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Market Synopsis:An electric motor converts electrical energy into mechanical energy. It has gained traction of different industry verticals, which is presumed to increase revenue generation over the next couple of years. This study unfolds that the global electric motors market is set to thrive at a remarkable CAGR in the years to come. A considerable rise in demand for energy-efficient motors for vehicles and machinery is being witnessed. It is anticipated to drive the proliferation of the electric motors market in the forthcoming years. The product is also anticipated to gain an edge over conventional motors owing to its energy efficiency. It is likely to lead the electric motors market to its growth path over the next few years.
Depleting sources of natural energy has led to an exponential increase in oil prices. The recent case of fire in the largest oil refinery inSaudi Arabia is likely to inflate the prices further in the years to come. It is poised to expedite the shift towards electric motors. In the automotive industry, the shift is faster thanany other industry verticals. Increasing demand and production of electric cars is expected to catalyze proliferation of the electric motors market in the foreseeable future. Moreover, governments are also supporting the shift by providing incentives and subsidies. It is poised to augment the electric motors market in the forthcoming years.
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One of the primary drivers of the electric motors market is the efforts directed t towards the reduction of carbon footprints. The rising concern of pollution and its irreversible effects on the environment is expected to lead the expansion of the electric motors market in the near future. Both developed and developing nations show immense growth potential and are anticipated to contribute to the market development in the years to come.
Global Electric Motors Market : Key Players
ABB Group
ARC Systems, Inc.
Asmo Co., Ltd.
Brook Crompton UK Ltd
Dr. Fritz Faulhaber GMBH
Emerson Electric
Maxon Motors AG
Regal Beloit Corporation
Rockwell Automation, Inc.
Market Segmentation:
By type, the electric motors market has been divided into AC motor and DC motor.
On the basis of application, the electric motors market has been segmented into industrial machinery, motor vehicles, HVAC equipment, aerospace & transportation, household appliances, and others.
Regional Analysis:
The regional assessment of the global electric motors market included in this report is conducted on both country-level and regional basis. The prime regional segments analyzed in this assessment are - Europe, China, North America, Japan, Southeast Asia, and India. Europe holds a prominent position on the global front in the electric motors market. The European Union has implemented rules regarding carbon emissions that are expected to drive the expansion of the electric motors market. In addition, the rising investments in charging infrastructure is likely to expedite the shift towards electric cars in the region over the next few years. It is poised to facilitate the rapid expansion of the electric motors market in the nearby future.
Industry News:
In October 2019, Ultraviolette Automotive has announced the launch of its first electric bike, Ultraviolette F77.
In October 2019, MG Motors, India, has launched announced its plan of launching the first electric SUV in India by this year-end.
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