Electric Motor Market Global Scenario Global Electric Motor Market

Global Electric Motor Market is Estimated t o Reach $173 Billion by
2024, Says Variant Market Research
Global Electric Motor Market is estimated to reach $173 billion by 2024; growing at a CAGR
of 5.7% from 2016 to 2024. Electric motors are a device driven by the magnetic force which
transforms electric into mechanical energy. It is one of the biggest advancements in the field
of technology and engineering. These brilliant discoveries inaugurated an era of active
research and many new innovations have been developed ever since then. There are different
types of motors developed for different purposes. Apart from basic types of motors, several
different types of motors have been developed with special features such as Stepper motor,
Linear Induction motor (LIM) and others, designed according to the needs of the industry.
Motors have a wide variety of uses and are found in cars, hair dryers, fans, drills, clocks,
fridges, water pumps, DVD players, washing machine and industrial equipment including
mills, robots, extruders, and fork-lift trucks and among others.
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Increasing automobile production along with increase in adoption of electric vehicles are
the key factors for the growth of the market. Moreover, growing application of induction
motors and electronic motors replacing gas turbines in industrial plants are also expected
to drive the market. However, fluctuation in the price of electronics in emerging economies
and shortage of raw material may hinder the growth of the market. Furthermore, rapid
commercialization and urbanization coupled with various on-going construction projects of