The global electric motor sales market is expected to reach USD 155.3 billion by 2025, according to a new report by Grand View Research, Inc. An electric motor is the most important component used in the manufacturing of Heating, Ventilating, and Cooling (HVAC) equipment, motor vehicles, and other home appliances. Currently, the demand for electric motors is gaining traction, owing to the technological advancements and advent of better insulation materials that have improved efficiency and operational life of the motors.
The market is further driven by the increasing demand for energy-efficient motors, which are costly as compared to conventional motors. However, long-term environmental advantages, such as reduction in cost of energy consumed, offered by them outweigh their initial high cost. The demand for these motors can be ascribed to factors such as the rising fuel prices.
Improving standards of living and rising income levels are also anticipated to spur the production of motor vehicles and electronic appliances, globally. Additionally, the use of electric motors minimizes financial burden on governments and consumers by reducing the consumption of electricity. Owing to the aforementioned factors, these motors are estimated to witness a huge demand, mainly from industrial users, in the replacement market over the next few years.
The industry is characterized by regulatory policies and government initiatives that promote energy efficiency in machines and equipment. High-efficiency & output, low power consumption, increased operational life, and low maintenance costs are the benchmarks for electric motors, among customers. Technological innovations have introduced improved design, components, and product specifications for meeting end-user requirements. Innovations and evolving policy frameworks are crucial for industry development, and will play a key role in driving demand over the forecast period.
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Further key findings from the report suggest:
The global electric market was valued at over USD 70 billion in 2015 and is expected to grow at a CAGR of 4.2% from 2017 to 2025, owing to rising automation, increase in motor-driven household appliances, increase in automobile production, growing agricultural sector, and transition toward energy-efficient motors
The AC motor type was the largest segment in 2016 and is estimated to generate over USD 70 billion by 2025, owing to its extensive use across application areas such as irrigation pumps and robotics
Fractional horsepower motors are widely used in household appliances such as vacuum cleaners, coffee machines, and refrigerators; however, integral horsepower motors are anticipated to witness fastest growth over the coming years
The motor vehicles segment was valued over USD 30 billion in 2016 and is estimated to dominated the market, owing to increase in electric vehicle production across the globe
The Asia Pacific region is projected to witness the highest as well as the fastest growth over the forecast period, owing to the increasing production and sales of electric vehicles
The key players, including Allied Motion Technologies, Inc., Ametek, Inc., Siemens, Baldor Electric Company, Inc., Johnson Electric Holdings Ltd., Rockwell Automation, Franklin Electric Co., and Asmo Co., Ltd., dominated the global electric motor sales market in 2016
Grand View Research has segmented the global electric motor sales market based on motor types, power outputs, applications, and regions:
Motor Type Outlook (Revenue, USD Billion, 2014 - 2025)
AC Motor (Revenue, USD Billion, Volume Billion Units; 2014 - 2025)
Synchronous AC Motor
Induction AC Motor
DC Motor (Revenue, USD Billion, Volume Billion Units; 2014 - 2025)
Brushed DC Motor
Brushless DC Motor
Power Output Outlook (Revenue, USD Billion, 2014 - 2025)
Integral HP Output
Fractional HP Output
Application Outlook (Revenue, USD Billion, 2014 - 2025)
Aerospace & Transportation
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Latin America and Middle East & Africa (LAMEA)
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