The global electric motor market attained a revenue of $118.2 billion in 2019, and it is predicted to reach a value of $195.2 billion by 2030. Furthermore, the market will advance at a CAGR of 4.8% from 2020 to 2030, as per the estimates of PS Intelligence, a market research company based in India. The market is being driven by the growing demand for heating, ventilation, and air conditioning (HVAC) equipment and electric vehicles (EVs) across the world.

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Additionally, the surging demand for energy-efficient electric motors in high power consuming industries is also propelling the market expansion. Electric motors consume nearly 70% of the total energy, with compressors needing the highest amount of power, in the manufacturing sector. Thus, to reduce the operating expenditure and mitigate the environmental degradation, high power consuming industries all over the world are extensively adopting energy-efficient motors, thereby driving the growth of the market.

Besides the aforementioned factors, the burgeoning usage of electric motors in several applications is also fueling the advancement of the electric motor market. These motors are used in power tools, propulsion systems, metal rolling equipment, grinding mills, compressors, alternators, fans, hoists, and refineries, because of their ability to efficiently convert electrical energy to mechanical energy. Their soaring requirement in the automotive, oil and gas, metal, marine, pulp and paper, mining, and cement industries is also fueling their sales globally.

This market research report provides a comprehensive overview of the market

• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings