Electric motor market is anticipated to grow at a CAGR of 6.5% during the forecast period. The rising environmental regulations and automobile CO2 emission regulations increase the demand for electric automotive motors and related products to control CO2 emissions across the globe. Furthermore, the key players are establishing new factories to expand the production of electric motors to cater to the demand. For instance, in November 2022, Nidec Corp. announced their plans to invest around $715 million in establishing an electric motor plant in Mexico. Moreover, earlier in April 2021, Nidec Corp. also held an event to announce their decision to open new factories in the city of Novi Sad in the Republic of Serbia. The company established a new business office in Novi Sad to start preparations to start up the factories on a full scale.
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Among end-users, the transportation sub-segment is expected to hold a prominent share in the electric motor market over the forecast period. The growing awareness regarding the use of EVs has increased the demand for electric motors from the automotive industry and transportation sector. Thus, the key market players are also inclined towards launching electric motors for the automotive industry to fulfill the demand of the industry. For instance, in October 2021, Nidec Corp. launched Ni200Ex, a 200kW, E-Axle traction motor system for an EV. This new EV was newly released by Chinese auto giant Geely Automobile Group, under its premium brand, “Zeek.” Nidec’s E-Axle is installed in ZEEKR 001. Ni200Ex is a compact unit that adopts a light, thin, short, and small motor structure that is based on the magnetic circuit design.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Electric Motor Market Report Segment
By Current Type
- Alternate Current (AC)
- Direct Current (DC)
By Rotor Type
- Inner Rotor
- Outer Rotor
By Power Output
- Fractional Horsepower (Up to 1HP)
- Integral Horsepower (Above 1HP)
By End-Users
- Industrial
- Commercial
- Residential
- Transportation
- Agriculture
Global Electric Motor Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric motor market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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