Electric Motor Market to Reach USD 167.03 Billion by 2026; Increasing Demand for HVAC Applications to Boost Growth Fortune Business Insights
PUNE, India, Jan. 9, 2020 /PRNewswire/ -- The global Electric Motor Market size is projected to reach USD 167.03 billion by 2026, thereby exhibiting a CAGR of 5.7% during the forecast period. Fortune Business Insights published this information in an upcoming report, titled, "Electric Motor Market Size, Share & Industry Analysis, By Motor Type (AC Motors, DC Motors, Hermetic Motors), By Power Output (Fractional Horsepower (Up to 1HP), Integral Horsepower (Above 1HP)), By Voltage (Up to 1 kV, 1 kV-6.6 kV, Above 6.6 kV), By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Electrical Appliances, Others), By End-User (Industrial, Commercial, Residential, Agriculture, Transportation) and Regional Forecast, 2019-2026." The report further states that the market was valued at USD 107.76 billion in 2018. However, it is expected to gain momentum from the rising demand for HVAC applications, as well as increasing investments.
Highlights of the Report
- Extensive analysis of the current and emerging Electric Motor Market trends and dynamics.
- Key companies are profiled and their strategies are thoroughly analyzed to help our clients in understanding the competitive outlook of the market.
- In-depth estimations to expound the prominent investment pockets.
- Elaborate information about all the possible segments present in the market.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/electric-motor-market-100752
Rising Government Programs to Achieve Emission-free Vehicles Will Boost Growth
The demand for electric vehicles has abruptly increased since the past few years because of the rising government awareness programs to attain emission-free vehicles. Therefore, several industry giants are investing huge sums in expanding the automobile sector and developing their industries. It would rapidly increase the demand for electric vehicles, which, in turn, would further augment the Electric Motor Market growth during the forecast period. Additionally, the companies are investing persistently in the automotive industry that would propel growth.