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The global electric motor market size is expected to gain momentum by reaching USD 181.89 billion by 2028. Fortune Business Insights in its latest report, titled, “Electric Motor Market Size, Share & COVID-19 Impact Analysis, By Motor Type (AC Motor, DC Motor, Hermetic Motor), By Power Output (Fractional Horsepower (Up to 1HP), Integral Horsepower (Above 1HP)), By Voltage (Up to 1kV, 1kV - 6.6kV, Above 6.6kV), By Application (Industrial Machinery, Motor Vehicles, HVAC Equipment, Electrical Appliances, Others), By End-User (Industrial, Commercial, Residential, Agriculture, Transportation) and Regional Forecast, 2021-2028.” The report further observes that the market stood at USD 106.45 billion in 2020 and is likely to exhibit a CAGR of 7.0% between 2021 and 2028. This is attributable to the increasing demand for electric vehicles worldwide that is projected to boost the adoption of electric type motors in the forthcoming years.
Dana Incorporated’s New Electric Motor Highly Efficient for Electric-Powered Applications
In July 2020, Dana Incorporated announced the launch of a low-voltage and efficient motor for electric applications and drive axles for industrial lift trucks consisting of Class I, IV, and V. According to the company, the new motor is 95% efficient and prolongs battery life while delivering higher power density than the traditional AC motors primarily used in such applications. Moreover, the new motor addresses the vital issues of manufacturers such as power, performance, NVH requirements, and torque. Such initiatives are expected to bode well for the growth of the market in the forthcoming years.
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Increasing Demand for Electric Vehicles to Augment Growth
According to a survey conducted by the Union of Concerned Scientists (UCS) in 2019, around 63% of people in the U.S. showed interest in an electric vehicle. The electric vehicles have garnered interest since years and with degrading air quality due to vehicular emissions the demand has surged dramatically presently. Therefore, the surging demand for electric vehicles is expected to contribute to the global electric motor market growth in the forthcoming years.
Key Players Focus on Product Launch to Strengthen Their Market Positions
The global market is witnessing healthy competition between key companies that are focusing on developing and introducing advanced electric motors to expand their product portfolio and further maintain their presence. Moreover, other key players are leveraging the opportunities provided by the market by adopting several organic and inorganic strategies to strengthen their footprint during the forecast period.
List of the Companies Profiled in the Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Motor Type
By Power Output