Lucintel Forecasts Electric Motor Market to Reach $XX Billion by 2028

Market-Research

According to the recent study the electric motor market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 6% to 8% from 2023 to 2028. Growth in this market is primarily driven by increase in demand for heating, ventilation, and air conditioning (HVAC) systems along with favourable regulatory norms for electric vehicles, and rising awareness regarding green vehicles among customers.

Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in electric motor market by motor type (alternate current (AC) motor and direct current (DC) motor), output power (integral horsepower (IHP) output and fractional horsepower (FHP) output), application (automotive, HVAC, medical equipment, industrial machinery, home appliances, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Download sample report by clicking on below link https://www.lucintel.com/electric-motor-market.aspx

“Alternate current motor (AC) market is expected to remain the largest segment during the forecast period.”

Based on motor type, the electric motor market is segmented into alternate current (AC) motor and direct current (DC) motor. Lucintel forecasts that the alternate current motor (AC) market is expected to remain the largest segment as these motors are smaller, cheaper, and lighter in weight and has longer service life than DC motors.

“Within the electric motor market, the industrial machinery segment is expected to remain the largest application”

Based on application the industrial machinery segment is expected to witness the highest growth over the forecast period due to electric motors used in pumping systems, compressors, and other turbo machinery equipment for the manufacturing and processing of products in various industries such as chemicals, oil and gas production and refining, mining, food and beverages industry.

“Asia pacific will dominate the electric motor market in near future”

APAC will remain the largest region due to rapid industrialization, massive demand of electric vehicles, and increasing government regulations regarding motor efficiency.

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Major players of electric motor market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Nidec, ABB, Siemens, WEG, Robert Bosch, Toshiba Corporation, Denso Corporation, ARC Systems, Rockwell Automation, and Emerson Electric are among the major electric motor providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/electric-motor-market.aspx or helpdesk@lucintel.com

About Lucintel

At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times. For further information, visit www.lucintel.com

Contact:
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751

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