Electric Motor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027).
The electric motor market is expected to register a CAGR of 6.97%, reaching USD 169 billion by 2027. The COVID-19 pandemic affected the market variably for different end-user applications. For instance, the automotive segment, where electric motors are heavily deployed in electric vehicles, did not witness any tough hurdles for the market growth in 2020. Factors such as increasing residential usage of the electric motor, increasing adoption of electric vehicles (EV), and increasing automation in various industrial processes, are expected to drive the electric motor market. However, the restraints like the life expectancy of these assets due to harsh operating conditions and fluctuating prices of raw materials are expected to hamper the market growth.
Key HighlightsThe electric motor market is moderately fragmented. Some of the major companies are ABB Ltd. AMETEK Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd, and Toshiba Corp.
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