Electric Motor Market Valued At $132.34 Billion In 2019 | CAGR: 8.2%

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The global electric motor market was premeditated at USD 132.34 billion which is expected to grow at a CAGR of 8.2% in upcoming years. There is an increasing trend in Electric vehicle technology is the key factor for the growing interest in the Electric motor market. Companies like Ford are working on mass production of the Electric vehicle is suggestive of the upcoming future of the automobile in the Electric motor market. The major reason for the increased demand for the Electric motor can be increased pollution awareness & government regulations. Fuel vehicle makes more air pollution and smoke which is injuries to health. Electric motor vehicles are environment friendly and the government provides some aids through subsidies and tax redemption on such vehicles.

The electric motor is divided into AC and DC as per motor type. It is further classified based on Fractional and integral power output. The electric motor is also studied as per the application of motors like household appliances, industrial vehicles, motor vehicles, aerospace and transportation, and HVAC equipment. The electric motor consumption is increasing in heavy construction equipment and agriculture industry because of low cost and high-efficiency level. Most of the home appliances are electric motor-based such as fan, washing machine, oven fridge, food processor, etc. With the development in technologies, these motors are consuming less electricity and are more environmentally friendly.

Coming to the regional point of view Asia Pacific region has the highest market share and is expected to grow with developing technology in the agriculture and construction sector. Developing countries like India, China, Bangladesh, and industrial centers like Singapore, Indonesia, Thailand have more demand for electric motors. European countries are already at a good gain as giant automobile companies are producing high volume electric motors. United stated growth is steady compare to other regions.

In the electric motor market, there is industrial as well as political demand, and development in technology and innovations are boosting the market. Electric motors are more flexible in designing and help in the reduction of weight and space for a vehicle which a plus factor for this market to grow.

Motor Type Outlook (Revenue, USD Billion)

  • AC Motor
    • Induction AC Motor
    • Synchronous AC Motor
  • DC Motor
    • Brushless DC Motor
    • Brushed DC Motor
    • Hermetic Motor

Power Output Outlook (Revenue, USD Billion, 2014 – 2025)

  • Fractional HP Output
  • Integral HP Output

Application Output Outlook (Revenue, USD Billion, 2014 – 2025)

  • HVAC Equipment
  • Motor Vehicles
  • Aerospace & Transportation
  • Industrial Machinery
  • Household Appliances
  • Others

Regional Outlook (Revenue, USD Billion, 2014 – 2025)

  • North America
    • Canada
    • The U.S.
  • Europe
    • Germany
    • The U.K.
  • Asia Pacific
    • India
    • China
    • Japan
  • Latin America
  • Middle East & Africa

 

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