Electric Motor Sales Market Share, Analysis, And Regional Outlook By 2028

Electric Motor Sales Industry Overview

The global electric motor sales market size is expected to reach USD 232.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Rapid technological advancements have been playing an imperative role in the growth of the market. Further, improved insulation and operational efficiency have significantly improved the electro-mechanical machines in terms of safety and functionalities, leading to increased demand across multiple industries. Electric motors are used in multiple applications across industry verticals such as home appliances, industrial machinery, and vehicles. The market is expected to witness high growth from Heating, Ventilation, and Cooling (HVAC) applications as they are an inseparable component of HVAC equipment.

Electric Motor Sales Market Segmentation

Grand View Research has segmented the global electric motor sales market on motor type, power output, application, and region:

Based on the Motor Type Insights, the market is segmented into AC, DC and Hermetic Motor.

• In terms of revenue, the AC motor segment dominated the electric motor market and accounted for the largest revenue share of 70.7% in 2020. This high share is attributable to AC motors’ extensive applications ranging from irrigation pumps to modern-day robotics. Furthermore, they are smaller, cheaper, and lighter in weight and are also extensively used in HVAC equipment. Growing sales of electric vehiclesand the subsequent scope of the machine type are also expected to spur the segment’s growth over the forecast period.
• The burgeoning popularity of vehicle features such as motorized seats, adjustable mirrors, and sunroof systems are fueling the demand for brushless DC motors. DC types are used for variable speed control applications in industrial machinery and equipment and electronic toys. Brushless DC motors are widely used owing to their low cost of maintenance, thus, generating higher revenue in the DC segment. The segment’s growth can also be attributed to increasing demand from HVAC system manufacturers backed by suitability in such applications.

Based on the Power Output Insights, the market is segmented into Integral HP Output and Fractional HP Output.

• In terms of revenue, the Fractional Horsepower (FHP) output segment dominated the market and accounted for the largest revenue share of 87.3% in 2020. This high share is attributable to its wide array of use-cases in all household appliances, ranging from vacuum cleaners to coffee machines and refrigerators.
• However, the Integral Horsepower (IHP) output segment is expected to witness the highest CAGR from 2021 to 2028. The high growth of this segment is attributable to the increasing demand for these motors for industrial applications. IHP motors provide more power to the machines and devices, which drives its demand from high-end applications in the aerospace and transportation industry.

Based on the Application Insights, the market is segmented into Industrial Machinery, Motor Vehicles, HVAC Equipment, Aerospace & Transportation, Household Appliances, and Others.

• In terms of revenue, the motor vehicles segment dominated the electric motor sales market and accounted for the largest revenue share of 40.5% in 2020. This high share is attributable to the increased adoption of electric motors in the automotive industry. An average commercial car has more than 40 electric motors ranging from low power to high. 
• The HVAC equipment, such as commercial and industrial air conditioners, relies heavily on electric motors. The segment is poised to experience the fastest growth at a CAGR of 8.0% from 2021 to 2028. Rising applications of electric motors in various residential and office buildings, hotels, and warehouses, are likely to encourage the growth of the segment.

Electric Motor Sales Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Companies Profile & Market Share Insights

The market comprises several small and large-sized players worldwide. Companies are increasingly focusing on research and development projects to increase the efficiency of their offerings.

Some prominent players in the global electric motor sales market include

• Baldor Electric Company, Inc.
• Ametek Inc.
• Franklin Electric Co., Inc.
• Asmo Co., Ltd.

Order a free sample PDF of the Electric Motor Sales Market Intelligence Study, published by Grand View Research.