The global electric motor sales market size is expected to be worth around US$ 240.5 billion by 2030, according to a new report by Vision Research Reports.
The global electric motor sales market size was valued at US$ 142.10 billion in 2020 and is anticipated to grow at a CAGR of 6.8% during forecast period 2021 to 2030.
Report Coverage
| Report Scope | Details |
| Market Size | US$ 240.5 Bn by 2030 |
| Growth Rate | CAGR of 6.8% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Motor Type, Power, Application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Baldor Electric Company, Inc., Ametek Inc., Franklin Electric Co., Inc., Asmo Co., Ltd |
Growth Factors
Rapid technological advancements have been playing an imperative role in the growth of the market. Further, improved insulation and operational efficiency have significantly improved the electro-mechanical machines in terms of safety and functionalities, leading to increased demand across multiple industries. Electric motors are used in multiple applications across industry verticals such as home appliances, industrial machinery, and vehicles. The market is expected to witness high growth from Heating, Ventilation, and Cooling (HVAC) applications as they are an inseparable component of HVAC equipment.
Rising fuel prices across the globe are impelling people to shift to non-conventional fuel alternatives. The upsurge in the production of electric vehicles is expected to positively impact the demand for electric motors as they are used in various applications ranging from performance components to comfort components of the vehicle.
The industry is characterized by regulatory policies and government initiatives that promote energy efficiency in machines and equipment. High-efficiency and output, low power consumption, increased operational life, and low maintenance costs are essential requirements for the electro-mechanical machines. Notably, technological innovations have introduced improved design, components, and motor specifications resulting in fulfillment of end-user requirements. Innovations and evolving policy frameworks are crucial for industry development and will play a key role in fueling the demand for the products over the forecast period.
Report Highlights
the AC motor segment dominated the electric motor market and accounted for the largest revenue share of 70.7% in 2020. This high share is attributable to AC motors’ extensive applications ranging from irrigation pumps to modern-day robotics. Furthermore, they are smaller, cheaper, and lighter in weight and are also extensively used in HVAC equipment. The adoption of electric AC motors in the automotive industry has increased exponentially, owing to the advent of highly efficient and low-cost electronics, accompanied by improvements in permanent magnetic materials. Increasing demand for them in various industries, including chemicals, paper and pulp, cement, and wastewater treatment, is likely to further contribute to the growth of the segment. Growing sales of electric vehicles and the subsequent scope of the machine type are also expected to spur the segment’s growth over the forecast period.
The burgeoning popularity of vehicle features such as motorized seats, adjustable mirrors, and sunroof systems are fueling the demand for brushless DC motors. DC types are used for variable speed control applications in industrial machinery and equipment and electronic toys. Brushless DC motors are widely used owing to their low cost of maintenance, thus, generating higher revenue in the DC segment. However, the hermetic type is estimated to witness the highest CAGR of 7.0% from 2021 to 2030, owing to ease of handling, less maintenance, and easy transportation. The segment’s growth can also be attributed to increasing demand from HVAC system manufacturers backed by suitability in such applications.
the Fractional Horsepower (FHP) output segment dominated the market and accounted for the largest revenue share of 87.3% in 2020. This high share is attributable to its wide array of use-cases in all household appliances, ranging from vacuum cleaners to coffee machines and refrigerators. They are also used in industrial equipment as they prove to be suitable for operations in a heavy industrial environment. These motors have numerous advantages, including high starting torque and stability over electric current fluctuations.
the motor vehicles segment dominated the electric motor sales market and accounted for the largest revenue share of 40.5% in 2020. This high share is attributable to the increased adoption of electric motors in the automotive industry. An average commercial car has more than 40 electric motors ranging from low power to high. Further, the advent of low-cost and highly efficient electronics, coupled with improvements in permanent magnetic materials, drives the market in the automotive industry. Rising fuel prices and pollution are leading to a rapid increase in the demand for electric vehicles in developed and emerging economies such as Germany, the U.S., China, and Japan. Thus, the high demand for electric motors from the electric vehicle industry drives the market, significantly.
Electric motors are extensively used in heavy industrial equipment as well as agricultural types of machinery and vehicles. Countries, including Brazil, Vietnam, Sri Lanka, Argentina, and India, have a substantial population relying on agriculture. Therefore, the demand for low-cost and energy-efficient products has increased in these countries. The HVAC equipment, such as commercial and industrial air conditioners, rely heavily on electric motors. The segment is poised to experience the fastest growth at a CAGR of 8.0% from 2021 to 2028. Rising applications of electric motors in various residential and office buildings, hotels, and warehouses, are likely to encourage the growth of the segment.
Asia Pacific dominated the electric motor market and accounted for the largest revenue share of 48.6% in 2020. This is attributable to advancements in the agriculture sector and enormous investments in industrialization in countries, including China, India, South Korea, and Australia. Further, the increasing production and sales of electric vehicles in countries including China and Japan as well as the presence of established OEMs such as Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation are estimated to boost the growth prospects of the market in this region. The market is expected to witness the highest CAGR of 7.8% from 2021 to 2030.
Key Players
Market Segmentation
The study objectives of this report are:
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