An electric motor is a motorized device that is utilized in the conversion of electricity into mechanical energy. It is just opposite to the functions of an electric generator. An electric motor operates on the principles of electromagnetism. These principles exhibit that during the presence of electric current in a magnetic field, force is applied.
Motors are utilized in an expansive range of diverse applications, such as hybrid cars, electric vehicles, appliances, power tools, and fans. Motors come with various working parts so as to keep on rotating and providing power continuously. Motors are capable of running off of either alternating current (AC) or direct current (DC). However, both the systems come with their share of drawbacks and benefits. Various factors such as acceleration, speed, angular movements, control, and torque requirements make AC motors a suitable choice for the manufacturers of robotic systems. Benefits and diverse applicability of the product is likely to support growth of the global electric motors market over the tenure of assessment, from 2019 to2027.
Type, application, speed, voltage range, and region are the four key parameters based on which the global electric motors market has been divided. The objective of such segmentation is to make an offering of a clearer, 360-degree view of the global electric motors market.
One of the developments that provide a quick view into the market dynamics of the global electric motors market is mentioned below:
Some of the important players in the global electric motors market comprise the below-mentioned:
The following drivers, restraints, and opportunities characterize global electric motors market over the assessment period, from 2019 to 2027.
The global electric motors market is estimated to be driven by rapid advancements made in the field of electric motor technology. Such developments have been playing a vital role in the growth and development of the market. An electric motor is an indispensible part of heating, ventilation, and cooling (HVAC) equipment. These motors also find abundant use in a wide range of devices across many industry verticals, be it motor vehicles or heavy or light industrial machinery or home appliances. Electric motors are vital for functioning of this equipment. In addition, better operational efficiency together with improved insulation has considerably enhanced the functionalities and safety of motors. This has led to escalated demand for electric motors in many of the industries.
Increased prices of fuel all over the world are compelling people to make a shift toward non-conventional alternatives of fuel. Electric vehicles are made with an aim of diminishing the cost of operation and reducing carbon footprint in the environment. A rise in the manufacturing of electric vehicles is likely to make a positive impact on the global electric motors market. Electric motors are utilized in a wide range of applications, from comforting components to performance components of the electric vehicle.
In recent times, the industry has witnessed a rise in government initiatives and regulatory policies promoting energy efficiency in equipment and machines. Low consumption of power, low cost of maintenance, high output and efficiency, and prolonged operational life play important role in supporting expansion of the global electric motors market.
Technological advancements have brought in new improved motor specifications, components, and design, which have resulted in catering to the evolving needs of the customers. Innovations together with policy frameworks play a vital role in industrial development of electric motors. This is likely to widen scope of the global electric motors market in the years to come.
Asia Pacific is likely to come up as a rapidly growing business territory in the global electric motors market. The territorial dominance of Asia Pacific can be ascribed to the rapid industrialization of the region, particularly in countries like India, South Korea, and China. Furthermore, augmented disposable income is estimated to encourage growth of the electric vehicle market in the region, which, in turn, is estimated to bolster demand for electric motors in the region.