Global Electric Motor Market Size is worth over USD 120 Bn in 2022. Will Global Electric Motor Market follow up on this growth trajectory? : Ken Research
1. Most Dominant Region for Electric Motors
Trends and Developments in Global Electric Motor Market
Asia-Pacific is the most excellent location for the electric motors industry and is likely to continue its dominance in the next years on account of significant expansion in the industrial sector. The region is experiencing steady growth in sectors like the automotive, chemical, fertiliser, and petrochemical industries, which is anticipated to present enormous growth opportunities for the global electric motor players.
China has played a significant role in advancing the global manufacturing industry. The nation leads the world in the production of steel, chemicals, electricity, and cement. It is also a major participant in the petrochemical and refining sectors. There are a lot of new industrial projects waiting to be added to the nation’s portfolio of industries.
Recent mergers and Acquisitions
In May 2021, MAHLE, the German automotive components maker, released a new magnet-free electric motor for commercial vehicles. The product is very efficient and has numerous other benefits in terms of cost, resource security, and environmental friendliness by eliminating the usage of rare earth elements.
Volkswagen unveiled a fresh plan in March 2022 to build an EV manufacturing facility in Wolfsburg, Germany. The company has taken the investment decision for the plant with the earmarked amount of EUR 2 billion for the project. The building of the facility will commence in 2023, and the estimated completion year is 2026.
Checkout: Major Players in Global Electric Motor Market
3. Soaring oil prices may fuel EV sale
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The oil and gas industry uses electric motors extensively. The demand for electric motors will also increase when the price of crude oil and natural gas rises. For example, the price of a barrel of crude oil increased from USD 66 in December 2021 to about USD 107.5 in May 2021.
The invasion of Ukraine by Russia has also altered Europe’s energy future because the EU wants to lessen its reliance on Russian energy, which will result in new oil and gas projects around the world that will directly support the demand for electric motors.
Major Players Mentioned in the Report:
- ABB Ltd.
- AMETEK, Inc.
- Siemens AG
- Toshiba Corp
- Johnson Electric Holdings Ltd.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:
- IT Companies
- Tech Giants
- Government Bodies
- Home Décor Brands
- Retail Chains
- Smart Device Wholesalers
- Investors
Time Period Captured in the Report:
- Historical Year: 2017-2022
- Base Year: 2022
- Forecast Period: 2022– 2027
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