Dublin, Aug. 03, 2021 (GLOBE NEWSWIRE) -- The "Global Electric Motor Market, By Type (AC Motors, DC Motors and Hermetic Motors), By End Use (Residential, Commercial, Industrial, Transportation and Others), By Output Power (Above 1HP and Upto 1HP), By Region, Competition Forecast & Opportunities, 2016 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Electric Motor Market stood at USD109.39 billion in 2020 and is forecast to grow at a CAGR of over 6.28% until 2026, owing to the increasing global electricity consumption and increasing demand from the automotive and railways industry.
Moreover, the growing heating, ventilation, and air conditioning industry (HVAC), especially in the Asia-Pacific region is expected to positively influence the Global Electric Motor Market in the coming years.
In terms of type, the market can be bifurcated into AC motors, DC motors and hermetic motors. AC motors dominated the market in 2020 and is expected to maintain its market dominance during the forecast period, backed by the wide usage in the residential and industrial sectors.
By output power, the market is segmented into above 1HP and up to 1HP. Up to 1HP segment is propelling the demand owing to its usage in various small-scale industries such as home appliances, paper and pulp industries, textile mills, healthcare and other applications.
Based on end-use, the market can be segmented into residential, commercial, industrial, transportation and others. The industrial sector accounts for the largest market share, due to the increasing urbanization, increasing per capita economy and development in technology.
Industrial development plays an important role in the growth of a country's economy, which comprises of competition among big and small players, spending capability of consumers, partnerships and collaborations, investments, mergers & acquisitions, and development of new projects. Moreover, increasing demand from the HVAC industry has also upsurged the demand for electric motors.
The global automotive industry is progressing toward electric mobility with critical changes in electric vehicle innovation. In Europe, the proactive measures have been taken for the decarbonization of society that are promoting the increased usage of electric vehicles that use electric motors.
Improvements in battery innovations have brought down battery costs and improved their charging speed. Furthermore, increasing government initiatives such as tax redemption and policies to promote environment friendly electric vehicles that utilize electric motors will fuel the electric motor market.
Asia-Pacific is the largest contributor with around 37% value share in 2020 in the Global Electric Motor Market. China is the largest contributing country in the region with a 52.83% share, followed by Japan, India, and South Korea. Growing urbanization and infrastructure projects in China are contributing to the country's leading market position.
Some of the major players in the Global Electric Motor Market include ABB Limited, Siemens AG, Johnson Electric Holdings Limited, Rockwell Automation Incorporation, Nidec Corporation among others.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Electric Motor Market, by Type:
Global Electric Motor Market, by End-Use:
Global Electric Motor Market, by Output Power:
UP to 1HP
Global Electric Motor Market, by Region:
Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in the Global Electric Motor Market.
Schneider Electric Corporation
Mitsubishi Electric Group
Rockwell Automation Incorporation
Johnson Electric Holdings Limited
General Electric Company
For more information about this report visit https://www.researchandmarkets.com/r/kk7lzd
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