The global electric motor sales market was valued at USD 182.65 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2030. This growth is primarily driven by increased awareness of green vehicles among consumers and supportive government policies encouraging the adoption of environmentally friendly technologies.
Electric motors have undergone significant technological advancements in recent years, leading to improved efficiency, longer lifespan, and better performance. The availability of advanced insulation materials has further contributed to these improvements. The rising demand for electric vehicles and the increasing production of automobiles are expected to drive the market growth during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Electric Motor Sales Market
Electric motors find wide applications in various sectors, including fans, pumps, compressors, machine tools, domestic appliances, electric cars, HVAC systems, power tools, and automated robots. High-efficiency motors are particularly sought after due to their long operating life, low maintenance requirements, energy efficiency, and tolerance for voltage fluctuations.
Countries like Brazil, the U.S., Argentina, China, and India are major markets for electric motors, with a strong focus on energy-efficient products in both industrial and agricultural sectors.
Power Output Segmentation Insights
The Fractional Horsepower (FHP) output segment was the dominant force in the market in 2023, capturing a substantial revenue share of over 86.0%. This dominance can be attributed to the versatility of FHP motors, which find applications in a wide range of household appliances, from vacuum cleaners to coffee machines and refrigerators. Additionally, their suitability for heavy industrial environments has led to their adoption in industrial equipment. FHP motors offer several advantages, including high starting torque and the ability to maintain stability despite fluctuations in electric current.
Moreover, the energy efficiency of FHP motors surpasses that of other motor types, making them an attractive option for industrial users seeking to replace existing machinery with more efficient alternatives.
While the FHP segment holds a significant market share, the Integral Horsepower (IHP) output segment is projected to experience the highest Compound Annual Growth Rate (CAGR) from 2024 to 2030. This growth is driven by the increasing demand for IHP motors in industrial applications. These motors deliver higher power output, making them suitable for high-end applications in industries such as aerospace and transportation.
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