Motor Starter Market Size

Motor Starter Market size is poised to reach USD 13 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of motor starter was USD 8 Billion. The reason behind the growth is impelled by the growing need for energy efficiency across the globe. Energy-saving initiatives have a significant chance of preventing greenhouse gas emissions as well as bringing down the cost and demand for this precious resource and are turning into an essential tool for meeting the energy demand's increasing growth. For instance, in 2022, there was over 2% global improvement in energy efficiency, which was twice as much as the preceding five years combined.

The growing demand for vehicles is believed to fuel the motor starter market growth. The part of the car's starting mechanism that converts the electric power flowing into an engine turning moment is called the starter motor which is responsible for starting the engine and also provides the necessary spark for the rest of the operation.