Electric Motor Sales Market Size, Global Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Electric Motor Sales Market


The global Electric Motor Sales market size is projected to reach US$ 233.15 billion by 2026, from US$ 147.74 billion in 2020, at a CAGR of 7.9% during 2021-2026. 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.

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.

Market Segmentation, Outlook & Viewpoint: Global Electric Motor Sales Market

Motor Type Market Segmentation & 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 Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Integral HP Output
  
Fractional HP Output

Application Output Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Industrial Machinery
  
Motor Vehicles
  
HVAC Equipment
  
Aerospace & Transportation
  
Household Appliances
  
Others

Key Players, Recent Developments & Regional Insights: Global Electric Motor Sales Market

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.

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.

Key Insights Covered: Global Electric Motor Sales Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Electric Motor Sales industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Electric Motor Sales industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Electric Motor Sales industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Electric Motor Sales industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Electric Motor Sales industry.

Research Methodology: Global Electric Motor Sales Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other