Electric Motor Sales Market Size, Share & Trends Report

Electric Motor Sales Market Size, Share & Trends Analysis Report By Application, By Power Output (Integral HP Output, Fractional HP Output), By Motor Type (Hermetic, AC, DC), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-662-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 94

Report Overview

The global electric motor sales market size was valued at USD 142.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. An increase in awareness regarding green vehicles among customers has been a key factor driving the market. Besides this, a 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, the advent of better insulation materials has improved operational efficiency and the product's life, which has subsequently driven the market. The market is estimated to witness noteworthy growth over the forecast period owing to an increase in automobile production over the forecast period.

U.S. electric motor sales market size, by motor type, 2016 - 2028 (USD Billion)

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 various factors. These include long operating life, low maintenance, energy consumption, and a 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. The market is gradually shifting towards the adoption of efficient motorized systems. However, lack of awareness about their advantages and high initial purchase cost is 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 a device’s efficiency, as compared to standard ones, and saving costs related to energy consumed. Moreover, rising responsiveness towards environmental changes and the greenhouse effect is anticipated to shift consumers’ focus towards electric type, which is projected to bolster the demand. 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

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. The adoption of electric AC motors in the automotive industry has increased exponentially, owing to the 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 and pulp, cement, and wastewater treatment, is likely to further contribute to the growth of the segment. Growing sales of electric vehicles and 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. However, the hermetic type is estimated to witness the highest CAGR of 7.0% from 2021 to 2028, owing to ease of handling, less maintenance, and easy transportation. The segment's growth can also be attributed to increasing demand from HVAC system manufacturers backed by suitability in such applications.

Power Output Insights

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. They are also used in industrial equipment as they prove to be suitable for operations in a heavy industrial environment. These motors have numerous advantages, including high starting torque and stability over electric current fluctuations.

Furthermore, the energy efficiency provided by FHP 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. 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 from the aerospace and transportation industry.

Application Insights

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. Further, the advent of low-cost and highly efficient electronics, coupled with improvements in permanent magnetic materials, drives the market in the automotive industry. Rising fuel prices and pollution are leading to a rapid increase in the demand for electric vehicles in developed and emerging economies such as Germany, the U.S., China, and Japan. Thus, the high demand for electric motors from the electric vehicle industry drives the market, significantly.

Electric motor sales market share, by application, 2020 (USD Billion)

Electric motors are extensively used in heavy industrial equipment as well as agricultural types of machinery 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, such as commercial and industrial air conditioners, rely 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.

Regional Insights

Asia Pacific dominated the electric motor market and accounted for the largest revenue share of 48.6% in 2020. This is attributable to advancements in the agriculture sector and enormous investments in industrialization in countries, including China, India, South Korea, and Australia. Further, the increasing production and sales of electric vehicles in countries including China and Japan as well as the presence of established OEMs such as Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation are estimated to boost the growth prospects of the market in this region. The market is expected to witness the highest CAGR of 7.8% from 2021 to 2028.

Followed by Asia Pacific, Europe and North America region held a high market share in 2020 and are witnessing rising demand for the product. These regions are the largest market for premium efficiency motors, which are used in HVAC, industrial applications, and electric cars. Growth opportunities for the market in Latin America and Middle East and Africa are projected to rise soon, owing to increasing government funding. The rising demand for motors 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.

Key Companies & 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. Intense competition has led manufacturers to invest in product developments to serve customers’ requirements better. The companies, through R&D efforts and continuous innovation, are also endeavoring to develop premium quality and high-value products at an optimum cost to gain a competitive edge in the price-sensitive market. Some of the prominent players in the electric motor sales market include:

  • Baldor Electric Company, Inc.

  • Ametek Inc.

  • Franklin Electric Co., Inc.

  • Asmo Co., Ltd.

Electric Motor Sales Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 150.5 billion

Revenue forecast in 2028

USD 232.5 billion

Growth rate

CAGR of 6.4% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

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

Segments covered

Motor type, power output, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

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

Key companies profiled

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

Customization Scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


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 2016 to 2028. For this study, Grand View Research has segmented the global electric motor sales market report based on motor type, power output, application, and region:

  • Motor Type Outlook (Revenue, USD Billion, 2016 - 2028)

    • AC Motor

      • Synchronous AC Motor

      • Induction AC Motor

    • DC Motor

      • Brushed DC Motor

      • Brushless DC Motor

    • Hermetic Motor

  • Power Output Outlook (Revenue, USD Billion, 2016 - 2028)

    • Integral HP Output

    • Fractional HP Output

  • Application Outlook (Revenue, USD Billion, 2016 - 2028)

    • Industrial Machinery

    • Motor Vehicles

    • HVAC Equipment

    • Aerospace & Transportation

    • Household Appliances

    • Others

  • Regional Outlook (Revenue, USD Billion, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

    • Middle East & Africa

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.