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

6.4%: Grand View Research, Inc. - Seite 2

Rising fuel prices across the globe are impelling people to shift to non-conventional fuel alternatives. As a result, electric vehicles are manufactured with a view of reducing operational costs and carbon footprint. The upsurge in the production of electric vehicles is expected to positively impact the demand for electric motors as they are used in various applications ranging from performance components to comfort components of the vehicle.

The industry is characterized by regulatory policies and government initiatives that promote energy efficiency in machines and equipment. High-efficiency and output, low power consumption, increased operational life, and low maintenance costs are essential requirements for the electro-mechanical machines. Notably, technological innovations have introduced improved design, components, and motor specifications resulting in fulfillment of end-user requirements. Innovations and evolving policy frameworks are crucial for industry development and will play a key role in fueling the demand for the products over the forecast period.

Asia Pacific region held the largest revenue share in the electric motor market in 2020 and is projected to witness the fastest CAGR of 7.8% from 2021 to 2028. The growth can be attributed to increasing industrialization investments in countries such as China, India, South Korea, and Australia. Further, the scope for market growth in the region is expected to increase significantly over the coming years, owing to the evolving agriculture sector through efficient irrigation practices and technology transfer.

Grand View Research has segmented the global electric motor sales market on the basis of motor type, power output, application, and region:

• Electric Motor Sales Motor Type Outlook (Revenue, USD Billion, 2016 - 2028)
• AC
• Synchronous AC
• Induction AC
• DC
• Brushed DC
• Brushless DC
• Hermetic Motor
• Electric Motor Sales Power Output Outlook (Revenue, USD Billion, 2016 - 2028)
• Integral HP Output
• Fractional HP Output
• Electric Motor Sales Application Outlook (Revenue, USD Billion, 2016 - 2028)
• Industrial Machinery
• Motor Vehicles
• HVAC Equipment
• Aerospace & Transportation
• Household Appliances
• Others
• Electric Motor Sales Regional Outlook (Revenue, USD Billion, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• Japan
• China
• India
• Latin America
• Middle East & Africa

List of Key Players of Electric Motor Sales Market