Global Electric Motor Market Outlook to 2027

The report provides a comprehensive analysis of the potential of Electric Motor Market in World. The report covers an overview and genesis of the industry, market size in terms of revenue generated.

The report has market segmentation which include segments by motor type, by voltage type, by application, by geography; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview:

According to Ken Research estimates, the Global Electric Motor Market is driven by rising prices of crude oil, need for more renewable source of energy. Thus, along with the Global concern for pollution, it is driving the demand for Global Electric Motor market.

• To minimize greenhouse gas emissions and encourage the use of renewable energy technology, governments throughout the globe have put strict laws into place. Many nations have implemented regulations to promote the use of electric motors and other electric vehicle Motors, including subsidies, tax breaks, and refunds.
• Volkswagen unveiled a fresh plan in March 2022 to build an EV manufacturing facility in Wolfsburg, Germany. The company has taken the investment decision for the plant with the earmarked amount of EUR 2 billion for the project. The building of the facility will commence in 2023, and the estimated completion year is 2026.

Key Trends by Market Segment:

By Motor: The increasing automation in various industrial processes and the use of electric AC motors in diverse applications, such as healthcare, construction, automotive, and consumer goods, are expected to support the market growth.

By Voltage: Based on voltage, less than 1 kV is expected to have the largest share owing to the growing consumer spending for small appliances, coupled with increasing demand for small fans and pumps used in small equipment (Hairdryers, pumping machines, and others)

Competitive Landscape:

The electric motor market is moderately fragmented. Some of the major companies are ABB Ltd. AMETEK Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd, and Toshiba Corp.

Future Outlook:

The Global Electric Motor Market is projected to show a significant growth, to contribute triple digit Bn by 2027 with quickly developing business-to-business (B2B) events sector and government initiatives. Electric vehicles (EVs) are one of the major consumers of electric motors, which is expected to drive the market during the forecast period. EV as a substitute for internal combustion engine vehicles would support the countries to reduce carbon emissions and provide a cheaper transportation cost.