SAN FRANCISCO, January 27, 2021 / PRNewswire / – Global Electric Motor Sales Market Size Expected to Reach 232.5 billion USD by 2028, according to a new report from Grand View Research, Inc. The market is expected to grow at a 6.4% CAGR from 2021 to 2028. Rapid technological advancements have played an imperative role in the growth of the market. In addition, improved insulation and operational efficiency have significantly improved electromechanical machines in terms of safety and functionality, resulting in increased demand in multiple industries. Electric motors are used in multiple applications in industry verticals, such as household appliances, industrial machinery and vehicles. The market is expected to experience strong growth in heating, ventilation and cooling (HVAC) applications, as they are an inseparable component of HVAC equipment.
Main suggestions from the report:
- The increased adoption of electromechanical machines in vehicles, supported by technological advancements leading to improved performance, is expected to positively impact the growth of the market
- The AC motor type held the largest share in 2020. It is estimated that it generates more than 166 billion USD by 2028 due to heavy use of AC motors in various applications ranging from irrigation pumps to modern robotics
- The fractional power (FHP) output segment accounted for over 87% of the overall market value in 2020. Split-power motors are widely used in all household appliances, from vacuum cleaners to coffee machines to refrigerators
- Automotive segment is the largest application segment, accounting for over 40.0% of the overall market value in 2020. Electromechanical machines are also widely used in heavy industrial equipment as well as agricultural machinery.
- Asia Pacific will lead the market through 2028, showing a CAGR of 7.8% from 2021 to 2028. The growth of the regional market can be attributed to the increase in direct investment in developing countries such as India and China
Read the 94-page research report with ToC on “Electric Motor Market Size, Share and Sales Trend Analysis Report by Application, by Power Output (Full HP output, fractional HP output), by motor type (hermetic, AC, DC), by region, and sector forecasts, 2021 – 2028 “to: https://www.grandviewresearch.com/industry-analysis/electric-motor-market
Rising fuel prices around the world are pushing people to turn to unconventional fuels. As a result, electric vehicles are manufactured with a view to reducing operating costs and reducing the carbon footprint. The ramp-up in electric vehicle production is expected to have a positive impact on the demand for electric motors, as they are used in a variety of applications ranging from performance components to vehicle comfort components.
The industry is characterized by regulatory policies and government initiatives that promote the energy efficiency of machinery and equipment. High efficiency and efficiency, low power consumption, increased operational life and low maintenance costs are essential requirements for electromechanical machines. Notably, technological innovations introduced improved engine design, components and specifications, which made it possible to meet end user requirements. Constantly evolving innovations and policy frameworks are essential for the development of the industry and will play a key role in fueling product demand during the forecast period.
Asia Pacific The region held the largest revenue share in the electric motor market in 2020 and is expected to experience the fastest CAGR of 7.8% from 2021 to 2028. The growth can be attributed to increased industrialization investment in countries such as China, India, South Korea, and Australia. In addition, the market growth possibilities in the region are expected to increase significantly over the next few years, owing to the evolution of the agricultural sector through efficient irrigation practices and technology transfer.
Grand View Research has segmented the global electric motor sales market on the basis of motor type, power output, application, and region:
- Electric Motors Sales Motor Type Outlook (Revenue, USD Billion, 2016-2028)
- Synchronous AC
- AC induction
- Hermetic motor
- Electric Motor Sales Power Release Outlook (Revenue, USD Billion, 2016-2028)
- Integrated speaker output
- Split HP output
- Electric Motor Sales Application Outlook (Revenue, USD Billion, 2016-2028)
- Industrial machinery
- Motor vehicles
- HVAC equipment
- Aerospace and transportation
- Household appliances
- Regional Electric Motor Sales Outlook (Revenue, USD Billion, 2016-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Major Players in Electric Motors Sales Market
- Baldor Electric Company, Inc.
- Ametek Inc.
- Franklin Electric Co., Inc.
- Asmo Co., Ltd.
Find more research reports on Electronics industry, by Grand View Research:
- AC Electric Motors Market – The global AC Electric Motors Market size was 78.6 billion USD in 2016. They are used in HVAC equipment installed in residential and commercial buildings.
- HVAC Systems Market – The Global HVAC Systems Market Size has been estimated to be 130.5 billion USD in 2019 and is expected to register a CAGR of 6.1% from 2020 to 2027.
- DC Electric Motors Market – The global DC Electric Motors Market size has been estimated to be 20,196.6 million USD in 2016. Their increasing applications in electric motor vehicles are expected to be the key driver of market growth during the forecast period.
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About Grand View Research
Grand View Research, a US-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. With the help of an interactive business intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess the opportunities that lie ahead.
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