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Kenneth Research added a report on Electric Motor Market into the repository of market research reports. The report includes in-depth analysis on the growth drivers, expansion opportunities, restraints and challenges and the recent trends in the market. The market is anticipated to grow at a CAGR of 5.7% during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Electric Motor Market products.
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Global Electric Motor Market is estimated to reach $173 billion by 2024; growing at a CAGR of 5.7% from 2016 to 2024. Electric motors are driven by the magnetic force, which transforms electrical energy into mechanical energy. It is one of the biggest advancements in the field of technology and engineering. There are various types of motors developed for different purposes. Apart from basic types of motors, numerous types of motors have been developed with special features such as stepper motor, and linear induction motor (LIM), among others, designed as per the requirements of the industry. Motors have a wide variety of uses and are found in cars, hair dryers, fans, drills, clocks, fridges, water pumps, DVD players, washing machine and industrial equipment including mills, robots, extruders, and fork-lift trucks, among others.
Major drivers of the global electric motor market are growing automobile production, rise in adoption of electric vehicles, growing application of induction motors & electronic motors replacing gas turbines in industrial plants. However, fluctuation in the price of electronics in emerging economies and shortage of raw material may hamper the growth of the market. Additionally, rapid commercialization and urbanization, various on-going construction projects of mega cities & metro rails in emerging economies would provide opportunity in the upcoming years.
The global electric motor market is segmented based on the output power, type, application and geography. Output power segment is further bifurcated into FHP and IHP. By type segment, it is segmented into AC motor, DC motor and hermetic motor. Furthermore, application is segmented into motor vehicle, HVAC equipment, machinery, household appliances, aerospace, and commercial.
By geography, the global electric motor market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers U.K, Germany, Russia and others. Asia-Pacific covers China, India, Australia and others. Rest of the World (RoW) covers South America, Middle East and Africa.
Key players of electric motor market are Schneider Electric SE, Baldor Electric Company, Siemens AG, Kirloskar Electric Company, Denso Corporation, Bosch Group, Toshiba International Corporation, Rockwell Automation, General Electric Company and ABB Ltd.
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The key takeaways from the report
The report will provide detailed analysis of Electric Motor Market with respect to major segments such as output power, type and application
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Electric Motor market will be included in the report
Profile of key players of the Electric Motor market, will be provided, which include key financials, product & services, new developments, and business strategies
Scope of Electric Motor Market
Output Power Segments
FHP
IHP
Type Segments
AC Motor
DC Motor
Hermetic Motor
Application Segments
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Motor Vehicle
HVAC Equipment
Machinery
Household Appliances
Aerospace
Commercial
Geography Segments
North America
US
Canada
Mexico
Europe
Germany
France
United Kingdom
Spain
Others
Asia-Pacific
China
India
Japan
South Korea
Others
RoW
South America
Middle East
Africa
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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James Bullock
James Bullock is a Research Expert with a demonstrated history of working in the professional training & coaching industry. Strong professional skilled in business strategy , Strategic Planning, Research Strategy, and Marketing. also have interest in new innovations and technology
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