The global electric motor market is anticipated to grow at a CAGR of 6.5% during the forecast period. Electrical motors are used as a power source for several applications including transportation, power, and other sectors, allowing it to diversify and strengthen its position in the global market. The demand for power has grown significantly across the globe, which directly bolsters the demand for electric motors. Furthermore, the introduction of electric vehicles (EVs) and the rising demand for automobiles supported the growth of the market during the forecast period. According to the US Department of Transportation (DOT), the total motor vehicle production accounted for in 2021 is 9.1 million and in 2020 the total production accounted for 8.8 million, which shows the demand for automobiles is increasing. Key players serving the market is also contributing to the growth by adopting various strategies such as mergers, +acquisition, new product launches, collaboration, and others to stay competitive in the market. For instance, in October 2022, Turbo Power Systems Ltd, designing and manufacturing customized power electronics and electrical machines, signed a partnership agreement with the Indian Power Electronics manufacturing company, Station Energia (SE). The partnership aims to combine their respective expertise in the development, manufacture, and sale of power electronics products for the energy, rail, and defense markets.
Browse the full report description of “Electric Motor Market Size, Share & Trends Analysis Report by Type (Alternate Current (AC) and Direct Current (DC)), by Rotor Type (Inner Rotor and Outer Rotor), by Power Output (Fractional Horsepower (Up to 1HP) and Integral Horsepower (Above 1HP)), and by End-Users (Industrial, Commercial, Residential, Transportation, and Agriculture) Forecast Period (2022-2028)” at https://www.omrglobal.com/industry-reports/electric-motor-market
Moreover, in June 2021, Mabuchi Motor Co. Ltd. acquired Electromag SA, a Swiss-based manufacturer of brushless motors for healthcare applications. The acquisition aims to expand the business for wellness and healthcare applications and develop new electric brushless motor products. Electromag's cutting-edge solutions and technology enable to development of brushless motors with unique characteristics such as ultra-quiet, low vibration, and high speed, that are perfectly suited for medical device applications. By leveraging Electromag's technologies and expertise in healthcare applications, Mabuchi Motor Co. Ltd will accelerate its business in the healthcare industry.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Current Type
o By Rotor Type
o By Power Output
o By End-Users
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including ABB Group, ARC Systems, Inc., Asmo Co., Ltd., DENSO Corp., Emerson Electric Co., GE Group, Hitachi, Ltd., Johnson Electric Holdings Ltd., and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Electric Motor Market Report Segment
By Current Type
By Rotor Type
By Power Output
By End-Users
Global Electric Motor Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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