Electric Motors Market is expected to witness 11.0% CAGR between 2020-2030 | Global Industry Size, Share, Growth, Key Companies Trends & Forecast

According to a new market research report published by sheer analytics and insights, “The Global Electric Motors Market was $65.4 Bn in 2020, and it is expected to reach $170.3 Bn by 2030. It is eventually growing at a commendable high compound annual growth rate CAGR of 11.0% between 2020-2030" as per the latest market research report titled Global Electric Motors Market - Industry analysis, size, share, growth, trends, and forecast, 2020-2030.

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Electric motors are a type of motorized device that converts electric energy to mechanical energy. This motor works on the opposite function of the electric generator. However, it works on the principle of electromagnetism. The principle of electromagnetism is, in the presence of electric current in a specific magnetic field, force applied. However, electric motors utilized in a wide range of devices such as fans, tools, electric vehicles, electric cars, and hybrid cars. This motor is capable of supply both AC and DC in the engine. A numerous benefit of this electric motor boosts the global electric motors market.

Moreover, in this current pandemic of COVID-19, the motors market affected much. It changes the growth rate graph slightly in the electric motors market. But, it is expected that after the pandemic situation, the global electric motors market will reach in a high position in the graph. Apart from that, the riding of the electrical industry across the world is anticipated to offer the major opportunity for market growth in the next forecast period of 2020 to 2030.

Geographically, The Electric Motors Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.

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The report covers a detailed outlook of the company, and it includes the market share and company or industry profiles of key players operating in the global market. Key players in the report include Siemens AG, General Electric Company, Nidec Corporation, Denso Corporation, Allied Motion Technologies, Inc., Ametek, Inc., Bosch Group, Emerson Electric Co., Hitachi, Ltd., Johnson Electric Holdings Limited, Regal Beloit Corporation, Rockwell Automation, ARC Systems, Inc., Baldor Electric Co., and Toshiba International Corporation among others.

The Global Electric Motors Market Has Been Segmented into:

By Type
• AC Motors
• DC Motors

By Voltage Type
• < 1 kV (Low)
• 1 kV–6.6 kV (Medium)
• > 6 kV (High)

By Output Power Type
• < 1 hp (Fractional horsepower)
• >1 hp (Integral horsepower)

By End-User Type
• Industrial
o Mining & Metals
o Oil & Gas
o Chemical & Petrochemicals
o Cement & Manufacturing
o Utilities
o Others
• Commercial
• Residential
• Transportation
• Agriculture

By Region
• North America
o USA
o Canada
o Mexico
o Rest of North America
• Europe
o UK
o Germany
o France
o Spain
o Italy
o Russia
o Rest of Europe
• Asia Pacific
o India
o China
o Japan
o South Korea
o Rest of Asia Pacific
• Latin America, Middle East & Africa
o Brazil
o South Africa
o UAE
o Rest of LAMEA

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This release was published on openPR.