Latest News- Electric Motor Sales Market: Industrial is expected to lead the Application segment during 2024-2028
The Electric Motor Sales Market is being driven by Transition of global automotive industry to EV and robotic technologies
The Electric Motor Sales Market is expected to grow at a CAGR of 6.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 56.6 billion. The electric motor sales market is experiencing significant growth due to the increasing demand for HVAC systems in residential, commercial, and industrial sectors. HVAC systems are essential components of modern infrastructure, providing indoor air quality and thermal comfort. To optimize their performance and efficiency, electric DC motors, specifically brushless DC motors, are commonly used in HVAC systems. The surge in EV technology has led to a notable increase in the installation of brushless DC motors in electric vehicles and hybrids. Furthermore, the expanding industrial and commercial sectors in China and India have fueled the demand for HVAC systems in the Asia-Pacific region.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Industrial, Residential, Commercial, Automotive) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Electric Motor Sales Market Research Report
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The electric motor sales market is experiencing significant growth due to the increasing demand for energy-efficient appliances in homes and the rise of green transportation through electric and hybrid vehicles. Sustainability and reducing carbon emissions are key drivers, leading to the adoption of high-efficiency AC and DC motors in various applications. Motor technology advancements, such as smart motor technologies, sensors, and control systems, are enhancing energy efficiency in HVAC systems and electromechanical devices, ultimately converting electrical energy into mechanical rotational energy for diverse industries. Permanent magnet and non-permanent magnet motors, including AC and DC motors, are at the forefront of this evolution.
The electrical components and equipment market encompasses businesses involved in the production of electrical cables and wires, electrical components, and electrical equipment. This market's size is determined by the consolidated revenue generated by manufacturers of various sub-segments, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, the rental and leasing of electrical components and equipment to industrial, commercial, and residential clients is also taken into account when calculating the market size. Key sectors contributing to this market include home appliances, green vehicles, electric vehicles, sustainability, carbon emissions reduction, hybrid vehicles, and electric motor-driven cars, which emphasize high-efficiency motors and smart offices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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