Electric Motor Market Revenue Share, Growth Factors, Trends, Analysis & Forecast, 2019–2030
The global Electric Motors Market size is expected to reach USD 224.94 Billion in 2030 and register a revenue CAGR of 6.9% over the forecast period, according to the latest report by Reports and Data. Development of eco-friendly laws and regulations to reduce carbon footprint is encouraging the adoption of electric vehicles, which is driving revenue growth of the electric motors market. The electric motor market is growing due to an increase in demand for greater machine control in the automotive industry, which is fuelled by the high efficiency of Alternate Current (AC) synchronous motors. Regulations such as the Minimum Energy Performance Standards (MEPS) have prompted the development of new energy-efficient motors in order to maximize their output. This has led to the use of energy-efficient motors in appliances, propelling the global electric motor market growth. Because of advantages like high torque and low noise, electric motors have registered an increase in demand in Hea