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