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 of annual growth rate CAGR of 11.0% between 2020-2030. In this electric era, the electric motors market is spreading all over the world. The electric motor is a type of motorized device that converts the electric energy to mechanical energy. This motor can be operated by the principle of electromagnetism. However, the massive application in the electric vehicle, hybrid cars, fans, and tools. Moreover, in the current pandemic of COVID-19 might make a slight difference in the growth rate in the current year. Now, Moving forward, robust demand for Global Electric Motors Market in the industrial department is further estimated to create new necessities and augment the market of growth over the forecast period of 2020-2030.
Global Electric Motors Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The global Electric Motors market is segmented as type, voltage, output power, and end-user. By type, the global electric motors market is divided into AC Motors, Induction Motors, Synchronous Motors, DC Motors, Permanent Magnet Motors, Series Motors, Shunt Motors, and Compound Motors. By voltage, the electric motors market is bifurcated as < 1 kV Motors, 1 kV–6.6 kV Motors, and > 6.6 kV Motors. By output power, the electric motors market has been segmented as < 1 hp Motors, and > 1 hp Motors. By end-user, the global electric motors market is bifurcated as Industrial, Mining & Metals, Chemicals & Petrochemicals, Oil & Gas, Cement & Manufacturing, Utilities, Commercial, Residential, Agriculture, and Transportation.
By Region, Asia Pacific is Holding the Major Market Share
The global Electric Motors Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, Asia Pacific has a significant share among those regions. However, it is estimated to show that in the next forecast period, it has the highest compound annual growth rate due to some major Electric Motors providers. Amazing technology, availability of the raw material, and the efficient, skilled works are the main key factor for the growth of this market. Apart from the Asia Pacific, North America and Rest of the regions are expected to increase the growth rate over the upcoming forecast period of 2020 to 2030.
Major Players in Global Electric Motors Market
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:
Global Electric Motors Market: By Type
Global Electric Motors Market: By Voltage Type
Global Electric Motors Market: By Output Power Type
Global Electric Motors Market: By End-User Type
Global Electric Motors Market: By Region