Electric Motors Market Size, Share & Forecast, 2021-2027

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Electric Motors Market Trend Analysis,
Competitive Market Share Forecast,
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According to BlueWeave Consulting,
Global Electric Motors market is expected to grow
at a CAGR of 6 during the forecast period
2020-2026. The properties electric motors is
surging its demand in the various firms like
agriculture, automotive, manufacturing, HVAC
industry, etc. Electric Motors are highly
efficient to possess longer operating life,
consume low energy, possess high endurance for
the fluctuating voltages, and require low
maintenance. The consumers are leaning towards
the eco-friendly non-conventional fuel
alternatives due to the augmenting price hike of
fuels. The conventional fuel alternatives are
highly unlikely ever to run out, so consumers are
inclining towards renewable resources. These
non-conventional resources are polluting the
environment, causing many health-related
problems, creating a problem in sustaining life
on earth. These are the factors impelling the
consumers to go for electric vehicles, which is
anticipated to propel the electric motors market
in the forecast horizon. The Asia Pacific region
is anticipated to have the fastest growth rate in
the forecast horizon of 2020-26 due to the direct
investment in developing nations like China and
India by the governments.
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Increase in demand for energy-efficient electric
motors in the agricultural and industrial
sectors The upsurge in demand for electric
motors as they are highly efficient, consume low
energy, and have a longer operating life and have
high endurance for fluctuating voltages in the
agricultural, industrial sector is boosting the
market growth of electric motors at a significant
rate in the forecast horizon. Rise in awareness
about electric and green vehicles among customers
and Government Policies The upsurge in the
awareness about the benefits of using smart
motors amid small and medium enterprise owners
tends to augment the growth of the electric motor
market. The government policies and initiatives
are promoting high efficient energy in machines
and equipment. Innovations and policy frameworks
are playing a key role in fueling the demand for
products in the forecast horizon. Additionally,
the use of electric motors minimizes the
financial burden on governments and consumers by
reducing the consumption of electricity.
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The upsurge in HVAC applications The demand for
the HVAC system is rising use to the extreme
climatic conditions in the country, hence,
propelling the growth of the electric motors
market globally. The rise in living standards and
high per-capita income are also anticipated to
spur the production of motor vehicles and
electronic appliances, globally. Electric Motors
Market Competitive Landscape The major market
players in the Global Electric Motors are Ametek
Incorporation, Siemens AG, Baldor Electric
Incorporation, Allied Motion Technologies Inc.,
ARC Systems Incorporation, Asmo Corporation
Limited, Brook Crompton UK Limited, Franklin
Electric Cooperative Incorporation, Rockwell
Automation Incorporation, Johnson Electric
Holdings Limited, Toshiba, FAULHABER GROUP,
Danaher Motion, WEG, and other Prominent Players
are expanding their presence in the market by
implementing various innovations and
technologies.
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