Electric Motor Sales Market Report

Electric Motor Sales Market Analysis Report By Application (Motor Vehicles, HVAC), By Power Output (Integral HP Output, Fractional HP Output), By Motor Type (Hermetic, AC, DC), And Segment Forecasts, 2019 - 2025

  • Published Date: Feb, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-662-2
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 72

Industry Insights

The global electric motor sales market size was valued at USD 126.9 billion in 2018.  It is likely to expand at a CAGR of 7.9% over the forecast period. Increase in awareness regarding green vehicles among customers has been a key factor driving the market. Besides this, rising number of government incentives to encourage sales of green vehicles for safeguarding the environment from carbon emissions is expected to provide a fillip to the market. Electric motors have been observing several advancements in technology over the past few years, owing to which, its demand is gaining traction.

Additionally, advent of better insulation materials has improved operational efficiency and life of the product, which has subsequently driven the market. The market is estimated to witness noteworthy growth over the forecast period owing to increase in automobile production over the forecast period.

North America electric motor sales market

The product is used in fans, pumps, compressors, machine tools, domestic appliances, electric cars, HVAC applications, power tools, and automated robots. These high-efficiency motors are gaining importance, owing to their longer operating life, low maintenance and energy consumption, and high tolerance for fluctuating voltages, thus enabling cost savings. Countries, such as Brazil, the U.S., Argentina, China, and India are major markets, with a high adoption rate for energy efficient products in both the industrial and agricultural sectors.

The demand for energy-efficient motors is driven by rising electricity prices and stringent electricity consumption standards. Additionally, stringent manufacturing and designing standards for improving their efficiency are further mandating manufacturers to develop efficient products. However, lack of awareness about their advantages and high initial purchase cost are keeping the market from realizing its utmost potential.

Environmental benefits offered by electric motors are boosting their implementation in electric vehicles. These machines aid in augmenting efficiency of a device, as compared to standard ones, and saving costs related to energy consumed. Moreover, rising responsiveness towards environment changes and greenhouse effect is anticipated to shift consumers’ focus towards electric type, which is projected to bolster the demand.

The market is shifting towards adoption of efficient motorized systems. The need for low power consumption and improved efficiency products is poised to fuel the demand for the product over the next few years.

Motor Type Insights

The AC motor segment accounted for a significant market share in 2018. AC motors were extensively used forms with their 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. The adoption of electric AC motors in the automotive industry has increased exponentially, owing to advent of highly efficient and low-cost electronics, accompanied by improvements in permanent magnetic materials.

Increasing demand for them in various industries including chemicals, paper & pulp, cement, and wastewater treatment is likely to further contribute to the growth of the segment. Growing sales of electric vehicles and subsequent scope of the machine type in the same are also expected to spur the growth of the segment over the forecast period.

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, among others. Brushless DC motors are widely used owing to their low-cost of maintenance, thus, generating higher revenue in the DC segment.

However, the hermetic type is estimated to witness the highest CAGR of 8.5% during the same period owing to ease of handling, less maintenance, and easy transportation. The growth of the segment can also be attributed to increasing demand from HVAC system manufacturers backed by suitability in such applications.

Power Output Insights

Fractional horsepower (FHP) output dominated the electric motor sales market in 2018. Fractional horsepower motors are used widely in all household appliances, ranging from vacuum cleaners to coffee machines and refrigerators. They are primarily used in industrial equipment as they prove to be suitable for operations in heavy industrial environment. As a result, the FHP segment is anticipated to witness healthy growth over the forecast period owing to increasing penetration in commercial and industrial applications. It is projected to register the most promising growth during the forecast period, owing to their numerous advantages including high starting torque and stability over current fluctuations.

Furthermore, energy efficiency provided by these motors is higher than its counterparts, which is poised to translate into greater demand from industrial users willing to replace existing machines with more efficient ones over the forecast period.

Application Insights

Motor vehicle was the most prominent application segment in the market in 2018, representing more than 40.0% of the total revenue. Furthermore, electric motors are extensively used in heavy industrial equipment as well as agricultural machineries and vehicles. Countries, including Brazil, Vietnam, Sri Lanka, Argentina, and India, have a substantial population relying on agriculture. Therefore, the demand for low-cost and energy-efficient products has increased in these countries.

The HVAC equipment rely heavily on electric motors. The segment is poised to experience the fastest growth at a CAGR of 9.6% over the forecast period. Rising applications of electric motors in various residential as well as office buildings, hotels, and warehouses are likely to stoke the growth of the segment.

China electric motor sales market

Rising fuel prices and pollution are leading to rapid increase in the demand for electric vehicles in developed and emerging economies such as Germany, the U.S., China, and Japan. Moreover, the adoption of electric motors in the automotive industry has increased exponentially owing to advent of low-cost and highly efficient electronics, coupled with improvements in permanent magnetic materials.

Regional Insights

Asia Pacific held the largest revenue share in 2018. It is expected to exhibit the highest CAGR of 9.3% during the forecast period. This growth can be attributed to factors such as advancements in the agriculture sector along with enormous investments in industrialization in countries, including China, India, South Korea, and Australia.

Europe and North America are witnessing rising preference for the product. North America commanded approximately 18.0% of the overall revenue in 2018. It is anticipated to post a noteworthy CAGR over the forecast period. The region is the largest market for premium efficiency motors, which are used in HVAC and industrial applications and electric cars.

Growth opportunities for the market in Latin America and the Middle East & Africa are projected to rise in the near future owing to increasing government funding. Rising demand from the oil and gas industry, rapid development in the mining industry, and significant demand for cement across the construction industry are benefitting the market in these regions.

Electric Motor Sales Market Share Insights

The market comprises several small and large-sized players worldwide.Some major players in the global market are Baldor Electric Company, Inc.; Ametek Inc.; Franklin Electric Co., Inc.; and Asmo Co., Ltd.

Companies are increasingly focusing on research and development projects to increase the efficiency of their offerings. Intense competition has led manufacturers to invest in product developments to better serve customers’ requirements.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Billion & CAGR from 2019 to 2025

Regional scope

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

Country Scope

U.S., Canada, U.K., Germany, India, China, Japan

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global electric motor sales market report on motor type, power output, application, and region:

  • Motor Type Outlook (Revenue, USD Billion, 2014 - 2025)

    • AC Motor

      • Synchronous AC Motor

      • Induction AC Motor

    • DC Motor

      • Brushed DC Motor

      • Brushless DC Motor

    • Hermetic Motor

  • Power Output Outlook (Revenue, USD Billion, 2014 - 2025)

    • Integral HP Output

    • Fractional HP Output

  • Application Output Outlook (Revenue, USD Billion, 2014 - 2025)

    • Industrial Machinery

    • Motor Vehicles

    • HVAC Equipment

    • Aerospace & Transportation

    • Household Appliances

    • Others

  • Regional Outlook (Revenue, USD Billion, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

    • Middle East & Africa

Key questions answered by the report
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