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Electric Motors Market Overview:
The Global Electric Motors Market is estimated to be worth USD 2,04,099.6 Million by 2030, registering a 5.4% CAGR during the forecast period (2022- 2030).
An electric motor is a device that alters the flow of electric current into the mechanical rotation of a spindle or rotor and is altered to linear motion. The device that generates the rotational force is called a motor. The operating principle of an electric motor primarily depends on the interaction between the magnetic field and the electric field.
The Global Electric Motors Market report provides an integrated evaluation of the market. The report tenders to a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a significant role in the market.
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The main factor driving the market growth is the growing electricity consumption across the world and the boosting use of electrical equipment and machines in numerous industries. The demand for electric vehicles has abruptly augmented in past few years because of the growing government awareness programs to attain emission-free vehicles. The rapid growth of the HVAC industry is going to have a direct effect on the demand for electric motors. With governments generating concerted efforts toward achieving short-term and long-term climate goals, the markets for electric vehicles are likely to become remarkably larger in the future. The upsurge in the production of electric vehicles is likely to create an increase in the demand for electric motors, thereby creating attractive opportunities for manufacturers of electric motors during the forecast period.
Regional Analysis
The Global Electric Motors Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific region holds a large number of market shares because of the augmenting demand for sectors such as industrial, automotive, and power in nations like China and India.
The market in the European region is projected to showcase considerable growth backed by the increasing demand for electric vehicles that will propel the espousal of advanced electric motors in the region between 2022 and 2030.
North American region held a considerable market share in 2020 and is witnessing boosting demand for the product. This region is the biggest market for premium efficiency motors, which are applied in HVAC, industrial applications, and electric cars.
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Market Segmentation
The Global Electric Motors Market is segmented into the following types;
By Type
AC motors DC motors Hermetic motorsBy Voltage
Up to 1 kV 1kV- 6.6 kV Above 6.6 kVBy Power Output
Up to 1 Hp Above 1 HpBy Application
Industrial Commercial Residential Agriculture TransportationRead Report Details @ https://www.marketresearchfuture.com/reports/electric-motors-market-2376
Key Players
The Global Electric Motors Market’s prominent key players are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (US), Nidec Motor Corporation (Japan), Denso Corporation (Japan), Allied Motion Technologies Inc. (US), Ametek Inc. (US), Robert Bosch GmbH (Germany), Emerson Electric Co. (US), Hitachi Ltd. (Japan), Johnson Electric Holdings Limited (China), Rockwell Automation Inc. (US), WEG S.A. (Brazil), ARC Systems Inc. (US) and Toshiba Corporation (Japan).
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