According to a new research published by Polaris Market Research the Electric Motor market is anticipated to reach over USD 157.4 billion by 2026. In 2017, the AC motor segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.

The diverse applications of electric motors in industries such as healthcare, construction, packaging, automotive, and consumer goods among others are expected to support the growth of this market. Other driving factors include rising demand for electric motor operated household appliances, growing use in HVAC applications, and government support for development of high efficiency electric motors. However, high maintenance costs, and stringent regulations hamper the growth of the market. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

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Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, agriculture, construction, and automotive, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support market growth in the region.

The growing adoption of electric vehicles is expected to support market growth of electric motors. The increasing requirement to reduce vehicle emissions and global carbon footprint drives the demand for electric vehicles. Use of electric vehicles offer benefits such as low maintenance costs, reduced harmful vehicle emissions, while providing comparable power. Electric vehicles are increasingly being used to restrict the emission of carbon, nitrogen, and other harmful compounds from gasoline and diesel vehicles.

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The well-known companies profiled in the report include Emerson Electric Co., Rockwell Automation, Inc., Ametek, Inc., Siemens AG, Denso Corporation, Bosch Group, Baldor Electric Co., ABB Ltd., Hitachi, Ltd., General Electric Company, Allied Motion Technologies, Inc., and Regal Beloit Corporation among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

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