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 reach USD 232.5 billion by 2028, registering a CAGR of 6.4% over the forecast period.
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.
Electric Motor Sales Market Segmentation
Based on the Motor Type Insights, the market is segmented into AC, DC and Hermetic Motor.
Based on the Power Output Insights, the market is segmented into Integral HP Output and Fractional HP Output.
Based on the Application Insights, the market is segmented into Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
The market comprises several small and large-sized players worldwide. Companies are increasingly focusing on research and development projects to increase the efficiency of their offerings. Some of the prominent players in the electric motor sales market include,
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