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.
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