India Electric Motor Market Outlook: Size, Growth, Trends & Report | 2032

India Electric Motor Market Outlook

According to the report by Expert Market Research (EMR), the India electric motor market size reached a value of INR 118.30 billion in 2023. Supported by the increasing demand for energy-efficient systems, rapid industrialization, and the adoption of electric vehicles (EVs), 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 play a pivotal role in driving India’s industrial and economic growth. From powering machines in manufacturing plants to driving the electric vehicles that are gradually transforming the transportation sector, electric motors are indispensable. With India’s growing focus on energy efficiency, sustainability, and the need to reduce reliance on fossil fuels, the electric motor market is experiencing robust expansion. The government’s initiatives to promote renewable energy, energy-efficient technologies, and clean transportation have further catalyzed the demand for electric motors across various industries.

Key Drivers of Market Growth

The rapid industrialization in India has contributed significantly to the increased demand for India electric motor market. As industries like manufacturing, agriculture, and construction expand, the need for electric motors to drive machinery, equipment, and automation systems has surged. Additionally, electric motors are critical components in HVAC (heating, ventilation, and air conditioning) systems, pumps, and fans, which are essential in both residential and industrial buildings.

Electric vehicles (EVs) are another major factor driving the growth of the India electric motor market. The Indian government has set ambitious targets for EV adoption as part of its commitment to reduce carbon emissions and tackle air pollution. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, along with various state-level incentives, has spurred the production and adoption of electric vehicles. As EV sales continue to rise, the demand for high-performance electric motors to power these vehicles is expected to grow rapidly.

Moreover, the shift toward renewable energy sources, such as wind and solar power, is also contributing to the electric motor market growth. Electric motors are extensively used in wind turbines and other renewable energy systems, making them crucial for India’s energy transition. As renewable energy production increases, the demand for electric motors in these sectors will continue to grow.

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Technological Advancements and Energy Efficiency

A major trend in the India electric motor market is the growing emphasis on energy efficiency. As the demand for electric motors across various sectors rises, there is an increasing focus on producing energy-efficient motors that consume less electricity and help reduce operational costs. Government regulations and rising electricity costs have made energy efficiency a top priority for industries, further driving the demand for advanced electric motors.

Recent technological advancements in electric motor design, such as the development of permanent magnet synchronous motors (PMSMs), are improving motor efficiency and performance. These motors are increasingly being adopted in a wide range of applications due to their superior efficiency compared to conventional induction motors. Additionally, innovations in motor control technology, such as variable frequency drives (VFDs), are making it possible to optimize motor performance, minimize energy consumption, and extend the lifespan of motors.

With these developments, industries across sectors like automotive, manufacturing, and agriculture are increasingly replacing traditional motors with high-efficiency, low-maintenance alternatives, further boosting the market for advanced electric motors.

Industrial Applications and Automation

The Indian manufacturing sector has long been a key user of electric motors, and with the ongoing push toward industrial automation and digitalization, the demand for India electric motor market in this sector is expected to grow. Motors are used extensively in manufacturing processes, including in conveyor systems, material handling, robotics, pumps, compressors, and other automated machinery. As Indian industries continue to adopt automation technologies to improve productivity and efficiency, the requirement for high-quality electric motors will rise.

Furthermore, the government’s focus on promoting ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives is encouraging local manufacturing and reducing dependence on imported motors. This focus on self-sufficiency presents a significant growth opportunity for India’s electric motor manufacturing sector, as companies invest in state-of-the-art technologies to meet both domestic and international demand.

Renewable Energy and Electric Motors

As India strives to meet its renewable energy targets, electric motors will play a crucial role in the expansion of the renewable energy sector. In wind energy, for example, electric motors are used in wind turbines to convert mechanical energy into electrical power. The Indian government has set a target of 500 GW of renewable energy capacity by 2030, with a significant portion of this capacity coming from wind and solar power. As India increases its renewable energy infrastructure, the demand for electric motors in these systems will grow.

Solar energy applications, such as water pumping systems and solar-powered fans, also rely heavily on electric motors. With the increasing adoption of solar power in agriculture and rural areas, the demand for electric motors designed for solar-powered applications is expected to rise.

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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 significant growth opportunities in the India electric motor market, several challenges remain. One of the primary challenges is the high cost of advanced electric motors, particularly those designed for electric vehicles and renewable energy applications. The cost of raw materials such as copper and rare earth metals, which are used in the manufacturing of high-performance motors, can be a barrier to the widespread adoption of these motors.

Additionally, the lack of a comprehensive charging infrastructure for electric vehicles and the relatively low consumer awareness about electric mobility remain challenges that may slow the adoption of EVs, and consequently, the demand for EV motors.

However, these challenges also present opportunities for innovation and growth. With government support and the increasing focus on sustainability, there is a significant opportunity for manufacturers to invest in research and development to reduce the cost of electric motors and improve their performance. Furthermore, the development of new motor technologies and the expansion of the electric vehicle and renewable energy sectors present significant growth prospects for electric motor manufacturers in India.