Electric Motor Market Size is forecast to reach $186.0 billion by 2026, at a CAGR of 6.9% during 2021-2026.
The increase in global electricity consumption and the use of electrical equipment and machines in different industries and the renewables sector are major factors driving the growth in the electric motor market during the forecast period. An increase in awareness regarding green vehicles among customers has been a key factor leading the market. Besides this, a rising number of government incentives to encourage sales of green vehicles for safeguarding the environment from carbon emissions is expected drive the market growth. Additionally, Electric motors have been observing several advancements in technology over the past few years, owing to which its demand is gaining traction in the forecast period 2021-2026.
