As cited by the research report titled ‘Global Electric motor Market Size study, by Motor type (DC, AC) by Voltage (Less Than 1 KV, Between 1 KV - 6 KV, Higher Than 6 KV) by Application (Residential, Commercial, Industrial, Automotive) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global electric motor market is projected to grow with a strong CAGR to garner significant returns over 2021-2027.
 

Rising demand for electrical energy coupled with increasing expenditure on power generation are majorly driving global electric motor market growth. Surging investments in electric vehicles along with rising initiatives by the government are augmenting the market scope as well.
 

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Focus among the leading companies to cater to the expanding requirements of the end user industries is likely to augment the demand for electric motors. In addition, rising awareness about environmental conservation and increasing demand for electric vehicles are generating lucrative opportunities for the market development.
 

As per International Energy Agency, global sales of electric automobiles were around 2.1 million in 2019, exceeding the previously recorded 7.2 million units in 2018.
 

Speaking of negatives, lack of awareness in small & medium enterprises towards use of smart vehicles along with easy availability of alternatives such as petroleum, coal, and diesel are likely to act as bottlenecks for the market progression over the estimated timeline of 2021-2027.
 

Considering motor type, global electric motor industry is segmented into DC and AC. While the application range includes, residential, industrial, commercial, and automotive. Based on voltage, the marketplace is categorized into less than 1 KV, between 1 KV-6 KV, and higher than 6 KV.
 

The geographical analysis of the industry includes regions like Asia Pacific, Europe, North America, and Latin America. Asia Pacific is poised to be a lucrative growth avenue for the industry participants over the assessment period 2021-2027, on account of increasing awareness regarding environmental concerns.
 

Meanwhile, North America market is also anticipated to showcase significant growth over the forecast timeline, owing to increasing number of well-established manufacturing firms.
 

Prominent players profiled in the global electric motor industry are General Electric Company, Teco-Westinghouse Motor Company, Rockwell Automation, Siemens AG, Johnson Electric Holdings Limited, Emerson Electric Co., Aquion Energy Inc., Ametek Inc., ABB Ltd., and Toshiba Corporation.