Press release
Electric Motors Market Anticipated to Hit $186.0 Billion by 2027, at a CAGR of 6.8%
The global Electric Motors Market is expected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8%. The electric motors market is mainly driven by increasing investments in electric vehicles and development of manufacturing industry. Increasing demand for HVAC systems among residential, commercial, and industrial end-users, growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors are the major driving factor for electric motors market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=717
Europe is expected to be the second-fastest growing market due to the advancements in machinery and industrial equipment and their increased deployment in the region are expected to drive the growth of the electric motors market in Europe.
Transportation is expected to be the fastest-growing segment in the electric motors market.
The electric motors market, by end user, has been segmented into industrial, commercial, residential, transportation, and agriculture. Transportation segment is expected to be the fastest-growing market during the forecast period. The increasing demand for electric vehicles is fueling the growth of the transportation segment of the electric motors market. Industrial segment is expected to be the largest segment during the forecast period due to increased use of electric motors in the industrial sector as they are energy-efficient, produce low noise and offer high reliability.
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Asia Pacific is expected to be the largest region in the electric motors market.
In this report, the electric motors market has been analysed for five regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to be the largest segment during the forecast period. Increased investments in the manufacturing and automotive industries are expected to fuel the demand for electric motors in Asia Pacific.
Some of the top players in the Electric Motors Market include ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan).
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