India Electric Motor Market Size, Share, Trends and Industry Report

India Electric Motor Market Outlook

According to the report by Expert Market Research (EMR), the India electric motor market size was a value of INR 118.30 billion in 2023. Propelled by the increasing demand for energy-efficient solutions, rapid industrialization, and the growing adoption of electric vehicles (EVs), the market is projected to further grow at a compound annual growth rate (CAGR) of 11% between 2024 and 2032, ultimately reaching an estimated value of INR 302.6 billion by 2032.

Electric motors, which convert electrical energy into mechanical energy, play a crucial role in a wide range of applications, including industrial machinery, household appliances, and electric vehicles. Their efficiency, reliability, and the ability to operate in various environments make them indispensable components across multiple sectors. As India continues to advance its industrial capabilities and embrace sustainable technologies, the electric motor market is poised for significant expansion.

Key Market Drivers Of Growth

Several factors are driving the growth of the India electric motor market. One of the primary catalysts is the increasing focus on energy efficiency and sustainability. With rising concerns over energy consumption and environmental impact, industries are actively seeking energy-efficient solutions to reduce operational costs and comply with stringent regulations. Electric motors are known for their high efficiency compared to traditional combustion engines, making them an attractive option for industries aiming to minimize their carbon footprint.

Additionally, the government's initiatives to promote electric vehicles are significantly contributing to the electric motor market's growth. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, along with various state-level incentives, is encouraging the adoption of EVs across the country. As a result, there is a growing demand for electric motors that power these vehicles, further bolstering the market.

The expanding industrial sector is another crucial driver of the electric motor market in India. Industries such as manufacturing, textiles, and construction are increasingly utilizing electric motors to improve operational efficiency and productivity. As India undergoes rapid urbanization and industrialization, the demand for electric motors in various applications is expected to rise significantly.

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Technological Advancements and Innovations

Technological advancements in electric motor design and manufacturing are also shaping the India electric motor market landscape. Innovations such as the development of brushless DC motors, permanent magnet motors, and smart motors are enhancing the efficiency and performance of electric motors. Brushless DC motors, in particular, are gaining popularity due to their high efficiency, low maintenance requirements, and longer lifespan compared to traditional brushed motors.

Furthermore, advancements in automation and control systems are revolutionizing the electric motor market. The integration of Internet of Things (IoT) technologies and smart sensors in electric motors enables real-time monitoring, predictive maintenance, and enhanced control. This shift towards intelligent systems is improving the overall performance and reliability of electric motors, making them more appealing to end-users.

The rise of renewable energy sources, particularly solar and wind energy, is also creating opportunities for electric motor manufacturers. Electric motors play a vital role in various renewable energy applications, such as solar pumps and wind turbines. As India increasingly invests in renewable energy projects to meet its growing energy demands, the electric motor market is expected to benefit from this trend.

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India Electric Motor Market Segmentation

The market can be divided based on by type, by voltage, rated power, weight, by speed, by magnet type, application, end – use and region.

Breakup by Type

AC
DC
Others

Breakup by Voltage

Low Voltage
Medium Voltage
High Voltage

Breakup by Rated Power

Fractional Horsepower Motors
Integral Horsepower Motors

Breakup by Weight

Low
Medium
High

Breakup by Speed

Low Speed
Medium Speed
High Speed
Ultra-High Speed

Breakup by Magnet Type

Ferrite
Neodymium (NdFeB)
Samarium Cobalt (SmCo5 and Sm2Co17)

Breakup by Application

Fans
Pumps
Compressors
Mechanical Movement
Others

Breakup by End Use

Residential
Commercial
Industrial
Transportation
Others

Breakup by Region

North
South
East
West

Competitive Landscape

Some of the major players explored in the report by Expert Market Research are as follows:

Hindustan Electric Motors
ABB India Limited
Siemens Limited
Bharat Heavy Electricals Ltd (BHEL)
Kirloskar Electric Company
Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
Marathon Electric India
Bharat Electric Motors
Bharat Bijlee Limited
Others

Challenges and Opportunities

Despite the positive market outlook, several challenges need to be addressed in the India electric motor market. One of the primary concerns is the high initial cost associated with electric motors, which may deter small and medium-sized enterprises (SMEs) from making the switch from conventional systems. To overcome this challenge, manufacturers and policymakers need to emphasize the long-term cost savings and efficiency benefits that electric motors offer.

Moreover, the availability of skilled labor and training programs for electric motor installation and maintenance is essential for market growth. As the demand for advanced electric motor technologies increases, there is a pressing need to develop a skilled workforce that can support the industry.

However, the increasing focus on sustainability and the push for electrification present significant opportunities for growth in the electric motor market. As industries strive to reduce their carbon footprint and embrace cleaner technologies, electric motors are poised to become the preferred choice for various applications.

Furthermore, the rising adoption of automation and smart manufacturing technologies is expected to boost the demand for electric motors equipped with advanced control systems. Manufacturers that invest in research and development to create innovative products that meet evolving customer needs will likely gain a competitive advantage in the market.

Future Market Trends

Several trends are expected to shape the future of the India electric motor market. The increasing emphasis on electric mobility is likely to drive the demand for electric motors in the automotive sector. With the Indian government setting ambitious targets for EV adoption, manufacturers will need to focus on developing efficient and high-performance electric motors to meet this demand.

Additionally, the growing trend of Industry 4.0 and digitalization is set to transform the electric motor market. The integration of IoT technologies and smart sensors will enable manufacturers to monitor motor performance in real-time, optimize energy consumption, and enhance maintenance practices.

The demand for energy-efficient solutions will also continue to rise as industries strive to meet sustainability goals. Electric motor manufacturers that prioritize energy efficiency in their product offerings will be well-positioned to capitalize on this growing trend.

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