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

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1. Most Dominant Region for Electric Motors

Trends and Developments in Global Electric Motor Market

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: –

Global Electric Motor Market

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Global Electric Motor Market Is Predicted to Augment Owing to Existence of Well-Established Players Globally: Ken Research

An electric motor is an electrical machine that is utilized to transform electrical energy into the mechanical energy. Most of the present electrical motors function through the interaction amongst the motor’s magnetic field and electric current in the wire winding to create the strength in the form of torque applied on the motor’s shaft. Agricultural, Industrial and automotive segments are the prime aspects for the deployment of such motors. But with the advancing technology and urbanization, the requirement for motors has augmented around the residential and commercial segments. In addition, the heating and air conditioning segment have developed as the fastest-increasing segment for motor deployment.

According to the report analysis, ‘Electric Motor Market: Current Analysis and Forecast (2021-2027)’ states that  the benefit of electric motors such as more environmentally friendly, as they do not cause pollution by burning the fossil fuels, which in turn generates the harmful greenhouse gases. Save the end-user money over time, while gasoline engines are more luxurious in comparison. The cost of fuel inclines to fluctuate over time, and the cost of gasoline generally augments by the month. The cost of electricity, on the other hand, is much inferior. On a short-term and long-term basis, electric motors utilize the less energy, which in turn generates the cost savings.

Electrical motors are utilized in countless different applications. Some of their most common applications comprise HVAC systems, Pumps, Lathes, Fans and Blowers, Compressors, Crushers, Heavy-duty machinery. The growth in the industrial segment is leading to the increasing demand for electric motors around the globe.

Based on the Voltage Rage, the market is classified into 9 V & below, 10-20 V, 21-60 V and 60 V & Above. The 60V and above sector of Global Electric Motor registered the market with approximately XX % market share. The segment created the revenue of USD XX Mn in 2020 and is predicted to augment at a CAGR of XX% throughout the forthcoming duration. However, the 21-60V segment would observe a significant growth in the CAGR during forthcoming years.

Electric Motor solutions are being sold for countless application such as Industrial Machinery, Motor Vehicle, HVAC Equipment, Aerospace & Transportation and Household Appliances. The industrial machinery sector captured the considerable market share. The segment created revenue worth USD XX million during 2020 and is projected to reach USD XX million by 2027. However, the motor vehicle sector is expected to observe an exhibit growth throughout the forecast duration.

Based on the region, North America constitutes a foremost market for the Electric Motor industry and produced revenue of USD XX Million during 2020 owing to the emerging requirement of electric vehicles in the region. Also, the existence of well-established players in the region adding pace to the growth of the market around the region. Therefore, in the near years, it is predicted that the market of electric motor will increase around the globe more actively over the near future.

For More Information, refer to below link:-

Global Electric Motor Market

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