Press release
Global Electric Motor Sales Market Poised for Significant Growth, Driven by Renewable Energy and Automotive Innovations
Electric Motor Market Size
The global electric motor sales market is experiencing robust growth, fueled by increasing adoption of renewable energy systems, the expansion of electric vehicles (EVs), and advancements in industrial automation. Valued at USD 136.95 billion in 2024, the market is projected to reach USD 191.82 billion by 2029, growing at a CAGR of 6.97% during the forecast period. Electric motors, critical components across diverse sectors including automotive, industrial, and residential applications, are witnessing heightened demand due to technological advancements and sustainability initiatives.
Report Overview: https://www.mordorintelligence.com/industry-reports/electric-motor-sales-market
Key Trends Driving the Electric Motor Sales Market
1. Rising Demand for Electric Vehicles (EVs)
The global shift toward sustainable transportation is driving the adoption of electric motors in the automotive industry.
Growth in EV Production: Increasing EV production globally is contributing to the demand for efficient and compact electric motors.
Government Support: Subsidies, tax incentives, and stringent emission norms are further accelerating market growth.
2. Expansion of Renewable Energy Projects
Electric motors are critical components in renewable energy systems, including wind turbines and solar power systems.
Integration in Wind Turbines: The growing adoption of wind energy has increased the need for electric motors for efficient energy conversion.
Energy Efficiency Goals: Governments worldwide are investing in renewable energy projects, driving demand for high-performance electric motors.
3. Growth in Industrial Automation
The increasing adoption of automation in manufacturing and industrial processes is bolstering the demand for electric motors.
Smart Motors: The integration of IoT in electric motors for real-time monitoring and control is gaining traction.
Demand from Robotics: The rise of robotics in industries requires advanced motors for precise and reliable operations.
4. Rising Focus on Energy Efficiency
The push for energy-efficient systems is driving innovations in electric motor technology.
Regulatory Compliance: Energy-efficiency standards are encouraging the adoption of motors with lower energy consumption.
Technological Advancements: Innovations such as permanent magnet motors and brushless DC motors are reducing energy losses.
Market Segmentation
The electric motor sales market is segmented based on type, voltage, application, and geography.
By Type:
AC Motors
DC Motors
Hermetic Motors
By Voltage:
Low Voltage Motors
Medium Voltage Motors
High Voltage Motors
By Application:
Industrial Machinery
Automotive
HVAC Equipment
Renewable Energy Systems
Household Appliances
By Geography:
North America: Increasing investments in EVs and smart manufacturing.
Europe: Strong focus on renewable energy and industrial automation.
Asia-Pacific: Rapid industrialization and the expansion of the automotive sector.
South America: Growing renewable energy projects and infrastructure development.
Middle East & Africa: Investments in energy-efficient systems and industrial growth.
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Key Players in the Electric Motor Sales Market
The global electric motor market is highly competitive, with key players focusing on innovation and strategic collaborations to strengthen their market positions.
ABB Ltd.: A leader in industrial automation, ABB offers a wide range of energy-efficient electric motors.
Siemens AG: Known for its advanced motor solutions, Siemens focuses on sustainability and digital integration.
General Electric: GE specializes in motors for industrial and power generation applications, leveraging cutting-edge technology.
Toshiba Corporation: Toshiba offers high-performance motors for industrial and infrastructure applications, emphasizing reliability.
Nidec Corporation: A major player in precision motors, Nidec caters to the automotive and industrial sectors with innovative products.
These companies are investing heavily in research and development, introducing smart motor technologies, and expanding their global footprints to meet growing demand.
Conclusion
The global electric motor sales market is set to witness significant growth in the coming years, driven by advancements in renewable energy, electric vehicles, and industrial automation. Asia-Pacific is expected to dominate the market, supported by rapid industrialization and government initiatives promoting clean energy. Meanwhile, North America and Europe are focusing on technological innovation and sustainability. With major players investing in energy-efficient and IoT-enabled motors, the market is poised to play a vital role in the global transition to a sustainable and technologically advanced future. The electric motor market's dynamic landscape reflects its critical role in shaping modern industries and driving global economic growth.
Industry Related Reports
Electric Traction Motor Market: The global electric traction motor control system market is categorized based on type, power rating, application, and geography. By type, the market is divided into alternating current (AC) and direct current (DC) systems. In terms of power rating, the segments include below 200kW, 200-400kW, and above 400kW. Applications span across railway systems, electric vehicles (EVs), industrial machinery, and other uses. Geographically, the market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
To know more visit this link: https://www.mordorintelligence.com/industry-reports/electric-traction-motor-market
Brushed DC Motor Market: The market is categorized based on voltage, application, and geography. By voltage, it is segmented into less than 75 kV, between 75 kV and 375 kV, and higher than 375 kV. Applications are divided into residential, commercial, industrial, and automotive sectors. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
To know more visit this link: https://www.mordorintelligence.com/industry-reports/global-brushed-dc-motor-market
Inverter Duty Motor Market: The market is divided into segments based on application, end-user, construction material, and geography. By application, it includes conveyors, pumps, fans, and others. End-users span industries such as oil & gas, chemicals, metal & mining, food & beverage, and other sectors. Construction materials are categorized into laminated steel, cast iron, and aluminum. Geographically, the market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
To know more visit this link: https://www.mordorintelligence.com/industry-reports/inverter-duty-motor-market
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About Mordor Intelligence:
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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