LOS ANGELES, March 05, 2019 (GLOBE NEWSWIRE) -- The global electric motor sales market is expected to grow at significant CAGR around 8% throughout the forecast period and reach around US$ 214 billion by 2026.
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According to the report named “Electric Motor Sales Market - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”, increasing technological advancements, surge in electric vehicles production, various advantages offered by electric motor, rise in awareness towards green vehicles, enhanced insulation and operational efficiency and growing fuel prices across the globe are some of the key factors that are fueling the electric motor sales market growth across the globe. The electric motor is an electrical device that converts electrical energy into mechanical energy. Electric motor is an indivisible constituent of heating, ventilation, and cooling (HVAC) equipment. Electric motors are also used in several industry applications such as industrial machinery, home appliance and motor vehicles among others. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the continuous advancements in the agriculture sector with huge investments and rapid development in the mining industry in industrialization in various countries.
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Advantages Offered By Electric Motor And Technological Innovations to Drive the Global Electric Motor Sales Market Growth
Rising fuel costs over the globe are forcing individuals to shift to non-traditional fuel options. Electric vehicles are manufactured in order to reduce the overall operational costs and carbon footprint. Increase in electric vehicles production is anticipated to boost the demand for electric motors. Also the electric motors are used in performance components in order to console the components of the vehicle. The safety and functionalities of motors is improved with the enhanced operational efficiency and insulation, resulting in the increased demand for electric motors across various industries. Moreover, a growing number of government incentives in order to promote the green vehicles sale for the protection of environment from carbon emissions is playing as a key factor in the growth of the global market. Rapid technological advancements is gaining traction in the market. In addition, introduction of improved insulation materials has enhanced the working efficiency as well as life of the product, thereby fueling the growth of the market. The global electric motor sales market is anticipated to grow at substantial rate throughout the forecast period due to the augment in production of automobile. The electric motors are generally used in HVAC applications, pumps, domestic appliances, electric cars, compressors, fans and automated robots. Due to their low maintenance, longer operational life and low energy consumption these electric motors are gaining importance. Growing adoption of energy efficient products in agricultural and industrial sectors is further boosting the growth of the market. Additionally, the environmental advantages provided by the electric motors is increasing the penetration of the electric motors in electric vehicles, thereby supplementing the overall market growth.
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Asia Pacific to Grow at Highest Rate in Electric Motor Sales Market
Geographically, the global electric motor sales market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to contribute the highest revenue share and grow at highest CAGR during the forecast period owing to the continuous advancements in the agriculture sector with the huge investments and rapid development in the mining industry in industrialization in various countries. Rapid expansions of the mining industry, increasing demand for electric motors in the oil and gas industry and noteworthy demand for cement across the construction industry are some of the key factors that are positively influencing the growth of the global electric motor sales market. Increasing government funding and ongoing technological advancements are further escalating the growth of the global market. An enormous investment in industrialization is anticipated to boost the global market growth over the forecast period. North America is also expected to grow at considerable rate during the forecast period owing to the high GDP and technological innovations.
Market Players
The electric motor sales market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Allied Motion Technologies, Inc., General Electric Company, Baldor Electric Company, Inc., Ametek, Inc., Franklin Electric Co., Denso Corporation, Johnson Electric Holdings Ltd., Siemens, Rockwell Automation, and Asmo Co., Ltd.
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