Global Electric Motor Market Overview
Global Electric Motor Market is likely to project moderate growth during the upcoming period on account of rapid technological advancement. Rising fuel prices across the world are likely to boost the growth of the electric motor market. The rising demand for electricity backed by rapid urbanization is driving the demand for electric motors in the residential sector further leading to the development of the market. The establishment of buildings, offices, and shopping complexes beholds the increasing growth of the market. Surging incentives by the government towards the usage of an emission-less vehicle owing to surging environmental concern is driving the Electric Motor Market Growth. Also, surging prices of electricity are one of the key factors shifting the consumers towards the adoption of Electric motors.
According to 6Wresearch, Global Electric Motor Market size is projected to register growth during 2021-2027. Growing disposable income along with a rising standard of living drives the need for the HVAC segment further leading to the development of the electric motor market. Growing development in agriculture, industrial and commercial sectors beholds the deployment of electric motors further proliferating the Electric Motor Market Share. Additionally, increasing the efficiency of electric motors triggers the potential growth of the electric motor market in the industrial sector. The high initial and maintenance cost is a restraining factor in the growth of the market. The global emergency caused by COVID-19 has added to the negative growth of the market backed by a nationwide lockdown leading to the disruption in the supply chain.
Key Highlights of the Report:-
- Global Electric Motor Market Outlook
- Market Size of Global Electric Motor Market, 2020
- Forecast of Global Electric Motor Market, 2027
- Historical Data and Forecast of Global Electric Motor Revenues & Volume for the Period 2017-2027
- Global Electric Motor Market Trend Evolution
- Global Electric Motor Market Drivers and Challenges
- Global Electric Motor Price Trends
- Global Electric Motor Porter's Five Forces
- Global Electric Motor Industry Life Cycle
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