Steady Ascent Ahead: Global Electric Motor Market Envisioned to Reach US$ 252.6 Billion by 2033

The global electric motor market, which projected a size of US$ 131.4 billion in 2022, is poised for a gradual upswing, touching US$ 132.8 billion in 2023. Underscoring its significance, the global electric motor market gains prominence as government incentives surge, bolstering the cause of green vehicle sales-a pivotal stride towards curbing carbon emissions and preserving the environment.

In recent times, the electric motor industry has undergone substantial technological leaps, igniting a surge in market demand. Reports from Future Market Insights illuminate a robust growth trajectory, showcasing an anticipated Compound Annual Growth Rate (CAGR) of 6.64% between 2023 and 2033. This dynamic pathway culminates in an impressive market valuation of approximately US$ 252.6 billion by the year 2033. As the market propels forward, the amalgamation of innovation and sustainability paves the way for a future of cleaner and more efficient mobility solutions.

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- Key Takeaways:

The North American market for global electric motor market is likely to have a market share of 28.6%
The Unites States market for global electric motor market is likely to expand at a share of 17.8%.
AC motors are expected to generate maximum demand for the global electric motor market.
Global electric motor market in 2022 was US$ 131.4 billion
Electric motor market will rise at 5.6% CAGR in 2021
Electric motor market rose above 3.8% CAGR registered during 2016-2020.

- Competitive Landscape:

Competition Deep Dive
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.

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- Key Segments:

Power Output:
Product Type:
Application:
End Use:
Region:

About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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.

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This release was published on openPR.