Electric Motor Sales Market Size Worth $232.5 Billion By 2028 | CAGR

6.4%: Grand View Research, Inc.

SAN FRANCISCO, Jan. 27, 2021 /PRNewswire/ -- The global electric motor sales market size is expected to reach USD 232.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Rapid technological advancements have been playing an imperative role in the growth of the market. Further, improved insulation and operational efficiency have significantly improved the electro-mechanical machines in terms of safety and functionalities, leading to increased demand across multiple industries. Electric motors are used in multiple applications across industry verticals such as home appliances, industrial machinery, and vehicles. The market is expected to witness high growth from Heating, Ventilation, and Cooling (HVAC) applications as they are an inseparable component of HVAC equipment.

Key suggestions from the report:

• Increased adoption of the electro-mechanical machines in vehicles, backed by technological advancements resulting in performance enhancement, is expected to positively impact market's growth
• The AC motor type held the largest share in 2020. It is estimated to generate over USD 166 billion by 2028 due to the extensive use of AC motors in various applications ranging from irrigation pumps to modern-day robotics
• The fractional horsepower (FHP) output segment represented over 87% of the overall market value in 2020. Fractional horsepower motors are used widely in all household appliances ranging from vacuum cleaners to coffee machines to refrigerators
• The motor vehicles segment is the most prominent application segment, commanding more than 40.0% of the overall market value in 2020. The electro-mechanical machines are also extensively used in heavy industrial equipment as well as agricultural machinery
• Asia Pacific will lead the market through 2028, exhibiting a CAGR of 7.8% from 2021 to 2028. The growth of the regional market can be attributed to increasing direct investments in developing nations such as India and China

Read 94 page research report with ToC on "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" at: https://www.grandviewresearch.com/industry-analysis/electric-motor-market