Electric Motor Market

Electric Motor Market
Tremendous technological advancements and the need for high efficiency motors are the two factors
responsible for the growth of electric motors market in the past few years. Electric motors are widely
used in motor vehicles, household appliances, material handling equipment, etc. An unmitigated increase
in fuel prices coupled with the need to reduce air pollution has led to an increased preference for electric
vehicles in several countries. This, in turn, is expected to upsurge the electric motor market. Premium
efficiency motors are expected to gain traction in near future as they are low maintenance, consume low
power and have many other unique features as well.
Based on type, the AC electric motors are smaller, cheaper and light in weight and are widely used in
HVAC equipment. Hence, AC electric motors will dominate the electrical motor market. However, owing
to an increase in demand for them from HVAC equipment manufacturers, hermetic motors are expected
to witness significant growth during the forecast period. Based on output power, fractional horsepower
electric motors will dominate the market owing to their use in low power applications. Based on
application, the motor vehicles segment is expected to dominate the market. This will mostly be due to
the increasing production of electric vehicles across the globe. Moreover, increasing adoption of electric
vehicles in countries like United States, China, India, Germany, etc. will also propel the demand for
electric motors during the forecast period.
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