According to IMARC Group’s latest report, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global electric motor market size reached US$ 108.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 140.85 Billion by 2027, exhibiting at a growth rate (CAGR) of 4.25% during 2022-2027.
In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
The global electric motor market reached a value of US$ 108.8 Billion in 2021. Electric motors are electro-mechanical machines that work on the principle of electromagnetic induction. Compared to a fossil-fuel engine, electric motors offer better cost-effectiveness, consume lesser energy, require lower maintenance, provide higher endurance for fluctuating voltages, etc. As a result, electric motors find widespread applications across diverse industries ranging from automobiles to oil and gas, where they are installed in machine tools, compressors, electric cars, industrial fans, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Electric Motor Market Trends:
The expanding industrial automation and urbanization levels across the globe are among the key factors driving the electric motor market. Besides this, the emerging trend of using electric-powered motors as an alternative to gas turbines in large manufacturing plants is also positively influencing the market growth. Additionally, the growing usage of heating, ventilation, and air-conditioning (HVAC) appliances in industrial, commercial, and residential spaces is acting as another significant growth-inducing factor. Furthermore, the elevating focus towards adopting vehicles powered by renewable sources to reduce the usage of fossil fuels is further catalyzing the product demand. In line with this, the launch of numerous policies by the government bodies aimed at popularizing the usage of electric vehicles to reduce carbon emissions is expected to drive the electric motor market in the coming years.
Competitive Landscape with Key Players:
The competitive landscape of the market has also been examined with some of the key players being.
Key Market Segmentation:
The report has categorized the market based on motor type, voltage, rated power, magnet type, weight, speed, and application.
Breakup by Motor Type:
Breakup by Voltage:
Breakup by Rated Power:
Breakup by Magnet Type:
Breakup by Weight:
Breakup by Speed:
Breakup by Application:
Breakup by Region:
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Key highlights of the report:
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