Electric Motors Market | COVID-19 Impact

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With a rise in the costs of electricity, the market is projected to showcase inflated demand for energy efficient motor systems. Further, stringent manufacturing and design standards to improve such efficiency are anticipated to drive significant growth by obligating manufacturers to invent energy efficient electric motor systems. Additionally, rising adoption of a lifestyle that aids an environment-friendly is driving notable demand for automobiles using electric motors.

Segmental Analysis

The global Electric Motors Market is segmented on the basis of installation position and by function. By installation position, the market for Electric Motors is segmented into body motors, chassis motors, and powertrain motors. By function, the market has been segmented into small sized Electric Motors, automotive starters, and alternators.

Regional Analysis

The global Electric Motors market is regionally segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). According to the report published by Market Research Future, the Asia Pacific is estimated to dominate the Electric Motors market during the forecast period. Exponential growth in the Asia Pacific can be accredited to the burgeoning manufacturing industries including the manufacturing industry in the region, increasing emphasis on the adoption of energy efficient electric motors in various automobiles and the constant upgrades within the automobile manufacturing sector. Some of the major economies contributing to profitable growth in the Asia Pacific include China, India, and Japan.

North America and Europe are experiencing high awareness of the use of energy efficient Electric Motors, contributing to significant market growth in the regions. Further, the lower cost of purchasing and maintenance are is driving substantial growth in the Electric Motors market during the forecast period. In North America, countries like the U.S and Canada are estimated to garner major growth. Whereas, in Europe, countries including France, Germany, Spain, and the United Kingdom are anticipated to showcase proliferation in market growth.

Prominent Players

The report has profiled some of the key players in the global Electric Motors market including Bosch GmbH (Germany), Chengdu Huachuan Electric Parts Co. Ltd. (China), Chongqing Bright Industry Group