Press release
Electric Motors Market Size Worth $157.4 Billion By 2026 | CAGR: 5.2%
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The diverse applications of electric motors in majority of industries such as healthcare, construction, packaging, automotive, and consumer goods among others are expected to support the growth of this market. Other driving factors include rising demand for electric motor in household appliances, growing use in HVAC applications, and government support for development of high efficiency electric motors are propelling the market growth. However, high maintenance costs, and stringent regulations hampering the market growth. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
The growing adoption of electric vehicles is expected to support market growth of electric motors. The increasing requirement to reduce vehicle emissions and global carbon footprint drives the demand for electric vehicles. Use of electric vehicles offer benefits such as low maintenance costs, reduced harmful vehicle emissions, while providing comparable power. Electric vehicles are increasingly being used to restrict the emission of carbon, nitrogen, and other harmful compounds from gasoline and diesel vehicles. This is one of the largest ancillary industry which is pushing the demand for electric motors globally.
Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, agriculture, construction, and automotive, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support market growth in the region.
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The different types of electric motors include AC motors, DC motors, and hermetic motors. In 2017, the AC motor segment accounted for the highest market share owing to the increasing demand for AC motors from industries such as agriculture, paper & pulp, and chemicals. They are majorly used in industrial applications and machine tools. Some key features offered by AC motors include controlled acceleration, low power demand on start, adjustable operational speed, adjustable torque limit, and reduced power line disturbances among others.
The well-known companies profiled in the report include Emerson Electric Co., Rockwell Automation, Inc., Ametek, Inc., Siemens AG, Denso Corporation, Bosch Group, Baldor Electric Co., ABB Ltd., Hitachi, Ltd., General Electric Company, Allied Motion Technologies, Inc., and Regal Beloit Corporation among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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Polaris Market Research has segmented the Electric Motors Market report based on type, Voltage, Output Power, Application, end-use, and region:
Electric Motors Market Size and Forecast, 2017-2026 by Type
• AC Motor
• DC Motor
• Hermetic Motors
Electric Motors Market Size and Forecast, 2017-2026 by Voltage
• 9 V & Below
• 10-20 V
• 21-60 V
• 60 V & above
Electric Motors Market Size and Segment Forecast, 2017 - 2026 by Output Power
• Integral HP Output
• Fractional HP Output
Electric Motor Market Size and Forecast, 2017-2026 by Application
• Industrial Machinery
• Motor Vehicles
• HVAC Equipment
• Aerospace & Transportation
• Other Applications
Electric Motor Market Size and Forecast, 2017-2026 by End-User
• Automotive
• Agriculture
• Residential
• Commercial
• Industrial
• Others
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