Electric Motors - a Key Component in Electrical & Electronics Equipment, Appliances, Machinery and Automotive and Transportation Products and Assemblies
The global electric motor market is expected to grow at a CAGR of 4.7%, in terms of value, during the forecast period. The electric motor market was valued at US$ 92.0 Bn in 2017 and is projected to grow significantly to reach US$ 145.8 Bn by 2027. In terms of volume, the global electric motor market stood at 3,972,087 units in 2017 and is expected to increase to 5,728,638 units in 2027. In terms of volume, the global electric motor market is anticipated to expand at a CAGR 3.7% during the forecast period.
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In this report, FMI has segmented the global electric motor market on the basis of product type, power output, application, end-user and region. By product type, the electric motor market is sub-segmented into AC motor and DC motor. Due to the rising demand from HVAC and household appliances, the AC motor sub-segment of the global electric motor market accounted for more than 74% market share in 2017. In addition, due to growing digitization in various industry verticals, the DC motor sub-segment is estimated to register a high CAGR of 4.5% during the forecast period. Furthermore, in terms of volume, the DC motor sub segment is projected to expand at a CAGR of 3.6% during the forecast period in the global electric motor market.
On the basis of power output, the global electric motor market is sub-segmented into
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