Electric Motor Market Expected to Reach $22.6 Billion by 2030

BANGALORE, India - March 1, 2022 - PRLog -- According to a new report published by Valuates Reports, titled, "Electric Motor Market by Motor Type, Output Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global electric motor market size was valued at $106.3 billion in 2020, and is expected to reach $207.3 billion by 2030, with a CAGR of 6.7% from 2021 to 2030.

Electric motor is compact in size, possesses high torque, requires less maintenance, is low noise level, and provides better torque to weight ratio. This motor is used in various applications such as automotive, beauty & healthcare products, and robotics. All these factors drive the growth of the global electric motor market.

The major players such as Mitsuba Corporation, Portescap, and Siemens AG launched new electric motor in the market. For instance, in April 2018, Mabuchi Motor Co. Ltd. launched a RS-4G5WA motor used for peripheral engine equipment. It has features such as improved heat resistance, improved vibration resistance, and have high torque speed, having output capacity of 2.0 W to 33 W. It weighs approximately 125g.

Rise in popularity of electric motors, owing to electronic computation in automation and construction applications drives the demand for electric motors in luxury features in automobiles and electrical vehicles, which fuels the electric motor market growth. For instance, according to the Indian Brand Equity Foundation, the pharmaceutical industry in India increased by 10.5% from 2018 to 2019.

The global electric motor market is segmented into motor type, product type, application, and region. On the basis of motor type, the market is divided into alternate current (AC) motor and direct current (DC) motor. The AC segment generated the highest revenue in 2020. Depending on output power, the market is divided into integral horsepower (IHP) output and fractional horsepower (FHP) output. The integral horsepower (IHP) output segment dominated the market in 2020. By application, the market is divided into automotive, HVAC, medical equipment, industrial machinery, home appliances, and others. The home appliances segment dominated the market in 2020.

View Full Report: https://reports.valuates.com/reports/ALLI-Manu-2B89/elect...