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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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Global Electric Motor Sales Market

Product ID: SQMIG25E2079