Global Electric Motor Market is Estimated to Reach $173 Billion by 2024

   2019-08-20       90        Business
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Global Electric Motor Market is projected to be valued $173 Billion by 2024; with a CAGR of 5.6% from 2017 to 2025

Global published by Accurize Market Research forecast that the global market is expected to reach $173 billion by 2024; growing at a CAGR of 5.6% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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Rising automobile production to drive the global electric motor market

Rising automobile productions coupled with increased adoption of electric vehicles, the global electric motor market is expected to boost in the future years. Moreover, increasing the application of induction motors and electric motors is replacing gas turbines in big industrial plants. This is also expected to support the growth of the market.

Market Segmentation

The global electric motor market is split into output power, type, application, and geography. The output power segment is divided into FHP and IHP. The type segment is bifurcated into AC motor, DC motor, and hermetic motor. The application segment includes motor vehicle, machinery, HVAC equipment, household appliances, aerospace, and commercial.

North America, Europe, Asia-Pacific and Rest of the World (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and the Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. The rest of the World (RoW) covers South America, Africa, and the Middle East.

"AC motor for the largest market share in the type segment", says Accurize

AC motor held a majority of the share in the market followed by DC motors in the year 2017. However, in the same year, motor vehicles and HVAC equipment accounted for the maximum share of the application market in 2017.

"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize

The Asia Pacific is the fastest growing region in the global electric motor market, owing to rapid growth in urbanization, and increasing construction of megacities & metro railways. The Asia Pacific accounted for the largest share of the market followed by Europe in the year 2017.

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