According to IMARC Group’s latest report, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global electric motor market reached a value of US$ 108.3 Billion in 2020. Electric motors are electro-mechanical machines that work on the principle of electromagnetic induction. Compared to a fossil-fuel engine, electric motors offer better cost-effectiveness, consume lesser energy, require lower maintenance, provide higher endurance for fluctuating voltages, etc. As a result, electric motors find widespread applications across diverse industries ranging from automobiles to oil and gas, where they are installed in machine tools, compressors, electric cars, industrial fans, etc.
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Electric motors are used as an essential component in the production of pumps, fans and compressors, which are further utilized in HVAC systems. Due to extreme climatic conditions across the globe, the demand for HVAC systems increases, thereby augmenting the growth of the electric motors market. The global market is further bolstered by the escalating demand for electric vehicles supported by growing environmental concerns and inflating purchasing power of the consumers. Furthermore, numerous initiatives are being undertaken by the government bodies to promote the adoption of electric vehicles for minimizing carbon emissions, thereby providing a positive outlook to the market. Besides this, the introduction of numerous large-scale construction projects will continue to drive the global market for electric motors in the coming years. Looking forward, IMARC Group expects the market to exhibit moderate growth during the next five years.
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
- Regal Beloit Corporation
- Nidec Corporation.
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- 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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