Electric Motor Sales Market Size Worth $155.3 Billion By 2025
“The global electric motor sales market is expected to reach USD 155.3 billion by 2025. The market is expected to grow significantly, owing to their increased usage across a broad range of commercial, industrial, and residential applications in elevators, fans, refrigerators, compressors, pumps, and various other systems�
The global electric motor sales market is expected to reach USD 155.3 billion by 2025, according to a new report by Grand View Research, Inc. An electric motor is the most important component used in the manufacturing of Heating, Ventilating, and Cooling (HVAC) equipment, motor vehicles, and other home appliances. Currently, the demand for electric motors is gaining traction, owing to the technological advancements and advent of better insulation materials that have improved efficiency and operational life of the motors. The market is further driven by the increasing demand for energy-efficient motors, which are costly as compared to conventional motors. However, long-term environmental advantages, such as reduction in cost of energy consumed, offered by them outweigh their initial high cost. The demand for these motors can be ascribed to factors such as the rising fuel prices. Detailed Research Report available at: http://www.grandviewresearch.com/industry-analysis/electric-motor-market
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