Electric Motor Market to Grow to $141.7 Billion by 2022
Technological advancements and regulatory policies aimed at improving energy efficiency are important factors
SAN FRANCISCO — The global electric motor market was valued at $99.85 billion in 2014 and is expected to reach $141.7 billion by 2022, growing at a compound annual growth rate (CAGR) of 4.5 percent from 2015 to 2022, according to a new report by Grand View Research. Technological advancements and regulatory policies aimed at improving energy efficiency of equipment are vital factors for market development over the forecast period.
The global industry is expected to be driven by increasing electric motor utilization in HVAC equipment, industrial machinery, and household appliances.