The global electric motor market is expected to grow at a CAGR of 5.9% with its market size attaining a value of USD 145.3 billion by 2024. Electric motors are electro-automated procedures that perform operations on the basis of electromagnetic induction since they are extensively efficient and durable. Furthermore, these devices entail low maintenance, have high resolution for shifting voltages. The growth of electric motor market is attributed towards low cost of electric motors as compared to that of fossil-fuel engine as a result of which these systems are witnessing greater utilization in varied industry domains such as oil & gas and automotive domain.

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Market Segmentation
On the basis of motor type, the global electric motor market is segmented into DC motor, AC motor and hermetic motor. Among these segments, AC motor has been contributing largest revenue throughout the estimated period. The growth of this segment is attributed towards increasing adoption of various industries for instance cement, paper & pulp and chemicals and wastewater treatment thereby strengthening the growth of electric motor market across the globe.

Insight by Application
On the basis of application, the global electric motor market is segmented into industrial machinery, motor vehicles, transportation, household appliances and others. Motor vehicles are witnessing significant demand for electric motors, due to the increasing demand for electric vehicles among different developing countries.

Geographic Overview
Geographically, electric motor market in Asia-Pacific is the largest electric motor market. The key factor behind the largest share of the region is extensive acceptance of these systems in both passengers and commercial car segment in this region, accentuating growth in the construction and manufacturing domain in various developing countries of this region.

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Competitive Insight
The market structure of electric motor market is consolidated structure and the key players operating in the global electric motor market includes Johnson Electric Holdings Limited, AMETEK, Inc., Franklin Electric Co., Inc., ASMO Co., Ltd., Denso Corporation, Robert Bosch GmbH, SL Montevideo Technology, Inc., Siemens AG, ABB LTd. and ARC Systems, Inc.

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