Press release
APAC is projected To Lead the Global Electric Motor Market during Forecast 2021-2024
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Based on type, the electric motor market is categorised into DC motor, AC motor and hermetic motor, with AC motor leading the market by size. The low maintenance associated with AC motors marks its increased demand over other types. On the basis of output power, the market for electric motor is fragmented into integral horsepower output and fractional horsepower output. Of these, fractional horsepower output of electric motors is estimated to generate the larger revenue during the forecast period, owing to the increasing usage of these motors across automotive and consumer goods industries.
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APAC is projected to lead the global electric motor market even during the forecast period. The increasing number of original equipment manufacturer (OEMs) across the region with focus on the usage of electric motors across varied sector, particularly agriculture, automotive, and commercial is expected to contribute to the market growth in APAC. Moreover, the government of developing countries of the region is primarily focusing on promoting in-house manufacture of components, in accordance to the huge investments for industrialization which is further propelling the growth of the electric motor market in APAC.
Geographical Segmentation
Electric Motor Market System Market by Region
North America
• U.S.
• Canada
• Mexico
Europe
• Germany
• France
• U.K.
• Italy
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• Rest of Asia-Pacific
Rest of the World (RoW)
• Brazil
• South Africa
• Saudi Arabia
• Other Countries
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