motor Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Electric Motor Market dynamic, structure by analyzing the market segments and projecting the Electric Motor Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the Electric Motor Market make the report investor’s guide.
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India Electric Motor Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 1.35 Bn.


Forecast Period 2024 to 2030 CAGR:
17.45%
Market Size in 2030:
US $ 4.16 Bn.


 Segments Covered:
by Motor Type
Alternating Current (AC) Motor
Direct Current (DC) Motor


by Voltage
Low Voltage
Medium Voltage
High Voltage


by Power Capacity
Fractional Horsepower
Integral Horsepower


by Application
Industrial
Commercial
Residential
Transportation And Agricultural



India Electric Motor Market Key Players
1. ABB India Ltd.
2. Siemens India Ltd.
3. CG Power And Industrial Solutions Limited
4. Bharat Heavy Electricals Ltd.
5. Marathon Electric India
6. Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
7. WEG Industries (India) Pvt. Ltd.
8. Kirloskar Electric Company Ltd.
9. Hindustan Electric Motors
10. Bharat Electric Motors
11. Bharat Bijlee Limited
12. Fuji Electric India Pvt. Ltd.
13. Regal Beloit Corporation
14. WEG Industries (India) Pvt Ltd.
15. GE Power India Limited

Frequently Asked Questions:

1] What segments are covered in the India Electric Motor Market report?
Ans. The segments covered in the India Electric Motor Market report are based on Type, Voltage, Power Capacity, and Application.

2] Which region is expected to hold the highest share in the India Electric Motor Market?
Ans. The west India region is expected to hold the highest share in the India Electric Motor Market.

3] What is the market size of the India Electric Motor Market by 2030?
Ans. The market size of the India Electric Motor Market by 2030 is US$ 4.16 Bn.

4] What is the forecast period for the India Electric Motor Market?
Ans. The forecast period for the India Electric Motor Market is 2024-2030.

5] What was the market size of the India Electric Motor Market in 2023?
Ans. The market size of the India Electric Motor Market in 2023 was US$ 1.35 Bn.