According to IMARC Group’s latest report, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 108.8 Billion in 2021. An electric motor refers to an electro-mechanical device that operates on the principle of electromagnetic induction. It has various types, such as induction AC motor, synchronous AC motor, brushed DC motor, brushless DC motor, etc. Electric motors are durable, energy-efficient, require low maintenance, and retain high endurance for fluctuating voltages. They are also cost-effective when compared to the conventional fossil-fuel engines. Consequently, electric motor variants find extensive application across numerous sectors, including oil and gas, automobile, aerospace, marine, etc.
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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. Looking forward, IMARC Group expects the electric motor market to reach US$ 140.85 Billion by 2027, exhibiting at a CAGR of 4.25% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- ABB Group
- Siemens Ag
- WEG SA
- TECO
- Regal Beloit Corporation
- Nidec Corporation.
Breakup by Motor Type:
- AC Motor
- Induction AC Motor
- Synchronous AC Motor
- DC Motor
- Brushed DC Motor
- Brushless DC Motor
- Others
Breakup by Voltage:
- Low Voltage Electric Motors
- Medium Voltage Electric Motors
- High Voltage Electric Motors
Breakup by Rated Power:
- Fractional Horsepower Motors
- Fractional Horsepower (< 1/8) Motors
- Fractional Horsepower (1/8 – 1/2) Motors
- Fractional Horsepower (1/2 – 1) Motors
- Integral Horsepower Motors
- Integral Horsepower (1 – 5) Motors
- Integral Horsepower (10 – 50) Motors
- Integral Horsepower (50 – 100) Motors
- Integral Horsepower (>100) Motors
Breakup by Magnet Type:
- Ferrite
- Neodymium (NdFeB)
- Samarium Cobalt (SmCo5 and Sm2Co17)
Breakup by Weight:
- Low Weight Motors
- Medium Weight Motors
- High Weight Motors
Breakup by Speed:
- Ultra-High-Speed Motors
- High-Speed Motors
- Medium Speed Motors
- Low Speed Motors
Breakup by Application:
- Industrial Machinery
- HVAC
- Transportation
- Household Appliances
- Motor Vehicles
- Aerospace
- Marine
- Robotics
- Others
Breakup by Region:
- Asia-Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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