Industrialization plays an important role in the growth of any economy across the globe. The key growth factors revolving around rapid industrialization are swift urbanization, large-scale mergers and acquisitions, commercialization, etc. As the graph of industrialization increases, the growth rate of the electric motor market also increases. Hence, based on all these factors, the global electric motor market is expected to observe promising growth.
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Electric motors are available in varied motor types such as hermetic motors, AC motors, and DC motors. They are also available in different variants such as fractional horsepower (up to 1 HP) and integral horsepower (above 1 HP). These motors are used in various applications such as electrical appliances, industrial machinery, electrical appliances, HVAC equipment, and others.
Extensive Investment from Automotive Sector to Bring Immense Growth across Electric Motor Market
The booming automotive sector may invite expansive advancements for the growth of the electric motor market during the assessment period of 2019-2029. The increased sales of vehicles, especially electric vehicles due to the growing awareness about the pollution caused by harmful emissions through petrol and diesel may bring tremendous growth prospects for the electric motor market.
Supportive Government Policies and Regulations Regarding E-Vehicles to Further Increase Growth Rate
The electric motor market may experience seamless growth across the assessment period as special initiatives, regulations, and subsidies are being designed by governments of various countries for the production of electric vehicles. The National Electric Mobility Mission Plan 2020 by the Indian Government is a classic instance of such policy frameworks. Hence, these factors may bring great growth opportunities for the electric motor market.
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Key players across the electric motor market are Emerson Electric, ABB Group, Dr. Fritz Faulhaber GmbH, ARC Systems, Inc., Siemens AG, Regal Beloit Corporation, Maxon Motors AG, Brook Crompton UK Ltd., and Asmo Co., Ltd.