Press release
Electric DC Motors Market is expected to reach US$ 23,639.4 Million by 2028 : The Insight Partners
Adoption of Brushless DC Motors in Electric Vehicle Manufacturing to Drive Market Growth During 2021-2028According 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.
Impact of COVID-19 Pandemic on Electric DC Motors Market Growth
The COVID-19 pandemic disrupted various industries, such as automotive, consumer electronics, and industrial equipment manufacturers. Several government initiatives, including travel restrictions and social distancing, caused the temporary closure of manufacturing units of the production plants operating with less capacity, which adversely impacted the electric DC motors market during the Q1 and Q2 of 2020. However, with the normalization of economic activities, high vaccination drives, and reduction in COVID-19 cases globally, the plants resumed operations from Q3 of 2020, thereby reducing the impact of the COVID-19 pandemic.
Get the Latest COVID-19 Analysis on this market @ https://bit.ly/3OB9pe9
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.
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.
Electric DC Motors Market Insights
Rising Adoption of Brushless DC Motor Drives 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.
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Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com
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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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