India Electric Motor Market Size, Share, Trends and Report 2024-2032
India Electric Motor Market Outlook
According to the report by Expert Market Research (EMR), the India electric motor market size attained a value of INR 118.30 billion in 2023. Aided by the increasing demand for energy-efficient solutions and the growing applications of electric motors across various industries, the market is projected to grow at a compound annual growth rate (CAGR) of 11% between 2024 and 2032, reaching a value of INR 302.6 billion by 2032.
Electric motors, which convert electrical energy into mechanical energy, are integral to numerous applications across industries such as automotive, manufacturing, energy, and consumer goods. They are widely used in industrial equipment, home appliances, electric vehicles (EVs), and power tools. With the growing emphasis on sustainable energy and reduced carbon footprints, the demand for energy-efficient electric motors has surged, driving market growth.
Market Drivers Of Growth
The growth of the India electric motor market is supported by several factors, chief among them being the increasing demand for electric vehicles. With government initiatives to promote cleaner transportation options, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, there is a strong push toward the adoption of EVs in India. This rise in electric vehicle production and adoption is significantly boosting the demand for electric motors, which are critical components in these vehicles.
In addition, the industrial sector’s increasing automation is a key factor propelling the market. As industries in India move towards adopting more advanced technologies and automation solutions to enhance productivity and reduce operational costs, the demand for electric motors in machinery, conveyor systems, and robotic equipment is growing. The manufacturing, automotive, and aerospace sectors, in particular, are expected to continue investing in electric motor-powered solutions to increase efficiency and reduce energy consumption.
Another major driver for the India electric motor market is the government’s push for energy efficiency across various sectors. The Bureau of Energy Efficiency (BEE) has implemented programs aimed at improving energy efficiency, including promoting the use of energy-efficient motors. Electric motors account for a significant portion of electricity consumption in industries, and the introduction of energy-efficient motors helps reduce operational costs and environmental impacts.
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India Electric Motor Market Trends
The India electric motor market is witnessing several emerging trends that are shaping its trajectory. One notable trend is the growing focus on smart motors and the integration of digital technologies such as the Internet of Things (IoT). Smart motors, which enable remote monitoring, diagnostics, and predictive maintenance, are gaining popularity in industrial applications. By providing real-time data on motor performance and health, smart motors help reduce downtime, extend equipment life, and optimize energy use.
The rising adoption of renewable energy sources is another trend that is positively influencing the electric motor market. With the Indian government aiming to achieve ambitious renewable energy targets, including a significant increase in solar and wind energy capacity, there is a growing need for electric motors in energy generation equipment. Electric motors are used in wind turbines, solar tracking systems, and hydroelectric generators, making them critical components in the renewable energy sector.
Furthermore, the market is also witnessing the increasing use of electric motors in agriculture. The growing mechanization of agriculture in India is driving the demand for electric motors in irrigation systems, water pumps, and various types of agricultural machinery. This trend is expected to continue, particularly as the government supports the modernization of the agricultural sector through subsidies and schemes promoting the use of efficient agricultural equipment.
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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 Future Outlook
Despite the positive growth prospects, the India electric motor market faces several challenges. One of the main challenges is the high initial cost of energy-efficient motors. Although these motors offer long-term savings through reduced energy consumption and maintenance costs, the upfront investment can be prohibitive for small and medium-sized enterprises (SMEs). Additionally, the availability of low-cost, substandard motors in the market can deter consumers from investing in high-quality, energy-efficient motors.
The market also faces challenges related to the fluctuating prices of raw materials such as copper and steel, which are essential components of electric motors. Volatile commodity prices can affect the profitability of manufacturers and, in turn, impact market growth.
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