Global Electric Motor Market Size is worth over USD 120 Bn in 2022. Will Global Electric Motor Market follow up on this growth trajectory? : Ken Research

1. Most Dominant Region for Electric Motors

Asia-Pacific is the most excellent location for the electric motors industry and is likely to continue its dominance in the next years on account of significant expansion in the industrial sector. The region is experiencing steady growth in sectors like the automotive, chemical, fertiliser, and petrochemical industries, which is anticipated to present enormous growth opportunities for the global electric motor players.

China has played a significant role in advancing the global manufacturing industry. The nation leads the world in the production of steel, chemicals, electricity, and cement. It is also a major participant in the petrochemical and refining sectors. There are a lot of new industrial projects waiting to be added to the nation's portfolio of industries.

Recent mergers and Acquisitions

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In May 2021, MAHLE, the German automotive components maker, released a new magnet-free electric motor for commercial vehicles. The product is very efficient and has numerous other benefits in terms of cost, resource security, and environmental friendliness by eliminating the usage of rare earth elements.

Volkswagen unveiled a fresh plan in March 2022 to build an EV manufacturing facility in Wolfsburg, Germany. The company has taken the investment decision for the plant with the earmarked amount of EUR 2 billion for the project. The building of the facility will commence in 2023, and the estimated completion year is 2026.

Checkout: Major Players in Global Electric Motor Market

3. Soaring oil prices may fuel EV sale

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The oil and gas industry uses electric motors extensively. The demand for electric motors will also increase when the price of crude oil and natural gas rises. For example, the price of a barrel of crude oil increased from USD 66 in December 2021 to about USD 107.5 in May 2021.

The invasion of Ukraine by Russia has also altered Europe's energy future because the EU wants to lessen its reliance on Russian energy, which will result in new oil and gas projects around the world that will directly support the demand for electric motors.

Major Players Mentioned in the Report:

ABB Ltd.
AMETEK, Inc.
Siemens AG
Toshiba Corp
Johnson Electric Holdings Ltd.

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report:

IT Companies
Tech Giants
Government Bodies
Home Décor Brands
Retail Chains
Smart Device Wholesalers
Investors

Time Period Captured in the Report:

Historical Year: 2017-2022
Base Year: 2022
Forecast Period: 2022- 2027

For more insights on market intelligence, refer to the link below: -

https://www.kenresearch.com/industry-reports/global-electric-motor-market

Related Reports by Ken Research: -

https://www.kenresearch.com/industry-reports/global-used-vehicle-market

https://www.kenresearch.com/industry-reports/uk-electric-vehicle-charging-equipment-market

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.