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

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.