Global Electric Motor Market Surges to US$132.8 Billion in 2023 Driven by Green Vehicle Incentives

The "electric motors market" is expected to grow slightly, from its predicted size of US$ 131.4 billion in 2022 to US$ 132.8 billion in 2023. The growing number of government incentives designed to encourage the purchase of green vehicles, an essential step in reducing carbon emissions and protecting the environment, highlights the importance of the worldwide electric motor market.

The need for electric motors has increased recently as a result of significant technological breakthroughs in the sector. The electric motor market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 6.64% between 2023 and 2033, according to reports from Future Market Insights. This trajectory is anticipated to end with a significant market valuation of about US$ 252.6 billion.

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Key Insights:
• Steady Growth: The global electric motors market witnessed consistent growth, with a Compound Annual Growth Rate (CAGR) of 5.43% between 2018 and 2022.
• North American Dominance: The North American market held a substantial share, accounting for 28.6% of the global electric motor market, while the United States alone contributed significantly with a 17.8% share.
• AC Motors in Demand: AC motors emerged as the primary driver of demand in the global electric motor market.
• Market Valuation: In 2022, the global electric motor market reached a value of US$ 131.4 billion, with expectations of a 5.6% CAGR in 2021, surpassing the 3.8% CAGR registered during 2016-2020.
• China's Influence: The Chinese market displayed robust growth, with an expected 5.5% CAGR and a market share of 16.8% over the forecast period.
• German Presence: Germany exhibited growth at a CAGR of 5.1%, contributing to the market's expansion.
• Indian Contribution: India is anticipated to account for over 27% of sales in South Asia & Pacific.
• Market Evolution: The electric motor market is evolving, with a CAGR of 3.6%, and is projected to reach a market value of US$ 72.3 billion by 2031, growing at a CAGR of 4.22%.
• 1HP Dominance: Electric motors with a power output of less than 1HP held a dominant share, comprising 26% of the market's value.
• Industrial Focus: The industrial sector retained a lucrative portion of the market.

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Competitive Landscape:
Prominent players in the global market include:
• Robert Bosch GmbH
• Hitachi, Ltd.
• Nidec Corporation
• WEG S.A.
• Siemens AG
• ABB Group
• Regal Beloit Corporation
• Toshiba Corporation
• Johnson Electric
• Hyosung Corporation
• Schneider Electric SE
• Bonfiglioli Riduttori S.p.A.
• Kirloskar Electric Company Ltd.
• Allied Motion Technologies Inc.
• East West Manufacturing, LLC
• Hyundai Electric Co. Ltd.

-Read the full report: https://www.futuremarketinsights.com/reports/electric-motor-market

Notable Developments:
1. In January 2023, Hitachi, Ltd. announced plans to enhance its global development in line-building business through industrial robots. This involves merging Hitachi Automation, Ltd. and Kyoto Robotics Corporation to strengthen the robotic SI business in Japan and ASEAN countries.
2. In March 2023, ABB Group, known for electrification and robotics, revealed a $40 million investment in a new 90,000-square-foot manufacturing facility in west Albuquerque. This facility aims to boost ABB's production of cable products and will incorporate robotics and digital automation technology.

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.