September 2024 | Report Format: Electronic (PDF)
Electric Motor Sales Market Growth & Trends
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.
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
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.
Electric Motor Sales Market Segmentation
Grand View Research has segmented the global electric motor sales market on motor type, power output, power rating, voltage, application, and region:
Electric Motor Sales Motor Type Outlook (Revenue, USD Billion, 2017–2030)
- AC Motor
- Synchronous AC Motor
- Induction AC Motor
- DC Motor
- Brushed DC Motor
- Brushless DC Motor
- Hermetic Motor
Electric Motor Sales Power Output Outlook (Revenue, USD Billion, 2017–2030)
- Integral HP Output
- Fractional HP Output
Electric Motor Sales Power Rating Outlook (Revenue, USD Billion, 2017–2030)
- Less than 1 kW
- 1 kW to 2.1 kW
- 2.2 kW to 375 kW
- More than 375 kW
Electric Motor Sales Voltage Outlook (Revenue, USD Billion, 2017–2030)
- Low Voltage (Below 690 V)
- Medium Voltage (Between 690 V to 45 kV)
- High Voltage (Above 45 kV)
Electric Motor Sales Application Outlook (Revenue, USD Billion, 2017–2030)
- Industrial Machinery
- Motor Vehicles
- HVAC Equipment
- Aerospace & Transportation
- Household Appliances
- Others
Electric Motor Sales Regional Outlook (Revenue, USD Billion, 2017–2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa (MEA)
- UAE
- KSA
- South Africa
List of Key Players of the Electric Motor Sales Market
- 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
