Electric motors refer to mechanical devices which work on the basic principle of electromagnetism. Over the years, these motors have gained traction due to their growing usage in a number of applications ranging from hair dryers, toys, electric shavers and extractor fans to washing machines, dishwashers, coffee grinders, microwaves and electric can openers. A new research report by IMARC Group, titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global electric motor market reached a volume of around 546 Million Units in 2017. The report further anticipates the market to reach a volume of 982 Million Units by 2023, at a projected CAGR of more than 10% during 2018-2023.
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Global Electric Motor Market Drivers/Constraints:
Electric vehicles are environment friendly since they do not emit toxic gases or smoke into the environment and also minimise energy consumption. As a result, there is a rise in the demand for hybrid and electric vehicles which, in turn, is further elevating the growth of the electric motor market globally.
The various government initiatives and regulatory policies aimed to promote energy efficiency and reduce carbon emissions in various industrial verticals are bolstering the demand for high-efficiency motors.
Some of the other factors contributing to the growth of the global electric motor market are rapid advancements in technology, increasing automation and rapid industrialisation.
The high cost of manufacturing and assembling efficient electric motors and the limited portability of large motors hinder the market growth. Moreover, the intense competition in the market also acts as a major deterrent.