The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 12, 2023 /PRNewswire/ -- As per The Business Research Company's Electric Motor And Generator Global Market Report 2023, the rising demand for electric vehicles (EVs) is expected to propel the growth of the electric motor and generator market in the forecast period. Electric motors serve as the primary propulsion system in EVs, converting electrical energy into mechanical energy to drive the wheels. Additionally, generators play a crucial role in EVs by enabling regenerative braking and serving as range extenders in hybrid vehicles. For example, in 2022, the World Economic Forum reported that in the first half of 2022, almost 4.3 million battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally. Therefore, the rising demand for electric vehicles will drive the electric motor and generator motor market.
The rising demand for EV's along with other factors will drive the global electric motor and generator market size to grow from $124.9 billion in 2022 to $132.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The global electric motor and generator market size is then expected to grow to $159.8 billion in 2027 at a CAGR of more than 4%.
Learn More On The Electric Motor And Generator Market Report – https://www.thebusinessresearchcompany.com/report/electric-motor-and-generator-global-market-report
Product innovations are a key trend in the electric motor and generator market. Major companies in the electric motor and generator market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in May 2022, Honeywell, a US-based equipment manufacturing company, completed the first round of testing of its 1-megawatt generator system, a new power source designed to serve hybrid-electric aircraft. This system is the first aerospace-grade electric machine that can be used as a 1-megawatt motor without modifications. Its compact size, fuel savings, and low system weight translate into sustainable and operational benefits for hybrid-electric propulsion and other applications such as turbogenerator systems and mobile charging stations.
Companies operating in the electric motor and generator market are entering into strategic partnerships and collaborations to expand their offerings and leverage the resources for diversifying in new markets. For example, in April 2023, Exro Technologies Inc., a Canada-based clean technology company which develops new generation power control electronics, partnered with Wolong Electric Group Ltd, a China-based manufacturer of electric motors and drive control solutions. The strategic partnership aims to utilize Wolong's design, manufacturing, and supply capabilities and Exro's Coil DriverTM technology to create next-generation electric vehicle powertrain solutions for electric commercial vehicles and off-highway applications.
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The global electric motor and generator market is segmented -
1) By Type: Motor Manufacturing, Generator Manufacturing
2) By End-User: Industrial, Commercial, Residential
3) By Application: Automobile, Maritime, Power Generation
According to the electric motor and generator market analysis, the top opportunities in the electric motor and generator market segmented by type will arise in the electric motor segment, which will gain $19.9 billion of global annual sales by 2027.
View More Similar Market Reports:
Electric Motors Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/electric-motors-global-market-report
Motor Vehicle Electrical And Electronic Equipment Global Market Report 2023
Power Generators Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/power-generators-global-market-report
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