Electric Motor Market Boom: A Green Energy Transition

The global electric motor market is poised for a massive transformation, with projections indicating it will nearly triple in value by 2032, reaching $373.9 billion. This growth, driven by a push for efficiency and decarbonization, is leading to a shift in energy consumption. The markets expansion is not just about new demand, but also about replacing old systems, as electric motor systems currently use about 53% of global electricity. Governments tightening energy performance standards are forcing industries to upgrade to advanced, high-efficiency systems. However, the high initial cost of these advanced motors poses a challenge, particularly for smaller businesses. The automotive sector is seeing the most aggressive growth, with the segment for electric vehicle traction motors expected to grow by 14.8% annually through 2032. This rapid expansion is fundamentally changing the automotive supply chain and increasing demand for materials like copper, rare earth magnets, and steel. The growth in the electric motor market is a clear indicator of the broader energy transition, highlighting the need for substantial investment in physical infrastructure to power the machines that will drive our future.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.