[FURL=https://www.industryarc.com/Research/Electric-Motor-Sales-Market-Research-504788?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Electric Motor Sales market[/FURL] is anticipated to reach $169 billion by 2026 at a CAGR of 6.9% during the forecast period 2021-2026. Electric motors are used to transfer electrical energy to mechanical energy, most commonly by the use of electromagnetic phenomena. Electric motors of different sorts, including as AC motors, DC motors, Hermetic motors, synchronous ac motor and others, are widely used. Machine tools, household appliances, electric cars, HVAC equipment, power tools, automated robotics, and other applications are driving market expansion. HVAC systems maintain interior air quality and provide thermal comfort. They are one of the most important components of contemporary infrastructure, particularly in the case of huge office buildings or retail malls.Key Takeaways
Environmental concerns as well government regulations is anticipated to boosts the market growth.
Technological advancements and trend towards automation as well as industry 4.0 propels the market growth.
Improvement in electric vehicle infrastructure & battery technology is the factor creating lucrative opportunity and is supplementing the growth of the global Electric Motor Sales market.
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Electric Motor Sales Market Segment Analysis- By Geography
APAC region held the highest market share of around 40% and is anticipated to witness significant amount of growth with CAGR 7.8% in the forecast period 2021-2026. The main drivers driving the market expansion are growing compliance for energy efficient motors and rising use of motor-driven electric cars. The electric motor sales market is projected to increase as demand for efficient energy consumption grows in response to concerns about the environmental effect of energy generation from conventional sources such as coal and natural gas. In addition, agricultural innovations and massive expenditures in industrialization in nations such as china, India, South Korea, and Australia are propelling market expansion.
Electric Motor Sales Market Drivers
Increase in demand of electric motor owing to the rise in market for electric vehicles drives the market growth for Electric Motor Sales.
Increasing adoption of electric motor for HVAC application tends to boost the market growth during the forecast period.
Electric Motor Sales Market Landscape
Electric Motor Sales top 10 companies include Baldor Electric Company, Inc., Ametek Inc., Franklin Electric Co., Inc., Asmo Co., Ltd., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd, Nidec Corporation, among others.
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