The electric motor manufacturing market consists of sales of electric motors. A motor converts electrical energy into mechanical energy and supplies power to devices. The motor manufacturing market is segmented into AC motor and DC motor. It works on the principles of electromagnetism with properties such as durability, high efficiency, low energy consumption, and low maintenance. These include components such as rotor, bearings, stator, air gap, windings, and commutator. Devices that use electric motors consist of fans, blowers, household appliances, disk drives, batteries and power tools, machine tools, domestic appliances, HVAC applications, electric cars, and automated robots.
The global electric motor manufacturing market was worth $106.9 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 7.57% and reach $143.2 billion by 2023
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The motor manufacturing market covered in this report is segmented by type into alternate current (ac) motor, direct current (ac) motor, hermetic motor. The motor manufacturing market in this report is segmented by output power into integral horsepower (ihp), fractional horsepower (fhp). The motor manufacturing market in this report is segmented by voltage range into 9v & below, 10-20 v, 21-60 v, 60 v and above. The motor manufacturing market in this report is segmented by application into industrial machinery, motor vehicle, hvac equipment, aerospace & transportation, household appliances, other commercial applications. The motor manufacturing market in this report is segmented by speed into low-speed (less than 1,000 rpm), medium-speed (1,001 to 25,000 rpm), high-speed (25,001 to 75,000 rpm), ultra-high speed (greater than 75,001 rpm).
Increasing use of household appliances is expected to contribute to the growth of the motor manufacturing market in the forecast period. Increasing electrification, rising disposable income, and rapid urbanization along with several other factors are boosting the demand for household appliances, which in turn will drive the market for motors. For instance, the global household appliances manufacturing market is expected to grow from $283.8 billion in 2018 to $396.2 billion in 2022 at a CAGR of 8.7%. This will drive the market for electric motors in the forecast period.
Regional Analysis For Electric Motors Market:
For the comprehensive understanding of market dynamics, the global Electric Motors Market is analysed across key geographies namely: United States, China, Europe, Japan, South-east Asia, India and others. Each of these regions is analysed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.
Where is the largest and fastest growing market for the motor manufacturing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Electric Motors market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the markets historic and forecast market growth by geography. It places the market within the context of the wider motor manufacturing market, and compares it with other markets.
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