Electric motors Market Size, Share Analysis & Forecast to 2030
According to Market Research Future (MRFR), the global electric motors market size is projected to be worth USD 184.17 billion by 2028, registering a CAGR of 5.42% during the forecast period ( 2022 - 2028), The market was valued at USD 115.9 billion in 2020 . The report offers a detailed and thorough analysis of the impact of the COVID-19 pandemic on the global electric motors industry. Electric motors operate on the principle of electromagnetic induction by ensuring the conversion of electrical energy into mechanical energy. Electric motors are commonly used in HVAC applications, compressors, machine tools, pumps, domestic appliances, industrial fans, electric cars, disk drives, power tools, and automated robots. These high-efficiency motors gain popularity over regular motors due to longer operating life, low maintenance, low energy consumption, and a high tolerance for fluctuating voltages, among others. Market Segmentation Based on end-use, the DC electric motors market has bee