Electric Motor Market - An Overview

1. Electric Motor Market - An Overview Introduction: A mechanical energy converter that converts electrical energy into mechanical energy is an electric motor. Most modern electrical motors generate force in the form of torque transmitted to the motor's shaft by interacting between the motor's magnetic field and electric current in a wire winding. These motors are mostly found in the industrial, agricultural, and automotive industries. However, as technology and urbanization improve, the demand for motors in both the commercial and residential sectors has increased. Furthermore, the heating and air conditioning (HVAC) industries have emerged as the fastest-growing motor deployment sector. The sudden increase in CAGR is due to this market's demand and growth, which will return to pre-pandemic levels once the pandemic is over. According to Strategy Here, a Chicago Qualitative Research Agency, the Electric Motor Market is expected to grow from $109.87 billion in 2020 to $175.49 billion by 2026. With a CAGR of 8.11%, growth momentum is expected to accelerate during the forecast period.

2. Market Drivers: The surge in demand for superior machine control in the automotive industry, owing to the high efficiency of AC synchronous motors, drives the growth of the electric motor market. Regulations such as the Minimum Energy Performance Standards (MEPS) have resulted in the development of new energy-efficient motors to maximize motor output. This has led to the adoption of energy-efficient motors in appliances, fueling the global growth of the electric motors market. Electric motor demand has increased in heating, ventilation, and air conditioning (HVAC) applications due to features such as high torque and low noise level. Market Restraints: The global health emergency brought on by the unexpected spread of the novel coronavirus, or the COVID-19 pandemic, negatively impacted every industry. Industries will lose significant operational time as a result of the imposition of strict policies such as nationwide lockdowns to limit the virus's spread. As a result, the disease's spread has changed the demand for electric motors. Because the market is vast and includes many players with extensive sales channels spread across different countries, the lack of workers and travel restrictions have halted production and brought the market to a halt. Regional Analysis: During the forecast period, Asia Pacific is expected to be the largest electric motor market. The Asia Pacific is made up of China, India, Japan, South Korea, Australia, and the rest of Asia Pacific. As a result of rapid industrialization, Asia Pacific countries are shifting toward internet-based industrial activities in every industry. According to the GSM Association, established Asian countries like South Korea, Japan, and Australia are increasingly investigating the potential of new services and connected devices. The region's automobile industry is also thriving. The Asia Pacific is the world's largest vehicle manufacturer. These factors are expected to drive market growth in the Asia Pacific. Conclusion:

3. According to Strategy Here, a Chicago Qualitative Research Agency, globally, there are both small and large players in the electric motor market. Companies are increasingly focusing on R&D projects to improve the efficiency of their offerings. Intense competition has prompted manufacturers to invest in product development to better meet the needs of their customers. Companies are also attempting to develop premium quality and high-value products at the lowest possible cost to gain a competitive advantage in the price-sensitive market through extensive R&D efforts and continuous innovation.