Energy-Efficient Motor Market Size & Industry Analysis
Energy Efficient Motor Market The Energy Efficient Motor Market is expected to grow at a higher CAGR over the forecast period (2020-2027). The factors driving the growth of Energy Efficient Motor Market includes growing emphasis on reducing greenhouse gas emissions, expansion of the automobile industry, increasing application of energy efficient motors in HVAC and domestic appliances and rising LED penetration around the world. According to the report published by Statista, the revenue generated from the sales of passenger cars in India is calculated around USD 16.14 billion for 2022 and the market volume of Passenger Cars is estimated to reach USD 17.25 billion by the end of 2026, which will boost the Energy Efficient Motor Market size in the approaching years. Moreover, the rising application of energy efficient motors in agricultural activities, increasing energy prices across the globe, improvements in design methods of motors and Government regulations mandating the use ...