Electric Motor Sales Industry Overview

The global electric motor sales market size was valued at USD 182.65 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2030. 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 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.

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• The global electric vehicle market size was estimated at USD 1,070.77 billion in 2023 and is anticipated to grow at a CAGR of 33.6% from 2024 to 2030. 
• The global low voltage motor control centers market size was estimated at USD 4.28 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030.

Electric Motor Sales Market Segmentation

Grand View Research has segmented the global electric motor sales market on motor type, power output, power rating, voltage, application, and region:

Electric Motor Sales Motor Type Outlook (Revenue, USD Billion, 2017 - 2030)

• AC Motor
  1. Synchronous AC Motor
  2. Induction AC Motor
• DC Motor
  1. Brushed DC Motor
  2. Brushless DC Motor
• Hermetic Motor

Electric Motor Sales Power Output Outlook (Revenue, USD Billion, 2017 - 2030)

• Integral HP Output
• Fractional HP Output

Electric Motor Sales Power Rating Outlook (Revenue, USD Billion, 2017 - 2030)

• Less than 1 kW
• 1 kW to 2.1 kW
• 2.2 kW to 375 kW
• More than 375 kW

Electric Motor Sales Voltage Outlook (Revenue, USD Billion, 2017 - 2030)

• Low Voltage (Below 690 V)
• Medium Voltage (Between 690 V to 45 kV)
• High Voltage (Above 45 kV)

Electric Motor Sales Application Outlook (Revenue, USD Billion, 2017 - 2030)

• Industrial Machinery
• Motor Vehicles
• HVAC Equipment
• Aerospace & Transportation
• Household Appliances
• Others

Electric Motor Sales Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
  1. U.S.
  2. Canada
• Europe
  1. U.K.
  2. Germany
  3. France
• Asia Pacific
  1. China
  2. Japan
  3. India
  4. South Korea
  5. Australia
• Latin America
  1. Brazil
  2. Mexico
• Middle East and Africa (MEA)
  1. UAE
  2. KSA
  3. South Africa

Key Companies profiled:

• ABB Ltd.
• Allied Motion Technologies, Inc.
• Ametek Inc.
• Johnson Electric Holdings Limited
• Nidec Motor Corporation
• Franklin Electric Co., Inc.
• Regal Rexnord Corporation
• Schneider Electric
• Siemens
• ORIENTAL MOTOR USA CORP

Key Electric Motor Sales Company Insights

• Some of the key players operating in the market include Ametek, Inc. and ABB Ltd. among others.
• Ametek Inc. is a leading global manufacturer of electronic instruments and electromechanical devices, with a significant presence in the Electric Motor Sales market. The company specializes in the design and production of precision motion control solutions, including high-performance motors and drive systems. Ametek's commitment to innovation and advanced technologies has established it as a key player in the industry.
• ABB Ltd. is a renowned multinational corporation known for its expertise in power and automation technologies. In the Electric Motor Sales market, ABB offers a comprehensive range of motors, drives, and control solutions. The company's commitment to sustainability and energy efficiency aligns with the growing demand for eco-friendly electric motors. ABB's global reach and extensive research and development capabilities make it a prominent choice for customers seeking reliable and advanced electric motor solutions.
• Allied Motion Technologies, Inc. and Franklin Electric Co., Inc. are some of the emerging market participants in the target market.
• Franklin Electric Co., Inc. is a well-established and globally recognized company specializing in the manufacturing and distribution of water and fuel pumping systems, including electric motors. The company provides a wide range of reliable and energy-efficient electric motors designed for various applications such as groundwater pumping, residential water systems, irrigation, and industrial processes.The company's dedication to quality, technological advancement, and customer satisfaction reinforces its position as a reliable provider of electric motor solutions in the ever-evolving marketplace.

Recent Developments

• In July 2023, General Electric Vernova’ Solar & Storage Solutions partnered with Fortune Electric to develop Battery Energy Storage Solutions (BESS) in Taiwan. The purpose is to use electric motors in the storage system to keep a control on the energy flow, manage charging and discharging of batteries, and ensure smooth integration of the stored energy.
• In May 2023, ABB Limited announced the acquisition of Siemens low voltage NEMA motor business. This acquisition will enable ABB to strengthen its position as NEMA motor manufacturer, and provide its offering in the NEMA motor sector.

• In August 2022, Johnson Electric Holdings Limited launched a steering wheel adjuster motor. It is an electric motor that enables drivers to get access to a comfortable driving posture.

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