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According to a new report by EMR titled, ‘Global Electric Motor Market Report and Forecast 2021-2026’, the global electric motor market reached a volume of 105.88 million units in 2020.
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.
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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.
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