The global electric motor sales market size is expected to reach USD 322.08 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.5% from 2024 to 2030. 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.
Access the Electric Motor Sales Market Size, Share & Trends Analysis Report By Application, By Power Output (Integral HP Output, Fractional HP Output), By Motor Type (Hermetic, AC, DC), By Power Rating, By Voltage (Low, Medium, High), By Region, And Segment Forecasts, 2024 – 2030
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 2023 and is projected to witness the fastest CAGR from 2024 to 2030. 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
- In terms of revenue, the AC motor segment dominated the electric motor market and accounted for the largest revenue share of 70.0% in 2023. This high share is attributable to AC motors’ extensive applications ranging from irrigation pumps to modern-day robotics.
- In terms of revenue, the Fractional Horsepower (FHP) output segment dominated the market and accounted for the largest revenue share of 86.0% in 2023.
- In terms of revenue, the motor vehicles segment dominated the electric motor sales market and accounted for the largest revenue share of 39.3% in 2023. This high share is attributable to the increased adoption of electric motors in the automotive industry.
- Asia Pacific dominated the electric motor market and accounted for the largest revenue share of 50.0% in 2023. This is attributable to advancements in the agriculture sector and enormous investments in industrialization in countries, including China, India, South Korea, and Australia.
Key Electric Motor Sales Companies:
- ABB Ltd.
- Allied Motion Technologies, Inc.
- Ametek Inc.
- Johnson Electric Holdings Limited
- Nidec Motor Corporation
- Franklin Electric Co., Inc.
- Regal Rexnord Corporation
- Schneider Electric
- Siemens
- ORIENTAL MOTOR USA CORP
About Grand View Research:
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Email: sales@grandviewresearch.com
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