Electric Motor Sales Market Size, Share, Growth Analysis, By Motor Type(AC Motor, Synchronous AC Motor, Induction AC Motor, DC Motor), By Power Output(Integral HP Output, and Fractional HP Output), By Region - Industry Forecast 2024-2031

Asia Pacific emerged as the frontrunner in the electric motor market, capturing the largest revenue share of 48.6% in 2022. This dominance can be attributed to significant advancements in the agriculture sector and substantial investments in industrialization within countries like China, India, South Korea, and Australia. Moreover, the escalating production and sales of electric vehicles in China and Japan, coupled with the presence of established Original Equipment Manufacturers (OEMs) such as Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation, are anticipated to propel the market's growth in this region. Forecasts predict that the Asia Pacific region will exhibit the highest Compound Annual Growth Rate (CAGR) of 7.8% from 2021 to 2028.

Following Asia Pacific, both the Europe and North America regions secured substantial market shares in 2022 and are experiencing increasing demand for electric motors. These regions particularly excel in the premium efficiency motors segment, widely utilized in applications like HVAC systems, industrial operations, and electric vehicles. The growth prospects for the market are also on the rise in Latin America and the Middle East and Africa, driven by escalating government funding initiatives. The surge in motor demand from the oil and gas industry, rapid progress in the mining sector, and substantial requirements for cement within the construction industry are contributing factors for the market's growth in these regions.