Global Electric Motor Industry Will Hit a Value of $195.1 Billion by 2030

The electric motor market is projected to reach $195.1 billion by 2030. The major reasons behind the growth of this industry are the growing demand for energy-efficient electric motors, increasing acceptance of electric vehicles, and growing adoption of electric motors for many applications.

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Based on application, The transportation category had the largest market share in the recent past. This can be accounted to the growing acceptance of electric vehicles, rising focus of governments toward the adoption of eco-friendly alternatives. This is the main reason why, many subsidies were given in order to increase the adoption of electric motors.

Based on type, AC motor is projected to show the fastest growth in the industry in the coming years. This is majorly because of the ability of these motors to function at high voltage and they are also extremely energy efficient, and have good speed and torque.

The APAC region is projected to show fastest growth in the coming years. This can be attributed to the fact that, it has a large number of manufacturing facilities in India, Indonesia, China and Bangladesh.

The demand for electrical vehicles by the people around the world has grown extensively in past, and these are one the essential components in these vehicles.

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Market Segmentation by Application
• Industrial
o Oil & gas/downhole
o Factory automation
o Robotics
o Equipment
• Transportation
• Non-Industrial Robotics
• Medical
• Commercial Aerospace
• Space
• Marine
• Defense
• Others
Market Segmentation by Type
• Direct Current (DC) Motor
o Brushed
o Brushless
• Alternating Current (AC) Motor
o Synchronous
o Induction
o Permanent magnet
• Hermetic Motor
Market Segmentation by Region
• North America Electric Motor Market
o By application
o By type
o By country - U.S. and Canada
• Europe Electric Motor Market
o By application
o By type
o By country - Germany, France, U.K., Italy, Spain, Russia, and Rest of Europe
• Asia-Pacific (APAC) Electric Motor Market
o By application
o By type
o By country - Japan, China, India, Australia, South Korea, and Rest of APAC
• Latin America (LATAM) Electric Motor Market
o By application
o By type
o By country - Brazil, Mexico, and Rest of LATAM
• Middle East and Africa (MEA) Electric Motor Market
o By application
o By type
o By country - Saudi Arabia, U.A.E., Turkey, South Africa, and Rest of MEA
Market Segment Analysis of Countries
• U.S. Electric Motor Market
o By application
o By type
• Canada Electric Motor Market
o By application
o By type
• Germany Electric Motor Market
o By application
o By type
• France Electric Motor Market
o By application
o By type
• U.K. Electric Motor Market
o By application
o By type
• China Electric Motor Market
o By application
o By type
• Japan Electric Motor Market
o By application
o By type
• India Electric Motor Market
o By application
o By type
• Brazil Electric Motor Market
o By application
o By type
• Mexico Electric Motor Market
o By application
o By type
• Saudi Arabia Electric Motor Market
o By application
o By type

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This release was published on openPR.