Electric Motor Market Research Report by Voltage, By End-User, Size, Share, Industry Forecast to 2020-2027
Electric Motor Market The Electric Motor Market is anticipated reach USD 180 Billion by 2027, growing at a CAGR of 6.3% over the forecast period (2020-2027). The factors driving the growth of Electric Motor Market includes increasing electricity consumption around the world, growing focus on renewable sector, penetration of robotics and increasing sales of passenger vehicles. According to the report published by Statista, in 2021, around 56.4 million passenger cars were sold in the international markets, increasing by 5% year-on-year. China emerged as the world's largest regional market for automobiles in 2021, which is expected to boost the Global Electric Motor Market in the approaching years. Moreover, the increasing demand for Heating, ventilation, and air conditioning (HVAC) systems in the residential and commercial areas along technological advancements in the battery technologies, are some of the additional factors supplementing the Electric Motor Market size. In addi...