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Electric Motors Market worth $186.0 Billion by 2027

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Electric Motors Market worth $186.0 Billion by 2027

December 01
23:11 2022
Electric Motors Market worth $186.0 Billion by 2027
The global electric motors market is expected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8% during the forecast period.

The global Electric Motors Market is expected to grow from USD 134.0 billion in 2022 to USD 186.0 billion by 2027, at a CAGR of 6.8% according to a new report by MarketsandMarkets™. This market is mainly driven by increasing investments in electric vehicles and development of manufacturing industry.

Low voltage motors is expected to be the second largest electric motors market

By voltage, the electric motors market has been segmented into low voltage motors, medium voltage motors, and high voltage motors. Low voltage motors is expected to be the second largest segment during the forecast period. Ease of operation, low setup and maintenance costs, and high reliability have increased the penetration of low-voltage electric motors in process and motor-driven systems.

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Transportation is expected to be the fastest-growing segment in the electric motors market

The electric motors market, by end user, has been segmented into industrial, commercial, residential, transportation, and agriculture. Transportation segment is expected to be the fastest-growing market during the forecast period. The increasing demand for electric vehicles is fueling the growth of the transportation segment of the electric motors market.

Asia Pacific is expected be the largest segment in the electric motors market

In this report, the electric motors market has been analyzed for five regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to be the largest segment during the forecast period. Increased investments in the manufacturing and automotive industries are expected to fuel the demand for electric motors in Asia Pacific.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Electric Motors Market. These ABB (Switzerland), Siemens (Germany), WEG (Brazil), Wolong Electric (China), and NIDEC CORPORATION (Japan). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions to increase their respective market shares.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Content Source: https://www.marketsandmarkets.com/PressReleases/electric-motor-sales.asp

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