As per Market Research Future (MRFR)’s assessment, the global electric motors market is anticipated to thrive at a CAGR of 6.2% during the forecast period 2017 to 2023. The key advantages offered by these motors over conventional motors are longer life span, reasonable maintenance cost, lower energy consumption, etc. These factors are poised to aid demand generation for electric motors over the next couple of years.
One of the key drivers for the growth of Electric motors market is the increasing adoption of electric motors in the industrial machinery along with household appliances. The increase in need of more efficient electric motors for achieving efficiency in usage of energy along with cost effectiveness is driving the growth of the market. The electric motors are used in agricultural equipment. The growth of the agricultural sector and the increase in use of motor operated equipment in the ... Read more
The global demand for electric motors market is expected to grow at a CAGR of 6.2%, accelerating over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in a comprehensive study. Electric motors are key components in various durable goods, HVAC applications, compressors, machine tools, electric cars, power tools, and automated robots.
One of the key drivers for the growth of Electric motors market is the increasing adoption of electric motors in the industrial ... Read more
As per Market Research Future (MRFR)’s assessment, the global electric motors market is anticipated to thrive at a CAGR of 6.2% during the forecast period 2017 to 2023. The market is majorly driven by an increase in demand for energy efficient electric motors. Increased usages of electric motors in the rapidly growing agricultural sector are also expected to contribute to the growth of the market. The increase in the use of electric ... Read more