Electric motors and generators market in Finland

Earlier Report Observations

The market size for electric motors and generators in Finland showed marginal growth to 424.4 million US dollars in 2019, then contracted over the following three years. It fell by 11.5% to 375.4 million in 2020, followed by steep declines of 38.6% in 2021 to 230.4 million and 27.7% in 2022 to 166.6 million US dollars.

A turnaround began in 2023 with a 3.5% increase to 172.5 million US dollars, supported by strong performance from key manufacturer ABB, which reported excellent profitability and expanded its workforce. The market then surged by 53% to 263.8 million US dollars in 2024, primarily driven by the enactment of the Charging Point Law mandating EV charging stations in non-residential buildings, which boosted demand for related motors, and stricter Ecodesign energy efficiency regulations that accelerated industrial upgrades to higher-class IE3-IE5 motors.

Production electric motors and generators in Finland

In value, 2017-2020, M $ US

Finland's production of electric motors and generators declined for the second year in a row. In 2020, output was valued at 804.8 million US dollars, down 1.9% from 2019. Over the period from 2017 to 2020, production grew by 10.6%, which translates to an average annual increase of 3.4%. The highest production value was recorded in 2018 at 862.2 million US dollars, with an 18.5% increase that year. The largest decline occurred in 2019, when production fell by 4.9%.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

Exports electric motors and generators from Finland

Exports in kind, t

In 2020, Finland's exports of electric motors and generators reached 53 143 tonnes, showing a sharp increase of 46.7% compared to the previous year. From 2017 to 2020, exports grew by 12.5%, with a compound annual growth rate of 4.0%. The lowest export volume was in 2019 at 36 221 tonnes, marking a 35.1% decline. The highest volume was recorded in 2018 at 55 852 tonnes.

Annual dynamics of product's exports from Finland in kind, 2017-2020, t

Between 2017 and 2020, no single market dominated Finland's exports of electric motors and generators. Germany accounted for 18.6% of exports by volume, Denmark for 11.5%, and South Korea for 7.5%. Together, these three countries represented 37.6% of total exports, with many smaller partners holding modest individual shares.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, M $ US

In 2020, Finland's exports of electric motors and generators amounted to 591.5 million US dollars, reflecting a moderate increase of 4.6% from the previous year. From 2017 to 2020, exports rose by 25.3%, equivalent to an average annual growth rate of 7.8%. The highest export value was in 2018 at 618.4 million US dollars, with a 31.0% increase that year. The largest decline occurred in 2019, when exports fell by 8.6%.

Annual dynamics of product's exports from Finland in value, 2017-2020, M $ US

From 2017 to 2020, Finland's export structure in value terms was balanced rather than concentrated. Germany accounted for 15.3% of exports by value, South Korea for 12.0%, and Denmark for 8.3%. Together, these three countries made up 35.7% of total exports, with the remaining 64.3% spread across many other countries.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports electric motors and generators to Finland

Imports in kind, t

The import market showed an unstable trend over the period. Import volumes fluctuated significantly, with a 14-fold difference between the high in 2018 and the low in 2019. In 2020, Finland imported 12 350 tonnes of electric motors and generators, a dramatic increase of 1,259.1% from the previous year. The lowest import volume was in 2019 at 909 tonnes, representing a 92.8% decline. The highest volume was recorded in 2018 at 12 682 tonnes.

Annual dynamics of product's imports to Finland in kind, 2017-2020, t

Between 2017 and 2020, three main markets—Germany, China, and Estonia—together accounted for 54.0% of Finland's total imports of electric motors and generators by volume.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, M $ US

Finland's imports of electric motors and generators declined for the second consecutive year. In 2020, imports stood at 162.2 million US dollars, down 4.3% from 2019. From 2017 to 2020, imports increased by 4.6%, which equates to an average annual growth rate of 1.5%. The highest import value was in 2018 at 170.6 million US dollars, with a 10.0% increase that year.

Annual dynamics of product's imports to Finland in value, 2017-2020, M $ US

Over the period from 2017 to 2020, Germany, China, and Estonia were the largest contributors to Finland's imports of electric motors and generators by value. Germany accounted for 31.7% of imports, China for 10.6%, and Estonia for 10.1%. Together, these three countries represented 52.4% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020