IMARC Group, a leading market research company, has recently released a report titled “Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global electric motor market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Electric Motor Market?
Global electric motor market size reached US$ 107.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 135.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
What is Electric Motor?
Electric motors refer to electro-mechanical devices which work on the principle of electromagnetic induction. They comprise bearings, windings, a stator, a rotor, a commutator, and an air gap. Electric motors require low maintenance, consume less energy, are durable and highly efficient, and have high endurance for fluctuating voltages. In addition, these devices cost considerably lower compared to a fossil-fuel engine. As a result, electric motors find widespread applications across various sectors, such as automobile and oil and gas, where they are installed in machine tools, compressors, electric cars, industrial fans, domestic appliances, hard disk drives, etc.
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What are the Growth Prospects and Trends in the Electric Motor Industry?
The expanding industrial automation, several technological advancements, and the rising awareness in individuals towards the high pollution levels, particularly in metropolitan cities, have propelled the demand for electrical vehicles to minimize carbon footprint, which are among the primary factors driving the electric motor market. Besides this, the introduction of enhanced insulation materials by the leading manufacturers that improve the operational efficiency of the product is further augmenting the market growth. Moreover, the extensive utilization of electric motors in various applications, including windshield scrubbers, fans, electric pumps, robots, toothbrushes, etc., is also catalyzing the global market. Apart from this, the increasing fuel prices, the growing popularity of hydrogen and natural gas, and the launch of several policies by the government bodies to promote green automobiles to reduce carbon emissions are acting as significant growth-inducing factors. Furthermore, the emerging trend of replacing gas turbines with these electro-mechanical devices in large industrial plants is anticipated to propel the electric motor market over the forecasted period.
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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Who are the Key Players Operating in the Electric Motor Market?
The competitive landscape of the market has also been examined with some of the key players being.
What is Included in Market Segmentation?
The report has categorized the market based on motor type, voltage, rated power, magnet type, weight, speed, and application.
Breakup by Motor Type:
Breakup by Voltage:
Breakup by Rated Power:
Breakup by Magnet Type:
Breakup by Weight:
Breakup by Speed:
Breakup by Application:
Breakup by Region:
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Key Highlights of The Report:
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