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Electric Motors Market is expected to Grow at CAGR 5.19% by 2028 owing to Growing Applications of Market Offerings across Various Industries, says Absolute Markets Insights

The concept of utilizing electricity across various applications has been trending in recent years. Companies operating in the electrical industry have taken notice of the same and have been investing significantly towards the development and manufacturing of various electrical components and appliances. Electric motors are one of the most widely used prime mover across numerous industry verticals. The growing electrification across various manufacturing processes along with integration of electric networks for optimal operations is spurring the demand for electric motors on the global scale.

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Electric motors are provided to users in both the forms of currents. Users can select from the two depending on their specific requirements along with the amount of power required to be drawn through the motors. In addition to this, the area of application for the motor plays a vital factor in determining the type of electric motor that the user would procure. Electric Motors Market participants have worked upon creating a widespread product lineup which helps in sufficing the various applications and requirements of their target audience. The addition of innovative marketing campaigns is expected to help in increasing the demand for market offerings over the near future.

The reduction in costs of electric motors due to improved manufacturing processes along with reduced operational costs for the users due to high quality components have led to an uptick in the demand for electric motors from numerous organizations. The automobile industry has risen to be a significant adopter for electric motors in various configurations. Depending on the type of operation for the motor and the type of vehicle, electric vehicle manufacturers have been flocking towards the Electric Motors Market for high quality and robust electric motors. The demand for high quality motors has led market participants to work on improving the operational efficiency of their offerings and look towards ways that would help in reducing any potential for losses during operation. These initiatives are expected to help in creating long-term revenue channels for Electric Motors Market participants. In addition to this, the use of electric motors is increasing in various industrial manufacturing processes. The growing adoption of robotics and manufacturing assistance through electrification of traditional processes has led to an upsurge in demand for various electrical components. Electrical motors are observed to be the frontrunners in terms of the demand from various manufacturing companies and the Electric Motors Market is expected to have abundant demand from companies operating in this sector over the forecast period. Furthermore, the concept of automation has trickled down from industrial manufacturing towards appliances and components used in everyday life. Products such as camera gimbals, camera modules, and components used in Internet of Things applications among others are all showing potential applications for electric motors in consumer and everyday technology. This trend is expected to be beneficial for the market over the subsequent years with significant demand for the same across various regions.

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The growing prevalence of the novel coronavirus had led various countries to undertake strict lockdown measures thereby, reducing the travel among countries and regions in the further months. The adoption of consumer goods and essential goods has grown in the recent months. This greater demand for consumer goods leads manufacturing companies to focus more towards maintaining an optimal product flow in order to limit supply chain risks. The adoption of electric motors across both steps, one in the manufacturing of various products and another as a part of the final product has been notable in the recent times. The growing awareness regarding electric vehicles along with increasing government initiatives towards electric vehicles has led to growing adoption of battery-powered vehicles across various countries. Subsequently, the components that make up the electric vehicles have been in significant demand in recent times. Electric motors, being a key part of the vehicle have been one of the focus areas for investments, influencing a positive path for the growth of the Electric Motors Market in the near future.

The detailed research study provides qualitative and quantitative analysis of the global electric motors market. The electric motors market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America

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Global Electric Motors Market

  • By Type
  • Alternating Current (AC) Motor
    • Synchronous AC Motor
    • Induction AC Motor
  • Direct Current (DC) Motor
    • Brushed DC Motor
    • Brushless DC Motor
    • Hermetic Motor

 

  • By Power Output
  • Integral HP Output
  • Fractional HP Output

 

  • By Application
  • Industrial Machinery
  • Automobile
  • HVAC Equipment
  • Aerospace
  • Household Appliances
  • Others

 

  • By Region:
  • North America
    • S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

 

 

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