North America Electric Motor Market to reach US$ 40.4 Bn by 2031.  Demand in the China Electric Motor Market is expected to rise at nearly 5.5% CAGR over the forecast period. The industrial sector is expected to dominate the market over the forecast period, generating revenue of US$ 72.3 Bn by 2031 due to rising focus on automation and digitalization.

NEWARK, Del. , Aug. 12, 2022 /PRNewswire/ -- The electric motor market is expected to create a stupendous growth opportunity, exhibiting year-on-year (YoY) growth of 4.2% in 2021 to total 1.2 billion units. According to the FMI analysis, demand in the DC motors segment will grow by 2.2% to 339 million units in 2021, while the AC Motors segment was up 5.1% to 837 million units.

The global electric motor market is anticipated to rise at a stable CAGR of 5.6% between 2021 and 2031 in comparison to the above 3.8% CAGR registered during 2016-2020. The surging focus on research and development in industrial focus is gaining investments that are driving the market growth in the global sphere.

As per the estimations of the Energy Association, 40% of the total energy consumed in industries is utilized to drive electric motors. At the same time, emphasis on promoting the use of high-efficiency motors is also gaining traction.

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General Electric, Robert Bosch GmbH, Hitachi, Ltd., Nidec Corporation, WEG S.A., Siemens AG, ABB Group, Regal Beloit Corporation, Toshiba Corporation, Johnson Electric, Hyosung Corporation, Schneider Electric SE, Bonfiglioli Riduttori S.p.A., Kirloskar Electric Company Ltd., Allied Motion Technologies Inc., East West Manufacturing, LLC, Hyundai Electric Co. Ltd. are some of the key companies profiled in the full version of the report.

Companies operating in Electric Motor Market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity and address the demand of an expanding consumer pool. Manufacturers are also focusing on the expansion of their product portfolio to maintain a high customer base across the globe.

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More Insights into Electric Motor Market

Electric Motor Market by Category

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    3.1. Key Trends Impacting the Market

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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