Electric Motor Sales Industry Overview
The global electric motor sales market size was valued at USD 142.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028.
An increase in awareness regarding green vehicles among customers has been a key factor driving the market. Besides this, a rising number of government incentives to encourage sales of green vehicles for safeguarding the environment from carbon emissions is expected to provide a fillip to the market. Electric motors have been observing several advancements in technology over the past few years, owing to which its demand is gaining traction. Additionally, the advent of better insulation materials has improved operational efficiency and the product's life, which has subsequently driven the market. The market is estimated to witness noteworthy growth over the forecast period owing to an increase in automobile production over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Electric Motor Sales Market
The product is used in fans, pumps, compressors, machine tools, domestic appliances, electric cars, HVAC applications, power tools, and automated robots. These high-efficiency motors are gaining importance, owing to various factors. These include long operating life, low maintenance, energy consumption, and a high tolerance for fluctuating voltages, thus enabling cost savings. Countries such as Brazil, the U.S., Argentina, China, and India are major markets, with a high adoption rate for energy-efficient products in both the industrial and agricultural sectors.
The demand for energy-efficient motors is driven by rising electricity prices and stringent electricity consumption standards. Additionally, stringent manufacturing and designing standards for improving their efficiency are further mandating manufacturers to develop efficient products. The market is gradually shifting towards the adoption of efficient motorized systems. However, lack of awareness about their advantages and high initial purchase cost are keeping the market from realizing its utmost potential.
Environmental benefits offered by electric motors are boosting their implementation in electric vehicles. These machines aid in augmenting a device’s efficiency, as compared to standard ones, and saving costs related to energy consumed. Moreover, rising responsiveness towards environmental changes and the greenhouse effect is anticipated to shift consumers’ focus towards electric type, which is projected to bolster the demand. The need for low power consumption and improved efficiency products is poised to fuel the demand for the product over the next few years.
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- Electric Vehicle Market – The global electric vehicle market demand was estimated at 2,373.5 thousand units in 2019 and is expected to witness a CAGR of 41.5% 2020 to 2027. The market is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles (EVs).
- HVAC Systems Market – The global HVAC systems market size was valued at USD 136.3 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030. Varied climatic conditions and the need to maintain an ambient environment in a building is a key trend that is expected to impact the market over the forecast period.
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
Market Share Insights
- March 2020: Wolong Electric, a subsidiary of Wolong, acquired GE’s small industrial motors business for USD 160 million. In reference to market share, this procurement is anticipated to assist Wolong gain a leading position.
- February 2020: The two new traction motor systems i.e., the 200 kW Ni200Ex and 50 kW Ni50Ex, launched by Nidec Corporation, based on the company’s original 150 kW E-Axle (fully integrated traction motor system with an electric motor, reduction gearbox, and inverter).
Key Companies profiled:
Some prominent players in the global electric motor sales market include
- Baldor Electric Company, Inc.
- Ametek Inc.
- Franklin Electric Co., Inc.
- Asmo Co., Ltd.
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