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% during the forecast period (2024-2031).

The market has advanced significantly due in large part to customers' increasing knowledge of eco-friendly automobiles. Government incentives designed to encourage the purchase of environmentally friendly automobiles in an effort to reduce carbon emissions and environmental deterioration further support this trend. Significant technological advancements have improved electric motors' appeal and increased demand. Better operating efficiency and product longevity have been facilitated by improved insulating materials, which has further fueled market expansion. The market is expected to grow significantly due to rising auto manufacturing. Electric motors have advantages like energy efficiency and low maintenance and are used in many different industries, including electric vehicles, fans, pumps, and compressors. Brazil, the United States, Argentina, China, and India are important markets where energy-efficient goods are widely used in the agricultural and industrial sectors. The need for energy-efficient motors has increased as a result of rising electricity costs and stringent consumption guidelines. The market is moving toward motorized systems that are more efficient, but there are still obstacles to overcome, including as initial high costs and a lack of knowledge about the advantages. Electric motors are becoming more and more popular due to their environmental benefits, which are particularly felt in electric vehicles where they increase efficiency and lower energy costs. The growing worries about environmental impact are expected to drive up demand for eco-friendly and energy-efficient technologies, such as electric motors.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric Motor Sales Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electric Motor Sales Market Segmental Analysis

Market segmentation for electric motor sales worldwide is based on motor type, power output, application, and region. The market is divided into several segments based on the type of motor used: Hermetic, Brushed, Brushless, Induction, Synchronous, and AC motors. The market is divided into two segments based on power output: fractional HP output and integral HP output. The market is divided into several segments based on application, including industrial machinery, automotive, HVAC equipment, aerospace & transportation, household appliances, and others. North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the regions into which the market is divided.

Drivers of the Global Electric Motor Sales Market

One of the main factors driving the sales of electric motors is the growing emphasis on energy-efficient solutions across a range of industries. Compared to their conventional counterparts, electric motors are more energy efficient, which means that businesses can save money and use less energy.

Restraints in the Global Electric Motor Sales Market

Infrastructure for charging electric vehicles must be available in order for sales of these vehicles to increase. Restricted charging infrastructure may impact EV adoption and, in turn, sales of electric motors.

Market Trends of the Global Electric Motor Sales Market

Electric motor demand is on the rise due to the growing popularity of electric cars, especially in the automotive industry. Electric motors are a major source of propulsion for EVs, which is why this market category is expanding.