Market Estimation & Definition

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Electric Motor Market Size and Growth Trends: Global Industry Forecast (2024-2030)


Global Electric Motor Market Growth, Opportunities, and Segmentation Analysis
Global Electric Motor Market Expected to Reach $170 Billion by 2030, Growing at a Robust CAGR of 5.1% from 2024 to 2030

The global Electric Motor Market Size is poised to experience significant growth in the coming years, driven by advancements in industrial automation, the rapid adoption of electric vehicles, and the demand for energy-efficient technologies. The electric motor market, valued at approximately $106 billion in 2023, is expected to grow at a country email list compound annual growth rate (CAGR) of 5.1% during the forecast period from 2024 to 2030, reaching a market size of over $170 billion by 2030.

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An electric motor is a device that converts electrical energy into mechanical motion through the interaction of magnetic fields. Electric motors are used in a wide range of applications, including industrial machinery, transportation, home appliances, and renewable energy systems. The key drivers for the growth of the global electric motor market include the increasing demand for energy-efficient motors, the transition to electric vehicles (EVs), and the widespread adoption of automation technologies across industries.

The market is expected to expand due to several factors, including the growing emphasis on renewable energy solutions, particularly in wind and solar power generation, which rely heavily on electric motors. Additionally, electric vehicles, which use electric motors for propulsion, are gaining traction, further fueling demand for electric motors.