Electric Motor Market Share to Reach USD 268.2 billion Milestone by 2034

The global sales of electric motors market are expected to be worth USD 141.6 billion in 2024 and USD 268.2 billion by 2034. Sales are expected to grow at a 6.6% CAGR from 2024 to 2034. The revenue generated by electric motors in 2023 was USD 132.8 billion. The sector is expected to increase by 6.7% year on year in 2024.

What distinguishes this market is its transformative trajectory. In 2023, the global electric motor market is estimated to reach USD 132.8 billion, showcasing substantial progress from its 2022 value of USD 131.4 billion. This surge can be attributed to various factors, with a primary catalyst being the substantial increase in government incentives aimed at fostering the widespread adoption of environmentally sustainable vehicles.

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High efficiency and the rise in demand for machine control in the automotive sector, have led to the expansion in the electric motor market. Energy-efficient motors have led to the development as it achieves maximum motor output.
The global electric motors market growth has been raised due to the adoption of efficient motors for appliances. Electric motors are considered to be in high demand for HVAC (heating, ventilation, and air conditioning) applications due to their low noise and torque.

Key Takeaways:

• Sales of global electric motors market expanded at a CAGR of 5.43% from 2018 to 2022.

• The North American market for global electric motor market is likely to have a market share of 28.6%.

• The Unites States market for global electric motor market is likely to expand at a share of 17.8%.

• AC motors are expected to generate maximum demand for the global electric motor market.

• 1HP Power Output is said to hold a Dominant Share.

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