Electric DC Motors Market to hit US$ 23,639.4 Million, Globally, by 2028 at 9.0% CAGR: The Insight Partners

Adoption of Brushless DC Motors in Electric Vehicle Manufacturing to Drive Market Growth During 2021-2028

According to our latest market study on "Electric DC Motors Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Speed, and Application," the market is expected to grow from US$ 12,968.5 million in 2021 to US$ 23,639.4 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028.

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The global automobile industry is shifting toward electric mobility due to substantial advances in electric vehicle technology.  According to the International Energy Agency (IEA), global electric car sales accounted for 7.2 million in 2019, surpassing the sales record of 5.1 million in 2018. As per the IEA, i0n 2019, electric cars accounted for 2.6% of global car sales and ~1% of global car stocks, representing a 40% raise every year. Electric vehicles are becoming popular owing to technological advancements in electric two/three-wheelers, buses, and trucks. The demand for electric vehicles is also fueled by developments in battery technology that lower battery costs and boost charging speed. These factors are expected to propel the demand for brushless DC motors during the forecast period. Also, Tax exemptions and incentives by governments to promote environmentally friendly transportation are likely to promote the demand for brushless DC motors.

The electric DC motors market is segmented on the basis of type, speed, application, and geography. Based on type, the market is bifurcated into brushed DC motors and brushless DC motors. Based on speed, the market is segmented into low (less than 1,000 rpm), medium (1,001-25,000 rpm), and high (above 25,000). By application, the electric DC motors market is segmented into industrial machinery, automotive and transportation, HVAC equipment, aerospace & defense, household appliances, and others. Based on geography, the electric DC motors market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

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Rising Adoption of Brushless DC MotorDrives Market Growth

Brushless DC motors are gaining popularity due to their advantages, such as energy efficiency, high rpm, low noise, strong torque, and increased operating efficiency. Progressing industrial automation and the growing use of small electronic gadgets propel the demand for brushless DC motors. Hand dryers, surgical instruments, fans, pumps, compressors, and domestic appliances use brushless DC motors. The adoption of these motors is growing in various industries, such as agriculture, medical, healthcare, and automotive, due to the increasing urban population and rising awareness regarding environmentally friendly products. The UK government spent US$252.9 billion on healthcare in 2018. Due to such increased government investments in the healthcare sector in countries including the UK, the US, and India, the electric DC motors market is growing rapidly.

The List of Companies - Electric DC Motor Market

Johnson Electric Holdings Limited, Nidec Corporation, Siemens AG, AMETEK Inc., and ABB Ltd are a few key players operating in the electric DC motors market. Several important market players were analyzed during this study to get a holistic view of the market and its ecosystem.

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The players operating in the electric DC motors market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In August 2021, Siemens Large Drives Applications (LDA) received an order from a Chinese client to produce a special machine with dual shaft extension. It can be utilized in motor operation with a power of 105 MW and as a generator with up to 129 MVA in power generation mode. The 2-pole electric motor will have an efficiency higher than 98%.

In December 2021, Nidec Corporation announced the construction of its new factory in Serbia. The company plans to open factories in Serbia to supply products across Europe and do multiple businesses from there in the future.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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