Press release
Global Electric Motors Market: Industry Outlook, Growth Prospects, Key Opportunities, Size, Share And Latest Trends Forecast To 2033
Electric Motors Global Market
The Business Research Company's Electric Motors Global Market Report 2024 identifies increase in the sale of electric vehicles as the major driver for the Electric Motors market's growth in the forecast period. An electric vehicle (EV) is a vehicle that is entirely or partially powered by electricity. The growing popularity of electric vehicles drives the demand for electric to drive the wheels.
The electric motors market size has grown steadily in recent years. It will grow from $103.21 billion in 2023 to $107.6 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to industrial revolution, electrification of industries, transportation and automotive industry, consumer appliances and home automation.
The electric motors market size is expected to see steady growth in the next few years. It will grow to $124.35 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to electrification of transportation, industrial automation, renewable energy, energy efficiency regulation, iot and smart systems. Major trends in the forecast period include high-efficiency motors, miniaturization, sensor integration, sustainable materials, customization and modular design.
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Major competitors in the Electric Motors market are Asea Brown Boveri (ABB) Ltd., ARC Systems Inc., Asmo Co. Ltd., Brook Crompton UK Ltd., Emerson Electric Co., Regal Beloit Corporation, Rockwell Automation Inc., Siemens AG, Ametek Inc., Baldor Electric Company Inc., Allied Motion Technologies Inc., Franklin Electric Co. Inc., Johnson Electric Holdings Limited, Robert Bosch GmbH.
A key trend in the Electric Motors market includes IoT-enabled smart motors. Motor manufacturing companies are increasingly manufacturing IoT-enabled smart motors. These motors are equipped with sensors that monitor and track the motor's health and performance. Sensors are connected to a control database that continuously collects data, and uses artificial intelligence (AI) to learn normal behavior and sends an alert upon detecting any deviation from normal behavior. Smart motors offer several benefits such as increased lifespan of equipment and improved safety.
Read More On The Global Electric Motors Market Report Here:
https://www.thebusinessresearchcompany.com/report/electric-motors-global-market-report
The Electric Motors market is segmented -
1) By Type: Alternate Current (AC) Motor, Direct Current (AC) Motor, Hermetic Motor
2) By Output Power: Integral Horsepower (IHP), Fractional Horsepower (FHP)
3) By Application: Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & Transportation, Household Appliances, Other Commercial Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Electric Motors market.
The Business Research Company's "Global Electric Motors Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electric Motors Market Include:
1. Executive Summary
2. Electric Motors Market Characteristics
3. Electric Motors Market Trends And Strategies
4. Electric Motors Market - Macro Economic Scenario
5. Global Electric Motors Market Size and Growth
……
31. Global Electric Motors Market Competitive Benchmarking
32. Global Electric Motors Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Motors Market
34. Electric Motors Market Future Outlook and Potential Analysis
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