Electric Motor Sales Market Size is Estimated to Reach USD 299.6 Billion by 2030

The Global Electric Motor Sales Market Size accounted for USD 147.8 Billion in 2021 and is estimated to achieve a market size of USD 299.4 Billion by 2030 growing at a CAGR of 8.4% from 2022 to 2030.

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Electric Motor Sales Market Overview

An electric motor is a machine that converts electrical energy into mechanical energy. The electric motor is a necessary component of heating, ventilation, and air conditioning (HVAC) equipment. Electric motors are also employed in a variety of industrial applications, including industrial machinery, home appliances, and motor vehicles. Asia Pacific is expected to grow at the fastest rate throughout the projected period, owing to continuing developments in agriculture with massive expenditures and rapid growth in the extraction industry in various countries' industrialization.

Electric Motor Sales Market Trends

Increasing technological breakthroughs, an increase in electrical vehicle production, the numerous benefits offered by the electric engine, increased awareness of green vehicles, improved insulation and operational efficiency, as well as rising fuel prices, are some of the key factors driving the global electric motor sales market growth.

Benefits of Electric Motors and Technological Advancements to Fuel the Growth of the Global Electric Motor Sales Market

Rising gasoline prices around the world are prompting people to use non-traditional fuels. Electric vehicles are produced to minimize total running expenses and the carbon footprint. The increased manufacturing of electric vehicles is expected to enhance the consumption of electric motors. Electric motors are also used in performance parameters to console the vehicle's components. Motor safety and functionality are improved as operating efficiency and insulation improves, resulting in rising demand for electric motors across diverse industries. Furthermore, an increasing number of federal incentives to promote the sale of green vehicles for the safeguarding of the environment from carbon dioxide emissions is playing an important role in the global market's growth. Rapid technical developments are gaining market popularity. Furthermore, the development of superior insulation materials has increased the operating efficiency along with the life of the product, consequently supporting market expansion. Moreover, due to the increase in automotive production, the worldwide electric motor sales market is expected to rise at a rapid pace over the forecast period.

Electric motors are commonly utilized in HVAC applications, pumps, domestic appliances, electric autos, compressors, fans, and automated robots. Electric motors are becoming more popular due to their inexpensive maintenance, extended operational life, and reduced energy use. The increasing usage of energy-efficient goods in the agriculture and industrial sectors is driving market expansion. Furthermore, the environmental benefits of electric motors are boosting the adoption of electric motors in electric cars, augmenting the total market growth.

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Electric Motor Sales Market Segmentation

The global electric motor sales market has been segmented by Acumen Research and Consulting based on motor type, power output, and application. By motor type, the segment is separated into DC motor (brushed DC motor and brushless DC motor), AC motor (induction AC motor and synchronous AC motor), and hermetic motor. According to the electric motor sales market forecast, the urethral catheters category is predicted to develop significantly in the next years.

In terms of power output, the market is categorized into integral HP output and fractional HP output. Moreover, the market is split into industrial machinery, aerospace & transportation, motor vehicles, hvac equipment, household appliances, and others, based on the application.

Electric Motor Sales Market Regional Overview

Based on the region, the worldwide electric motor sales market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an electric motor sales industry analysis, Asia-Pacific is expected to contribute significant revenue share and thrive at the fastest growth during the forecast period. This growth is due to continual breakthroughs in agriculture with massive investments and quick development in the construction industry in many countries industrialization. Rapid mining sector expansion, raising demand for electric engines in the petroleum and gas industry, and significant demand for cement in building projects are some of the important drivers driving the growth of the worldwide electric motor sales market. Expanding government financing and ongoing technical breakthroughs are propelling the global market forward. Over the forecast period, huge investment in modernization and industrialization is expected to fuel worldwide market growth. Because of its high GDP and technical breakthroughs, North America is predicted to increase at a significant rate during the forecast period.

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Electric Motor Sales Market Players

The electric motor sales market is consolidated, with a significant number of companies. Key market participants' corporate profiles contain important business strategies, company overviews, and revenues. Some of the prominent electric motor sales market companies are Allied Motion Technologies, Inc., Siemens, Baldor Electric Company, Inc., General Electric Company, Ametek, Inc., Denso Corporation, Franklin Electric Co., Rockwell Automation, Johnson Electric Holdings Ltd., and Asmo Co., Ltd.

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