Delray Beach, FL, June 01, 2025 (GLOBE NEWSWIRE) — The global Electric Motors Market share is expected to grow from USD 152.2 billion in 2024 to USD 206.4 billion by 2029, at a CAGR of 6.3% during forecast period. Electric motors market is driven mainly by Increasing demand for HVAC systems among residential, commercial, and industrial end-users, growing demand for electric motors in manufacturing industries, and rising demand for energy-efficient motors. The electric motor market has bloomed forth globally. All these sectors inherit demanding environments for solving problems and improving reliability. From electric vehicles to industrial machinery, consumer electronics to wind turbines, electric motors find applications in many areas. They not only ensure low energy consumption but also increase efficiency and reduce operating costs.
As the world population grows and economies expand, the demand for energy, particularly oil and gas, continues to rise. Increasing demand for HVAC (Heating, Ventilation, and Air Conditioning) systems among residential, commercial, and industrial end-users, industries shift towards energy-efficient electric motors due to lowered energy utilization and operational costs in manufacturing industries are some of the major driving factors for the electric motors market.
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List of Key Players in Electric Motors Market:
- ABB (Switzerland)
- Siemens (Germany)
- WEG (Brazil)
- Wolong Electric (China)
- NIDEC CORPORATION (Japan)
Drivers, Opportunities and Challenges in Electric Motors Market:
- Driver: Increasing demand for HVAC systems in residential, commercial, and industrial sectors
- Restraint: Fluctuating prices of raw materials
- Opportunity: Transition in the global automotive industry toward electric vehicles
- Challenge: Shortage of components and supply chain issues
Electric mobility is making a huge transition in the global automobile industry. The proactive efforts for the decarbonization of society …