The “Global Electric Motor Market Size By Type (AC motors, DC motors), By End-User (Industrial, Commercial), By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Electric Motor Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Sept. 8, 2023 /PRNewswire/ — The Global Electric Motor Market is projected to grow at a CAGR of 7.08% from 2021 to 2028, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 102.60 Billion in 2020 and is expected to reach USD 177.83 Billion by the end of the forecast period.
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Browse in-depth TOC on “Electric Motor Market“
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Electric Motor Market: Robust Growth Driven by Surging Demand for Energy-Efficient Solutions
The global Electric Motor Market is experiencing remarkable growth, propelled by a convergence of factors that are reshaping industries across the globe. A new market research report unveils key drivers, insights, and profiles of significant players within this dynamic market.
Electric Motor Market Drivers:
Rising Electricity Consumption: The unabated surge in global electricity consumption is a primary catalyst, leading to increased utilization of electrical equipment and machinery across industries. The industrial sector, in particular, has witnessed substantial growth due to escalating electricity demands, driven by burgeoning economies and technological innovations like combined heat and power systems.
Electric Vehicle Revolution: The automotive industry’s pivot towards electric vehicles (EVs) is creating a significant impact on the Electric Motor Market. Advancements in battery technology have not only reduced battery costs but have also improved charging infrastructure, fostering the widespread adoption of EVs. Government support, including tax incentives and incentives, further fuels this transition.
Expanding HVAC Sector: The Heating, Ventilation, and Air Conditioning (HVAC) industry is expanding rapidly to meet the increasing demand for heating and cooling solutions in residential, commercial, and industrial applications. The inclusion of air conditioning as an essential component in new building construction is a driving force behind the market’s growth.
Electric Motor Market Outlook:
The Electric Motor Market is poised for sustained growth in the coming years. As industries worldwide seek energy-efficient solutions and the electrification of transportation gains momentum, the demand for electric motors is set to surge. While challenges like high maintenance and operating costs persist, technological advancements, coupled with government incentives, will offer ample opportunities for market growth.
Key Players in the Electric Motor Market:
Allied Motion
Ametek Inc.
Siemens AG
Toshiba International Corporation
Johnson Electric
Rockwell Automation
ABB Ltd.
Asmo Co. Ltd.
Nidec Corporation
Schneider Electric SE
These key players are at the forefront of innovation, continually driving advancements in electric motor technology and contributing significantly to the market’s overall growth.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Electric Motor Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Electric Motor Market into Type, End-User, And Geography.
Electric Motor Market, by Type
AC motors
DC motors
Hermetic motors
Electric Motor Market, by End-User
Industrial
Commercial
Residential
Automotive and Transportation
Electric Motor Market, by Geography
North America
U.S
Canada
Mexico
Europe
Germany
France
U.K
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
ROW
Middle East & Africa
Latin America
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