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Electric Motor Market Report

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.

• ABB Group
• Siemens Ag
• WEG SA
• TECO
• Regal Beloit Corporation 
• Nidec Corporation.

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:

• AC Motor 
• Induction AC Motor
• Synchronous AC Motor
• DC Motor
• Brushed DC Motor
• Brushless DC Motor
• Others

Breakup by Voltage:

• Low Voltage Electric Motors
• Medium Voltage Electric Motors
• High Voltage Electric Motors

Breakup by Rated Power:

• Fractional Horsepower Motors
• Fractional Horsepower (< 1/8) Motors
• Fractional Horsepower (1/8 – 1/2) Motors
• Fractional Horsepower (1/2 – 1) Motors
• Integral Horsepower Motors
• Integral Horsepower (1 – 5) Motors
• Integral Horsepower (10 – 50) Motors
• Integral Horsepower (50 – 100) Motors
• Integral Horsepower (>100) Motors

Breakup by Magnet Type:

• Ferrite
• Neodymium (NdFeB)
• Samarium Cobalt (SmCo5 and Sm2Co17)

Breakup by Weight:

• Low Weight Motors
• Medium Weight Motors
• High Weight Motors

Breakup by Speed:

• Ultra-High-Speed Motors
• High-Speed Motors
• Medium Speed Motors
• Low Speed Motors

Breakup by Application:

• Industrial Machinery
• HVAC
• Transportation
• Household Appliances
• Motor Vehicles
• Aerospace
• Marine
• Robotics
• Others

Breakup by Region:

• Asia-Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=937&flag=C

Key Highlights of The Report:  

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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