Global Electric Motor Sales Market

Electric Motor Sales Market Size, Share, Growth Analysis, By Motor Type(AC Motor, Synchronous AC Motor, Induction AC Motor, DC Motor), By Power Output(Integral HP Output, and Fractional HP Output), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25E2079 | Region: Global | Published Date: March, 2024
Pages: 223 |Tables: 66 |Figures: 70

Electric Motor Sales Market Insights

Global Electric Motor Sales Market size was valued at USD 161.55 billion in 2022 and is poised to grow from USD 171.89 billion in 2023 to USD 282.35 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

The growing awareness of eco-friendly vehicles among consumers has played a pivotal role in driving the market forward. This trend is further bolstered by government incentives aimed at promoting the adoption of green vehicles to combat carbon emissions and environmental degradation. Advancements in electric motor technology have been significant, enhancing their appeal and driving demand. Improved insulation materials have contributed to better operational efficiency and product durability, further propelling market growth. The market is poised for substantial expansion, driven by increased automobile production. Electric motors find applications in various sectors such as fans, pumps, compressors, and electric vehicles, offering benefits like energy efficiency and low maintenance.

Countries like Brazil, the U.S., Argentina, China, and India are key markets with substantial adoption of energy-efficient products in industrial and agricultural sectors. Escalating electricity prices and strict consumption standards have led to a surge in demand for energy-efficient motors. While the market is transitioning toward more efficient motorized systems, challenges remain, including lack of awareness about benefits and initial high costs. The environmental advantages of electric motors, especially in electric vehicles, are boosting their implementation, enhancing efficiency and reducing energy costs. As concerns about environmental impact grow, the demand for energy-efficient and eco-friendly products like electric motors is anticipated to rise significantly.

US Electric Motor Sales Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 161.55 billion

Largest Segment

AC Motor

Fastest Growth

DC Motor

Growth Rate

6.4% CAGR

Global Electric motor sales market ($ Bn)
Country Share for Asia Pacific Region (%)

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Electric Motor Sales Market Segmental Analysis

The global electric motor sales market is segmented on the basis of Motor Type, Power Output, Application, and Region. Based on Motor Type the market is segmented as, AC Motor, Synchronous AC Motor, Induction AC Motor, DC Motor, Brushed DC Motor, Brushless DC Motor, and Hermetic Motor. Based on Power Output the market is segmented as, Integral HP Output, Fractional HP Output. Based on Application the market is segmented as, Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances, Others. Region the market is segmented as, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Electric Motor Sales Market Analysis By Motor Type

In terms of revenue, the AC motor segment held a commanding position in the electric motor market, contributing to a substantial revenue share of 70.7% in 2022. This dominance is primarily due to the wide-ranging applications of AC motors, spanning from irrigation pumps to modern robotics. Their compact size, cost-effectiveness, and lightweight nature make them a popular choice, particularly in HVAC equipment. The automotive sector has also witnessed a surge in the adoption of electric AC motors, driven by advancements in electronics and permanent magnetic materials. AC motors find significant utilization across diverse industries like chemicals, paper and pulp, cement, and wastewater treatment, further bolstering their market share. As the demand for electric vehicles grows, the potential for AC motor application expands, contributing to the segment's growth trajectory.

The demand for brushless DC motors is on the rise, supported by the increasing popularity of vehicle features like motorized seats, adjustable mirrors, and sunroof systems. In the realm of industrial machinery, electronic toys, and variable speed control applications, DC motors play a crucial role. Brushless DC motors stand out for their low maintenance costs, driving higher revenue within the DC motor segment. Meanwhile, the hermetic motor type is projected to exhibit the highest CAGR of 7.0% from 2023 to 2030. The convenience of handling, low maintenance requirements, and ease of transportation are key factors contributing to the segment's growth. The HVAC industry's demand for hermetic motors, owing to their suitability for such applications, further reinforces their growing prominence in the market.

Electric Motor Sales Market Analysis By Power Output

In terms of revenue, the Fractional Horsepower (FHP) output segment emerged as the dominant force in the market, securing a substantial revenue share of 87.3% in 2022. This notable share can be attributed to the versatile applications of FHP motors across various household appliances, spanning from vacuum cleaners and coffee machines to refrigerators. Moreover, these motors find relevance in the industrial sector, where their robustness makes them well-suited for heavy-duty operations. A key advantage of FHP motors is their capacity to deliver high starting torque and maintain stability even in the face of electric current fluctuations.

Another notable trait of FHP motors is their enhanced energy efficiency compared to their counterparts, making them an attractive choice for industrial users seeking more efficient machinery replacements. On the other hand, the Integral Horsepower (IHP) output segment is anticipated to exhibit the highest CAGR from 2023 to 2030. This growth is fueled by the mounting demand for IHP motors in industrial applications. IHP motors provide higher power output to machines and devices, making them particularly appealing for high-end applications in sectors like aerospace and transportation. This surge in demand underscores the rising prominence of IHP motors in fulfilling specific industrial needs.

Global Electric motor sales market By Motor Type, 2023 (%)

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Electric Motor Sales Market Regional Insights

Asia Pacific emerged as the frontrunner in the electric motor market, capturing the largest revenue share of 48.6% in 2022. This dominance can be attributed to significant advancements in the agriculture sector and substantial investments in industrialization within countries like China, India, South Korea, and Australia. Moreover, the escalating production and sales of electric vehicles in China and Japan, coupled with the presence of established Original Equipment Manufacturers (OEMs) such as Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation, are anticipated to propel the market's growth in this region. Forecasts predict that the Asia Pacific region will exhibit the highest Compound Annual Growth Rate (CAGR) of 7.8% from 2021 to 2028.

Following Asia Pacific, both the Europe and North America regions secured substantial market shares in 2022 and are experiencing increasing demand for electric motors. These regions particularly excel in the premium efficiency motors segment, widely utilized in applications like HVAC systems, industrial operations, and electric vehicles. The growth prospects for the market are also on the rise in Latin America and the Middle East and Africa, driven by escalating government funding initiatives. The surge in motor demand from the oil and gas industry, rapid progress in the mining sector, and substantial requirements for cement within the construction industry are contributing factors for the market's growth in these regions.

Global Electric motor sales market By Region, 2024-2031
  • Largest
  • Fastest

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Electric Motor Sales Market Dynamics

Electric Motor Sales Market Drivers

Growing Demand for Energy Efficiency:

  • The increasing emphasis on energy-efficient solutions across various industries is a key driver for electric motor sales. Electric motors offer higher energy efficiency compared to their conventional counterparts, leading to reduced energy consumption and cost savings for businesses.

Rising Adoption of Electric Vehicles:

  • The electric vehicle (EV) market is witnessing rapid growth due to environmental concerns and government incentives. Electric motors are essential components in EVs, driving demand for electric motor sales.

Electric Motor Sales Market Restraints

Limited Infrastructure for Charging EVs:

  • The growth of electric vehicle sales is partially dependent on the availability of charging infrastructure. Limited charging options can affect the adoption rate of EVs and, consequently, electric motor sales.

Competition from Internal Combustion Engines:

  • In certain industries and applications, internal combustion engines still offer cost-effective solutions. This competition can impact the rate of adoption of electric motors, particularly in sectors where traditional engines are deeply ingrained.

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Electric Motor Sales Market Competitive Landscape

The competitive landscape of the electric motor sales market is characterized by the presence of several established players and a growing number of new entrants, reflecting the increasing demand for energy-efficient solutions. Key market players are focused on strategic initiatives such as product innovation, partnerships, acquisitions, and expansion to gain a competitive edge. Established companies like ABB Ltd., Siemens AG, and Nidec Corporation dominate the market with their extensive product portfolios and global presence. These companies offer a wide range of electric motors catering to various industries, from automotive to industrial automation.

Additionally, emerging players and startups are entering the market with a focus on advanced technologies, such as brushless DC motors and high-efficiency models. These players often emphasize customization, energy efficiency, and smart features to differentiate themselves in the market. Collaborations with electric vehicle manufacturers, industrial automation companies, and other end-users are common strategies to expand their market reach and tap into growing application areas.

Electric Motor Sales Market Top Player’s Company Profile

  • ABB Ltd.
  • Siemens AG
  • Nidec Corporation
  • WEG S.A.
  • Toshiba Corporation
  • Regal Beloit Corporation
  • Rockwell Automation, Inc.
  • Mitsubishi Electric Corporation
  • Johnson Electric Holdings Limited
  • Emerson Electric Co.
  • Schneider Electric SE
  • Danfoss Group
  • Brook Crompton Holdings Ltd.
  • Baldor Electric Company (part of ABB)
  • Yaskawa Electric Corporation

Electric Motor Sales Market Recent Developments

  • In March 2024, Volvo unveiled a new variant of the XC40 Recharge, significantly reducing the cost of its electric vehicle (EV) with a starting price of Rs 54.95 lakh, excluding showroom fees, in India. This means the new single motor version brings down the price by nearly Rs 3 lakhs compared to the dual motor equipped version.

     

  • In March 2024, electric-vehicle startup Rivian Automotive unveiled two new SUVs that the company hopes will be a springboard for its sales. The first model, a midsize SUV called the R2, will have a starting price of around $45,000 and is due to go on sale in the first half of 2026, the company said. The new vehicle resembles a smaller version of Rivian’s $75,000 R1S SUV, and with it, the automaker aims to broaden its appeal by adding a more affordable EV to its lineup.

     

  • In February 2024, Volvo reached its highest-ever share of electrified vehicles as its new fully electric EX30 boosted EV sales. Although overall sales slid 2% last month, Volvo’s fully electric vehicle sales were up 14%, reaching a new record share.

Electric Motor Sales Key Market Trends

  • Rise of Electric Vehicles (EVs): The increasing adoption of electric vehicles has led to a surge in demand for electric motors, particularly in the automotive sector. EVs rely heavily on electric motors for propulsion, driving the growth of this market segment.

Electric Motor Sales Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global electric motor sales market analysis; the increasing adoption of electric vehicles (EVs) is fueling demand for electric motors in the automotive sector, while Industry 4.0 and automation are boosting usage in manufacturing and industrial applications. Energy efficiency concerns and environmental regulations are prompting industries to opt for more efficient electric motors, particularly premium efficiency models. Additionally, the growing shift towards renewable energy sources is driving demand for electric motors in wind turbines and solar systems. The market is experiencing a transition towards permanent magnet motors due to their higher efficiency. Developing regions like Asia Pacific, including countries like China and India, are witnessing rapid industrialization and urbanization, contributing significantly to market growth. With applications spanning from automotive and industrial machinery to household appliances, the electric motor sales market is set to continue its expansion across regions and sectors.

Report Metric Details
Market size value in 2023 USD 161.55 billion
Market size value in 2031 USD 282.35 billion
Growth Rate 6.4%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Motor Type
    • AC Motor, Synchronous AC Motor, Induction AC Motor, DC Motor, Brushed DC Motor, Brushless DC Motor, and Hermetic Motor
  • Power Output
    • Integral HP Output, and Fractional HP Output
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB Ltd.
  • Siemens AG
  • Nidec Corporation
  • WEG S.A.
  • Toshiba Corporation
  • Regal Beloit Corporation
  • Rockwell Automation, Inc.
  • Mitsubishi Electric Corporation
  • Johnson Electric Holdings Limited
  • Emerson Electric Co.
  • Schneider Electric SE
  • Danfoss Group
  • Brook Crompton Holdings Ltd.
  • Baldor Electric Company (part of ABB)
  • Yaskawa Electric Corporation
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electric Motor Sales Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electric Motor Sales Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electric Motor Sales Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Motor Sales Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Motor Sales Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electric Motor Sales Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Electric Motor Sales Market size was valued at USD 161.55 billion in 2022 and is poised to grow from USD 171.89 billion in 2023 to USD 282.35 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

The competitive landscape of the electric motor sales market is characterized by the presence of several established players and a growing number of new entrants, reflecting the increasing demand for energy-efficient solutions. Key market players are focused on strategic initiatives such as product innovation, partnerships, acquisitions, and expansion to gain a competitive edge. Established companies like ABB Ltd., Siemens AG, and Nidec Corporation dominate the market with their extensive product portfolios and presence. These companies offer a wide range of electric motors catering to various industries, from automotive to industrial automation. 'ABB Ltd.', 'Siemens AG', 'Nidec Corporation', 'WEG S.A.', 'Toshiba Corporation', 'Regal Beloit Corporation', 'Rockwell Automation, Inc.', 'Mitsubishi Electric Corporation', 'Johnson Electric Holdings Limited', 'Emerson Electric Co.', 'Schneider Electric SE', 'Danfoss Group', 'Brook Crompton Holdings Ltd.', 'Baldor Electric Company (part of ABB)', 'Yaskawa Electric Corporation'

The increasing emphasis on energy-efficient solutions across various industries is a key driver for electric motor sales. Electric motors offer higher energy efficiency compared to their conventional counterparts, leading to reduced energy consumption and cost savings for businesses.

Rise of Electric Vehicles (EVs): The increasing adoption of electric vehicles has led to a surge in demand for electric motors, particularly in the automotive sector. EVs rely heavily on electric motors for propulsion, driving the growth of this market segment.

Asia Pacific emerged as the frontrunner in the electric motor market, capturing the largest revenue share of 48.6% in 2022. This dominance can be attributed to significant advancements in the agriculture sector and substantial investments in industrialization within countries like China, India, South Korea, and Australia. Moreover, the escalating production and sales of electric vehicles in China and Japan, coupled with the presence of established Original Equipment Manufacturers (OEMs) such as Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation, are anticipated to propel the market's growth in this region. Forecasts predict that the Asia Pacific region will exhibit the highest Compound Annual Growth Rate (CAGR) of 7.8% from 2021 to 2028.

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