The global Electric Motors Market is projected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8% during the forecast period.
Northbrook, IL 60062 -- (SBWIRE) -- 11/29/2022 -- The global Electric Motors Market is projected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8% according to a new report by MarketsandMarkets™. This market is mainly driven by increasing investments in electric vehicles and development of manufacturing industry.
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Low voltage motors by voltage, is expected to be the second largest electric motors market during the forecast period
By voltage, the electric motors market has been segmented into low voltage motors, medium voltage motors, and high voltage motors. Low voltage motors is expected to be the second largest segment during the forecast period. Ease of operation, low setup and maintenance costs, and high reliability have increased the penetration of low-voltage electric motors in process and motor-driven systems.
Commercial segment, by end-user, is expected to second largest segment during forecast period
By end user, the electric motors market has been segmented into industrial, commercial, residential, transportation, and agriculture. Commercial segment is expected to be the second largest segment during the forecast period. The increased spending on infrastructure is expected to result in the rising deployment of electric motors in commercial segments.
Asia Pacific is expected be the largest segment in the electric motors market during the forecast period
In this report, the electric motors market has been analyzed 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.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the electric motors market. These ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions to increase their respective market shares.
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