Electric Motor Sales Market Growth & Trends
The global electric motor sales market size is expected to reach USD 232.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Rapid technological advancements have been playing an imperative role in the growth of the market. Further, improved insulation and operational efficiency have significantly improved the electro-mechanical machines in terms of safety and functionalities, leading to increased demand across multiple industries. Electric motors are used in multiple applications across industry verticals such as home appliances, industrial machinery, and vehicles. The market is expected to witness high growth from Heating, Ventilation, and Cooling (HVAC) applications as they are an inseparable component of HVAC equipment.
Rising fuel prices across the globe are impelling people to shift to non-conventional fuel alternatives. As a result, electric vehicles are manufactured with a view of reducing operational costs and carbon footprint. The upsurge in the production of electric vehicles is expected to positively impact the demand for electric motors as they are used in various applications ranging from performance components to comfort components of the vehicle.
The industry is characterized by regulatory policies and government initiatives that promote energy efficiency in machines and equipment. High-efficiency and output, low power consumption, increased operational life, and low maintenance costs are essential requirements for the electro-mechanical machines. Notably, technological innovations have introduced improved design, components, and motor specifications resulting in fulfillment of end-user requirements. Innovations and evolving policy frameworks are crucial for industry development and will play a key role in fueling the demand for the products over the forecast period.
Asia Pacific region held the largest revenue share in the electric motor market in 2020 and is projected to witness the fastest CAGR of 7.8% from 2021 to 2028. The growth can be attributed to increasing industrialization investments in countries such as China, India, South Korea, and Australia. Further, the scope for market growth in the region is expected to increase significantly over the coming years, owing to the evolving agriculture sector through efficient irrigation practices and technology transfer.
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Electric Motor Sales Market Report Highlights
- Increased adoption of the electro-mechanical machines in vehicles, backed by technological advancements resulting in performance enhancement, is expected to positively impact market's growth
- The AC motor type held the largest share in 2020. It is estimated to generate over USD 166 billion by 2028 due to the extensive use of AC motors in various applications ranging from irrigation pumps to modern-day robotics
- The fractional horsepower (FHP) output segment represented over 87% of the overall market value in 2020. Fractional horsepower motors are used widely in all household appliances ranging from vacuum cleaners to coffee machines to refrigerators
- The motor vehicles segment is the most prominent application segment, commanding more than 40.0% of the overall market value in 2020. The electro-mechanical machines are also extensively used in heavy industrial equipment as well as agricultural machinery
- Asia Pacific will lead the market through 2028, exhibiting a CAGR of 7.8% from 2021 to 2028. The growth of the regional market can be attributed to increasing direct investments in developing nations such as India and China
Electric Motor Sales Market Segmentation
Grand View Research has segmented the global electric motor sales market on motor type, power output, application, and region:
Electric Motor Sales Motor Type Outlook (Revenue, USD Billion, 2016 - 2028)
- Synchronous AC
- Induction AC
- Brushed DC
- Brushless DC
- Hermetic Motor
Electric Motor Sales Power Output Outlook (Revenue, USD Billion, 2016 - 2028)
- Integral HP Output
- Fractional HP Output
Electric Motor Sales Application Outlook (Revenue, USD Billion, 2016 - 2028)
- Industrial Machinery
- Motor Vehicles
- HVAC Equipment
- Aerospace & Transportation
- Household Appliances
Electric Motor Sales Regional Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of the Electric Motor Sales Market
- Baldor Electric Company, Inc.
- Ametek Inc.
- Franklin Electric Co., Inc.
- Asmo Co., Ltd.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.