Global Electric Motor Sales Market By Type (AC Motors, DC Motors), By Application (Automotive, Manufacturing, Residential, Commercial, Aerospace, Agriculture), By Technology (Energy-Efficient Motors, Standard Motors, IoT-Enabled Motors, High-Performance Motors), & By Geographic Scope And Forecast

Electric Motor Sales Market Size and Forecast

Electric Motor Sales Market size was estimated at USD 124.87 Billion in 2024 and is projected to reach USD 261.12 Billion by 2031, growing at a CAGR of 9.66% from 2024 to 2031.

• Electric motors are defined as rotating machines that convert electrical energy into mechanical energy.
• They are ubiquitous in our world, used in everything from powering household appliances to driving industrial machinery.
• They are significantly quieter, more efficient, and require less maintenance. Additionally, electric motors produce zero emissions, contributing to a cleaner environment.
• The widespread adoption of electric motors is driven by these benefits, making them a critical technology for modern society.

Global Electric Motor Sales Market Dynamics

The key market dynamics that are shaping the electric motor sales market include

Key Market Drivers

• Rising Demand for Electric Vehicles and Hybrid CarsThe increasing focus on environmental sustainability and stricter emission regulations are driving the adoption of electric vehicles and hybrid cars. This has led to a surge in demand for electric motors specifically designed for these applications.
• Growing Industrialization and UrbanizationThe ongoing expansion of industries and rapid urbanization across the globe is fueling the demand for electric motors in various industrial processes and infrastructure projects. These applications require reliable and efficient motors to power machinery, conveyor belts, and other equipment.
• Government Regulations and IncentivesMany governments are implementing stricter regulations on energy consumption and carbon emissions. Additionally, they are offering subsidies and tax breaks to promote the adoption of energy-efficient technologies. This creates a favorable environment for the sales of electric motors, particularly those known for their high efficiency.
• Technological Advancements and InnovationContinuous advancements in electric motor technology are enhancing their performance, efficiency, and lifespan. The development of new materials, improved cooling systems, and advancements in motor control technology are making electric motors more attractive options across various applications. This ongoing innovation is expected to further propel the growth of the electric motor sales market.

Key Challenges

• Fluctuating Raw Material Prices and Supply Chain IssuesThe cost of electric motors can be significantly impacted by volatile prices of raw materials needed for their production. Additionally, disruptions in the supply chain can further increase costs and lead to product shortages, hindering market expansion.
• Limited Consumer Awareness and Higher Upfront Costs Despite the environmental and efficiency benefits, some consumers might not be fully aware of the advantages of electric motors compared to traditional options. Additionally, the initial cost of electric motors can be higher, which can be a barrier for some potential buyers.
• Lack of Standardized Regulations and Infrastructure The absence of consistent regulations across different regions can create uncertainty for manufacturers and slow down market adoption. Furthermore, the lack of widespread infrastructure for charging or maintaining electric motors, particularly in certain regions, can also be a deterrent for potential users.

Key Trends

• Surge in Electric Vehicle Production The electric motor sales market is being propelled by the ever-increasing production of electric vehicles. As government regulations and consumer preferences shift towards environmentally friendly transportation, demand for electric vehicles rises. This, in turn, necessitates a corresponding growth in electric motor production to meet the needs of these vehicles.
• Growing Focus on Energy Efficiency Stringent government regulations and a global focus on reducing carbon footprint are driving the demand for energy-efficient electric motors. Advancements in motor technology, offering features like improved insulation and operational efficiency, are being met with significant interest. This trend is expected to continue influencing market growth in the coming years.
• Industrial Automation and Robotics The increasing adoption of automation and robotics in various industries is creating a robust demand for electric motors. These motors are essential for powering the complex machinery and processes involved in automated production lines. As industries continue to invest in automation for enhanced efficiency and productivity, the electric motor sales market is likely to benefit significantly.
• Rise of Smart Grid Technology The development and implementation of smart grid technology are opening new avenues for the electric motor sales market. Smart grids require efficient and adaptable electric motors for various applications, including power generation, transmission, and distribution. This trend is expected to create new growth opportunities for specific types of electric motors suited for smart grid operations.

Global Electric Motor Sales Market Regional Analysis

Here is a more detailed regional analysis of the electric motor sales market

Asia Pacific

• The adoption of electric motors is being propelled by ambitious policies and incentives in countries like China.
• In the region, a robust ecosystem is fostered by the existence of a strong manufacturing base for electric motors and vehicles.
• Demand for cleaner and more efficient electric motors is being driven by growing cities and pollution issues.
• Innovative electric motors in Asia Pacific are being led by investments in research and development. All this enables the region to hold a prominent market share.

Europe

• Europe leads in strict emission regulations, pushing car manufacturers towards electric vehicles that require electric motors.
• Strong government incentives and subsidies for electric vehicles in Europe further drive electric motor sales.
• Europe has a well-developed infrastructure for renewable energy sources, making electric motors a more environmentally friendly choice.

Global Electric Motor Sales MarketSegmentation Analysis

The Global Electric Motor Sales Market is Segmented Based on Type, Application, Technology, and Geography.

Electric Motor Sales Market, By Type

• AC Motors
• Induction Motors
• Synchronous Motors
• DC Motors
• Brushed DC Motors
• Brushless DC Motors
• Stepper Motors

Based on Type, the market is segmented into AC Motors and DC Motors. AC electric motor segment is estimated to capture the dominant share of the market. This can be attributed to several advantages AC motors hold over DC motors, such as lower maintenance requirements and a longer lifespan. Additionally, AC motors are generally considered to be more powerful, generating greater torque with a higher current, making them ideal for various applications.

Electric Motor Sales Market, By Application

• Automotive
• Manufacturing
• Residential
• Commercial
• Aerospace
• Agriculture

Based on Application, the market is bifurcated into Automotive, Manufacturing, Residential, Commercial, Aerospace, and Agriculture. The automotive segment holds the largest market share, attributed to the rising demand for electric vehicles and hybrid cars. The increasing focus on energy efficiency further strengthens the dominance of the automotive segment in electric motor sales.

Electric Motor Sales Market, By Technology

• Energy-Efficient Motors
• Standard Motors
• IoT-Enabled Motors
• High-Performance Motors

Based on Technology, the market is classified into Energy-Efficient Motors, Standard Motors, IoT-Enabled Motors, and High-Performance Motors.  Standard motors are estimated to hold the highest market share within the electric motor sales market by technology. This is likely due to their established presence, affordability, and wide range of applications.

Electric Motor Sales Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, the Electric Motor Sales Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific region is estimated to hold the highest market share, attributed to factors like advancements in agriculture and significant investments in industrialization within the region.

Key Players

The “Electric Motor Sales Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Allied Motion, Ametek, Inc., Siemens AG, Toshiba International Corporation, Johnson Electric, Rockwell Automation, ABB, Asmo Co. Ltd., Nidec Corporation, Schneider Electric SE.

Our market analysis includes a section specifically devoted to such major players, where our analysts give an overview of each player’s financial statements, product benchmarking, and SWOT analysis. The competitive landscape section also includes key development strategies, market share analysis, and market positioning analysis of the players above globally.

Electric Motor Sales Market Recent Developments

• In July 2023, a partnership was formed between General Electric Vernova’s Solar & Storage Solutions and Fortune Electric to develop Battery Energy Storage Solutions (BESS) in Taiwan. The objective is to utilize electric motors within the storage system to maintain control over the energy flow, oversee the charging and discharging of batteries, and ensure the seamless integration of stored energy.
• In May 2023, an announcement was made by ABB Limited regarding the acquisition of Siemens’ low-voltage NEMA motor business. This acquisition is intended to bolster ABB’s position as a manufacturer of NEMA motors and to expand its offerings in the NEMA motor sector.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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