As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
The global electric motor market is further projected to grow at a CAGR of 3.8% between 2021-2026, and is expected to reach a volume of 127.59 million units by 2026.
Electric motors use the principle of electromagnetic induction to convert electric energy into mechanical energy. They are broadly divided into AC and DC electric motors based on the type of electric power source. Currently, the market is dominated by AC electric motors, which accounted for 80.9% of the global electric motor consumption in 2020. Electric motors can also be divided based on voltage into low, medium and high voltage electric motors. With a shift in the market towards more energy-efficient products, low voltage electric motors are increasingly being preferred for use in HVAC systems, domestic appliances, fans, pumps, and compressors, among others.
Rising population, growing industrialization, and increasing electrification along with an increase in automation across industries globally have propelled the growth of the electric motors market. The Asia-Pacific region, in particular, helped the market grow as it accounted for over 50% of the global consumption of electric motors in 2018. The electric motors market in this region was aided by a shift towards energy efficient motors along with the rising demand for infrastructure development in both residential and commercial sectors especially in emerging economies like China and India.
With a drive towards reducing carbon emissions and conserving energy, governments across the globe are encouraging potential consumers to buy electric vehicles, providing further impetus to the electric motors market. According to the International Energy Agency, China, the largest car manufacturer and market, buys over 50% of the electric cars manufactured globally. This is due to various subsidies and incentives by the Chinese government driving consumers and manufacturers towards the electric car market. In the coming years, the government further seeks to push ‘cap and trade’ initiatives and introduce tougher restrictions against combustion-engine car manufacturers.
Click here for view the summary of report: https://www.expertmarketresearch.com/reports/electric-motors-market
Market Analysis by Type, Application and Region:
Key Findings of the Report:
Key Offerings of the Report:
ABB Limited, Siemens AG, Nidec Corporation, WEG S.A., Regal Beloit Corporation, and TECO Electric & Machinery Co. Ltd are the major players in the global electric motor market that have been analysed by EMR. The report by EMR provides a detailed insight into the latest developments in the competitive landscape of the global electric motor market like plant turnarounds, market share, capacity expansions, and mergers and acquisitions.
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.