Focus on introducing pollution free electric vehicles is spurring sales prospects. Apart from this, surge in the demand of efficient electric motors is pushing sales in the aviation sector
As per Future Market Insights, the global market for electric motor is anticipated to rise at a CAGR of 5.1 per cent between 2021 and 2031, surpassing a valuation of US$ 104 Bn in 2021.
“Increasing demand for electric motors in automotive, industrial and agricultural sectors is stimulating growth of the electric motors market. Besides this, owing to their various advantages such as low cost of purchase and maintenance and long operating life will create positive opportunities for growth for the market,” read the report.
Focus on introducing pollution free electric vehicles is spurring sales prospects. Apart from this, surge in the demand of efficient electric motors is pushing sales in the aviation sector.
“Leading players operating in the market are focusing on strengthening their global footprint. To achieve this they are emphasizing on strategic collaborations and acquisitions. Besides this, product launches will remain a sought-after strategy” said a Future Market analyst.
The U.S. is expected to emerge as a lucrative market in North America owing to growing mechanization in the agricultural sector. Backed by rapid industrialization, Europe has emerged as a leading the market for electric motors. China is likely to register brisk growth in Asia owing to the increasing availability of low cost electric motors. Medium-sized motors are expected to account for nearly three-quarter of global demand.
Some of the leading market players are focusing on diversifying their portfolios by entering into strategic collaborations with technology providers. For instance, in 2020, Geely Automobile’s new all-electric SUV Geometry C adopted Nidec’s E-Axel Traction Motor System.