Rising government support for electric vehicles as a means of reducing carbon and other harmful gas emissions is boosting demand for electric motors.
Market Size – USD 122.36 Billion in 2021, Market Growth – at a CAGR of 6.9%, Market Trends – Application of electric motors in various end-use industries
The global electric motors market size is expected to reach USD 224.94 Billion in 2030 and register a revenue CAGR of 6.9% over the forecast period, according to the latest report by Reports and Data. Development of eco-friendly laws and regulations to reduce carbon footprint is encouraging people to adopt electric appliances, which is driving revenue growth of the electric motor market in the forecast period.
The electric motor market is expected to grow at a steady rate over the forecast period due to rising demand in the industrial and agricultural sectors worldwide. Electric motors are used in the agricultural sector in mechanical tillers and similar machinery to produce and store grain and grass, prepare and distribute animal feed, provide a controlled atmosphere in stock-rearing houses, and greenhouses for horticulture crops, and others. Furthermore, government’s increased investment in infrastructural activities such as power, steel, and building is driving demand for electric motors, which is likely to boost revenue growth of the global electric motor market. The extremely efficient nature of electric motors is largely responsible for increased demand for electric motors.
The adoption of partial or complete lockdowns in a number of countries to combat the spread of the COVID-19 infection has hampered the electric motor market’s advancement. Automobile and machinery sales were hampered by limitations on the transit of products and factory activities.
Companies profiled in the global market report include AMETEK Inc., Toshiba Corporation, Hitachi Ltd, Brook Crompton, General Electric Company, Siemens AG, ASMO KARTS, Johnson Electric Holdings Limited, WEG, and Maxon.
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Some Key Highlights From the Report
For this study, Reports and Data have segmented the electric motor market based on motor type, output power, application, and region:
Key Advantages of Electric Motor Report:
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