Electric Motor Sales Market Forecasts to 2028 – Global Analysis By Motor Type (DC Motor, AC Motor), Application (Motor Vehicles, Industrial Machinery), End User, and By Geography

Electric Motor Sales Market Forecasts to 2028 – Global Analysis By Motor Type (DC Motor, AC Motor), Application (Motor Vehicles, Industrial Machinery), End User, and By Geography

According to Stratistics MRC, the Global Electric Motor Sales Market is accounted for $151.83 billion in 2021 and is expected to reach $267.04 billion by 2028 growing at a CAGR of 8.4% during the forecast period. Electric motors are used to transfer electrical energy to mechanical energy by electromagnetic phenomena. Most of the present electrical motors operate through the interaction between the motor's magnetic field and electric current in a wire winding to generate force in the form of torque applied on the motor's shaft.

Market Dynamics:

Driver:

Increasing adoption of electric motor for HVAC application

HVAC systems utilize less energy, and the strain on power plants is diminished, which reduces the utilization of fossil fuels. HVAC systems have emerged as a popular piece of equipment that may easily act as the foundation for smart homes. The installation of an intelligent HVAC system outfitted with sensors allows users to regulate the temperature in any area of their home at any time. The introduction of advanced products is expected to boost the heating, ventilation, and cooling Market. Therefore, the rise in demand for HVAC systems is driving the growth of the electric motor sales market.

Restraint:

High costs

Modern engines with high power ratings produce significant vibration, strain, and temperature during activity, which could have a significant impact on electrical parts and cause them to malfunction. However, other motors, such as induction motors, do not have self-beginning torque. Auxiliaries may also be important to begin a single-phase motor. Thus, the electric motor sales market is likely to be hampered by high maintenance costs as well as an absence of knowledge of the advantages related to smart motors among small and medium-sized business owners for a variety of applications.

Opportunity:

The transition of the automotive industry towards electric vehicles

The global automotive industry is progressing toward electric mobility with significant changes in electric vehicle innovation. In many countries, the proactive measures taken for the decarbonization of society are promoting the expanded adoption of electrical vehicles that utilize electric motors. Developments in battery technologies have lowered battery costs and further improved their charging speed. Increasing government support in the form of tax redemptions and incentives to promote eco-friendly electric vehicles that utilize electric motors are providing ample opportunities for the growth of the market.

Threat:

Low-quality and inexpensive electric motors

Product quality is a primary parameter for differentiation in this market. The organized sector in the electric motor market firstly targets industrial buyers and maintains good product quality, while the unorganized sector offers low-cost choices to attract local markets. Local manufacturers of electric motors in many countries focus on the unorganized sector and compete strongly with the global providers in particular markets. Leading market players are right now exposed to intense rivalry from such unorganized players providing inexpensive and low-quality electric motors. This acts as a key challenge for the growth of the electric motor sales market. Additionally, because of their low quality and price, electric motors experience various issues such as low resistance, electrical overload, frequent vibrations, contamination, and overheating.

The alternating current (AC) motor segment is expected to be the largest during the forecast period

The alternating current (AC) motor segment is estimated to have a lucrative growth owing to the adoption of electric AC motors in the automotive industry increasing exponentially because of the advent of highly efficient and low-cost electronics, accompanied by improvements in permanent magnetic materials. AC motors also include variable-frequency drives to control the motor’s speed and torque. AC motors are more efficient and require less maintenance, and their service life is frequently limited only by the bearing life.

The fractional horsepower (up to 1HP) segment is expected to have the highest CAGR during the forecast period

The fractional horsepower (up to 1HP) segment is anticipated to witness the fastest CAGR growth during the forecast period due to its wide array of use-cases in all household appliances, ranging from vacuum cleaners to coffee machines and coolers. They are also utilized in industrial equipment as they prove to be suitable for operations in a heavy industrial environment. These motors have various benefits, including high starting torque and stability over electric current fluctuations.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to the development in the agriculture sector and huge investments in industrialization in countries, the increasing production and sales of electric vehicles in countries including China and Japan as well as the presence of established OEMs.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period because of an increased focus on renewable energy and green energy targets. Furthermore, the growing focus on the deployment of electric motors for agricultural and industrial activities will favor the market’s demand in the region. The increasing demand for electric vehicles and the growing focus on achieving renewable energy targets will play a major part in the growth of the market in Europe.

Key players in the market

Some of the key players profiled in the Electric Motor Sales Market include Asmo Co., Ltd., Weg SA, Ametek Inc., TECO-Westinghouse Motor Company, Siemens AG, Rockwell Automation, Baldor Electric Company, Inc., Regal Rexnord Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Hitachi Ltd, Franklin Electric Co., Inc., Robert Bosch GmbH, ABB Ltd., Wolong Electric and Toshiba Corp.

Key Developments:

In February 2021, Johnson Electric Holdings Limited launched a new range of Low Voltage DC (LVDC) motors with compact size, high power density, low operating noise, and high torque, among other features. The new products are specially designed to provide a 17% longer life for Smart Furniture such as hospital beds, height-adjustable desks, smart recliners, and other consumer products.

In February 2020, Nidec Corporation launched two new traction motor systems -- the 200 kW Ni200Ex and 50 kW Ni50Ex -- based on the company’s original 150 kW E-Axle (fully integrated traction motor system with an electric motor, reduction gearbox, and inverter).

Power Outputs Covered:
• Fractional Horsepower (up to 1HP)
• Integral Horsepower (Above 1 HP)

Motor Types Covered:
• Direct Current (DC) Motor
• Alternating Current (AC) Motor
• Hermetic Motor

Voltages Covered:
• Less than 1 KV
• Between 1kV-6kV
• Higher than 6 kV

Applications Covered:
• Heating, Ventilation, and Air Conditioning (HVAC) Equipment
• Motor Vehicles
• Industrial Machinery
• Household & Electrical Appliances

End Users Covered:
• Agriculture
• Residential
• Automotive
• Commercial
• Industrial
• Aerospace & Transportation

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances