Electric motor sales are rapidly revving up. The global motor market will grow to $129 billion by 2020, an annual growth rate of 5.3%, according to a new report from Allied Market Research.

Automotive applications account for nearly 52% of global revenue, thanks to the steadily increasing adoption of electrified vehicles. According to the report, DC motors find most of their applications in the automotive sector, whereas AC motors are used across various industrial applications.

“Presently, the demand for energy-efficient electric motors drives the market,” write the Allied analysts. “Energy-efficient motors increase efficiency by approximately 20% compared to standard motors. Although these motors are [more expensive], the long-term environmental benefits offered by premium motors tend to outweigh their initial higher cost.”

Prominent players profiled in the new report include Ametek, Siemens, Baldor Electric, Allied Motion Technologies, ARC Systems, Rockwell Automation and Johnson Electric Holdings.

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Source: Allied Market Research