Press release
Electric Motors Market to Witness 6% CAGR by 2026 | Industry Analysis by Type, Voltage, Output Power, Application, Speed, Region, Competitive Landscape
The consumers are leaning towards the eco-friendly non-conventional fuel alternatives due to the augmenting price hike of fuels. The conventional fuel alternatives are highly unlikely ever to run out, so consumers are inclining towards renewable resources. These non-conventional resources are polluting the environment, causing many health-related problems, creating a problem in sustaining life on earth. These are the factors impelling the consumers to go for electric vehicles, which is anticipated to propel the electric motors market in the forecast horizon.
The Asia Pacific region is anticipated to have the fastest growth rate in the forecast horizon of 2020-26 due to the direct investment in developing nations like China and India by the governments. North America is expected to have the largest market share of electric motors in terms of revenue in the forecast horizon due to industrial growth and expansion of the aerospace industry.
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Electric Motors Market: Competitive Landscape
The major market players in the Global Electric Motors are Ametek Incorporation, Siemens AG, Baldor Electric Incorporation, Allied Motion Technologies Inc., ARC Systems Incorporation, Asmo Corporation Limited, Brook Crompton UK Limited, Franklin Electric Cooperative Incorporation, Rockwell Automation Incorporation, Johnson Electric Holdings Limited, Toshiba, FAULHABER GROUP, Danaher Motion, WEG, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.
Increase in demand for energy-efficient electric motors in the agricultural and industrial sectors
The upsurge in demand for electric motors as they are highly efficient, consume low energy, and have a longer operating life and have high endurance for fluctuating voltages in the agricultural, industrial sector is boosting the market growth of electric motors at a significant rate in the forecast horizon.
Rise in awareness about electric and green vehicles among customers and Government Policies
The upsurge in the awareness about the benefits of using smart motors amid small and medium enterprise owners tends to augment the growth of the electric motor market. The government policies and initiatives are promoting high efficient energy in machines and equipment. Innovations and policy frameworks are playing a key role in fueling the demand for products in the forecast horizon. Additionally, the use of electric motors minimizes the financial burden on governments and consumers by reducing the consumption of electricity.
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The upsurge in HVAC applications
The demand for the HVAC system is rising use to the extreme climatic conditions in the country, hence, propelling the growth of the electric motors market globally. The rise in living standards and high per-capita income are also anticipated to spur the production of motor vehicles and electronic appliances, globally.
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