PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419072
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419072
Electric Motor Sales Market size was valued at USD 128,000 Million in 2022, expanding at a CAGR of 7.1% from 2023 to 2030.
Fans, pumps, compressors, machine tools, home appliances, electric vehicles, HVAC systems, power tools, and autonomous robotics are few of the devices that use electric motors. There are several reasons why these high-efficiency engines are becoming more and more important. These features enable cost savings and include a low maintenance, long operating life, energy consumption, as well as a high tolerance for variable voltages.
One of the main factors propelling the industry has been consumers' growing awareness of green automobiles. In addition, the market is anticipated to be boosted by an increasing number of government subsidies designed to promote the sale of environmentally friendly cars and protect the environment from carbon emissions. Over the past few years, electric motors have seen significant technological improvements, which has increased demand for them. Stricter electricity consumption regulations and growing electricity prices are driving the need for energy-efficient motors. Manufacturers are also under additional pressure to create efficient products due to strict regulations for both manufacturing and design.
The market is gradually moving in the direction of motorized systems that are efficient. But their high initial cost of acquisition and lack of knowledge about their benefits are preventing the market from reaching its full potential. Electric motors' advantages for the environment are encouraging the use of them in electric vehicles. These devices help reduce costs associated with energy consumption and increase a device's efficiency as compared to ordinary ones.
The Global Electric Motor Sales Market is segmented on the basis of Motor Type, Power Output, Application, and Region.
The market is divided into three categories based on Motor Type: AC motor, DC motor, and hermetic motor. The AC motor segment dominates the market. The high efficiency and low-cost electronics are boosting segment growth.
The market is divided into two categories based on Power Output: Fractional HP output, integral HP output. The Fractional HP segment dominates the market and is likely to maintain its dominance during the forecast period. The high demand for increased energy or power needs in vehicle ignition is majorly boosting the market growth.
The market is divided into five categories based on Application: motor vehicles, HVAC equipment, aerospace & transportation, household appliances, and others. The motor vehicles segment dominates the market and is likely to maintain its dominance during the forecast period. Increased demand for electric vehicles is boosting the market demand.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
There are numerous small and big global companies in the electric motor sales market. Businesses are putting more and more effort into R&D initiatives to make their products and services more effective. Manufacturers are investing in new product development to better meet client needs because of fierce competition. To obtain a competitive advantage in the price-sensitive market, the corporations are also working to develop high-quality, high-value products at an optimal cost through comprehensive R&D activities and ongoing innovation.
In July 2023, General Electric Vernova' Solar & Storage Solutions joined with Fortune Electric to mature Battery Energy Storage Solutions (BESS) in Taiwan.
In August 2022, Johnson Electric Holdings Limited introduce a steering wheel adjustor motor to expand their product line.
In August 2022, Siemens cooperated with MAHLE Group to grow an inductive charging scheme for electric cars that comprises electric motor mechanisms.
The scope of this report covers the market by its major segments, which include as follows: