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iCrowdNewswire Jan 14, 2021 11:26 AM ET

Electric Motors Market Economic Impact, Evaluation, Strategic Acquisitions, Global Industry Insights and Research Methodology by Forecast to 2026


iCrowd Newswire - Jan 14, 2021

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According to Market Research Future (MRFR), the global electric motors market is estimated to expand at 6.2% CAGR from 2017 to 2023 (forecast period). The report offers a detailed and thorough analysis of the impact of the COVID-19 pandemic on the global electric motors market.

Electric motors operate on the principle of electromagnetic induction by ensuring the conversion of electrical energy into mechanical energy. Electric motors are commonly used in HVAC applications, compressors, machine tools, pumps, domestic appliances, industrial fans, electric cars, disk drives, power tools, and automated robots. These high-efficiency motors gain popularity over regular motors due to longer operating life, low maintenance, low energy consumption, and a high tolerance for fluctuating voltages, among others.

Market Dynamics

The global market for electric motors is mainly driven by increasing demand for energy-efficient electric motors. The increase in environmental awareness is contributing to a higher implementation of motors that provide energy efficiency and, therefore, significantly subsidizes the growth of the market for electric motors. The increase in the use of electric motors by the swiftly expanding agricultural sector is also expected to contribute to the development of the market for electric motors. The increasing use of electric motors by numerous industrial machineries and household applications is also projected to propel the market’s growth.

The electric motor industry is expected to have a significant number of advancements over the forecast period due to continuous developments in the industrial, automotive, and agricultural sectors. The market for electric motors is also projected to have a significant expansion level by multinationals and well-established firms.

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Market Segmentation

The global market for electric motors has been segmented based on type, voltage, output power, and end-use. 

Regional Analysis

Region-wise, the global electric motors market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific accounted for the largest market share of electric motors in 2016, with China, Japan, India, and major South East Asian countries contributing largely to market growth. The economic upsurge, large-scale industrialization & commercialization, and development in the agricultural sector in the North American and European regions have generated an enormous demand for electrical devices, resulting in an increasing demand for electric motors across the region. The high dependability of the industrial, commercial, residential, automotive, and agricultural sectors over highly efficient electric motors for smooth operation is creating a profitable demand for electric motors and is expected to continue over the forecast period. All of these main factors are expected to stimulate the growth of the market for electric motors during the forecast period.

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Key Players 

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Keywords:    Electric Motors Market, Electric Motors Market 2020, Electric Motors Market 2021, Electric Motors Market Size, Electric Motors Market Share, Electric Motors Market Analysis, Electric Motors Market Forecast, Electric Motors

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