According to the research report published by Polaris Market Research, the Global Electric Motors Market Is Anticipated To Reach Over USD 157.4 Billion By 2026, at a CAGR of 5.2% during the forecast period.
Polaris Market Research has recently published a research report titled Electric Motors Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032 that emphasizes a comprehensive analysis of current and future prospects to analyze the growth rate of the market. The report describes Electric Motors Market size, historical trends, industry advancements, segmentation analysis, new opportunities, factors controlling the market, and developments. The report analysts have provided a detailed Electric Motors Market segmentation assessment of the market based on type, application, and geography. Client needs with an understanding of market capacities are ensured in this analytical study.
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The diverse applications of electric motors in majority of industries such as healthcare, construction, packaging, automotive, and consumer goods among others are expected to support the growth of this market. Other driving factors include rising demand for electric motor in household appliances, growing use in HVAC applications, and government support for development of high efficiency electric motors are propelling the market growth. However, high maintenance costs, and stringent regulations hampering the market growth. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
The growing adoption of electric vehicles is expected to support market growth of electric motors. The increasing requirement to reduce vehicle emissions and global carbon footprint drives the demand for electric vehicles. Use of electric vehicles offer benefits such as low maintenance costs, reduced harmful vehicle emissions, while providing comparable power. Electric vehicles are increasingly being used to restrict the emission of carbon, nitrogen, and other harmful compounds from gasoline and diesel vehicles. This is one of the largest ancillary industry which is pushing the demand for electric motors globally.
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Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, agriculture, construction, and automotive, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support market growth in the region.
The different types of electric motors include AC motors, DC motors, and hermetic motors. In 2017, the AC motor segment accounted for the highest market share owing to the increasing demand for AC motors from industries such as agriculture, paper & pulp, and chemicals. They are majorly used in industrial applications and machine tools. Some key features offered by AC motors include controlled acceleration, low power demand on start, adjustable operational speed, adjustable torque limit, and reduced power line disturbances among others.
The well-known companies profiled in the report include Emerson Electric Co., Rockwell Automation Inc., Ametek, Inc., Siemens AG, Denso Corporation, Bosch Group, Baldor Electric Co., ABB Ltd., Hitachi, Ltd., General Electric Company, Allied Motion Technologies Inc., and Regal Beloit Corporation among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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The Report Addresses the Following Queries:
- How have the production techniques evolved in recent years?
- How can the emerging players in the market establish their foothold in the current market landscape?
- The market in which region is expected to witness the highest growth during the forecast period?
- What is the projected value of the market during the forecast period?
- How can the emerging players in the market solidify their position in the market?
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