Electric Motor Market Update 2023: Predicted to Achieve US$ 135.0 Billion Revenue by 2028 - IMARC Group
According to IMARC Group, the global electric motor market size reached US$ 107.0 Billion in 2022. Looking forward, the market is expected to reach US$ 135.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028. The report has segmented the market by motor type (AC motor, DC motor, others), voltage (low voltage electric motors, medium voltage electric motors, high voltage electric motors), rated power (fractional horsepower motors, integral horsepower motors), magnet type (ferrite, neodymium, samarium cobalt), weight (low weight motors, medium weight motors, high weight motors), speed (ultra-high-speed motors, high-speed motors, medium speed motors, low speed motors), application (industrial machinery, HVAC, transportation, household appliances, motor vehicles, aerospace, marine, robotics, others) and region. Factors Affecting the Growth of the Electric Motor Industry: Increasing Adoption in Electric Vehicles (EVs): The electric motor market is experi...