The Global Market for Electric Motors is Projected to Exceed US$140 Billion by 2024
Mass Customization & Rising Demand for Electric-Car Motors Drive the Global Market for Electric Motors, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Electric Motors market. The global market for Electric Motors is projected to exceed US$140 billion by 2024 , driven by mass-customization; plant & process automation; rising demand for motors in electric cars, and need for miniaturized motors in medical devices, robotics & portable consumer electronics. A ubiquitous equipment, electric motors, which convert electrical energy into mechanical energy to drive any electrical appliance/equipment, are widely used in all walks of life ranging from industrial fans, blowers and pumps, machine tools, household appliances, power tools to disk drives. As the omnipresence of electrically run equipment makes electric motor...