The global precision electric motor market is to grow at a CAGR of 7.0% and reach USD 181.89 Billion during the forecast period of 2023-2030. The market was valued at USD 106.45 Billion in 2022.

Precision Electric Motors Market Overview

A Precision Electric Motors is a device that powers devices by converting electrical energy into mechanical energy. Such motors function along electromagnetism and are considered highly durable, energy efficient and low maintenance. The Precision Electric Motors market finds strong growth globally owing to its wide use in various household appliances, industrial equipment, and even motor vehicles. Escalation in the rate of industrial activity and the latest upswing in the electric vehicles market will be driving major growth in the Precision Electric Motors market worldwide.

The Precision Electric Motors Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Precision Electric Motors market.

Some of the key players profiled in the study are:

Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries which are functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by key players: Siemens, Ametek Incorporation, ARC Systems Incorporation, Asmo Corporation, Yaskawa Electric, Allied Motion Technologies, Brook Crompton UK, Rockwell Automation, Franklin Electric, Johnson Electric, ABB ltd., Faulhaber Group, Maxon Motor AG, Hansen Corporation, ASPINA Europe, Agent Group (Pty) Ltd, Maxon Motor SEA, Elinco JPC, and others.

Industry Development:

• December 2020 - Tata Motors Ltd delivered 26 electric buses to Brihanmumbai Electric Supply and Transport (BEST), which runs a fleet of buses for commuters in Mumbai, India. The buses were delivered as a part of a huge order consisting of 340 electric buses under the government’s FAME II initiative.

What are the major Applications, Types, and Regions for the Precision Electric Motors Market?

On the Basis of Type:

• AC Motor
• DC Motor

On the Basis of Application:

• Industrial Machinery
• Automotive
• Defense & Aerospace
• Household Appliances
• Healthcare
• Others

Precision Electric Motors Market Regional Insights:

Asia Pacific – The region is projected to hold the highest position in the market during the forecast period, at USD 37.77 billion in 2020. This is due to the rapid urbanization of the country which has increased the demand for precision power in India and China.
Europe – The market in this region is expected to witness significant growth between 2021 and 2028, driven by rising demand for precision electric vehicles, which will propel the adoption of advanced precision electric motors in the region.

Geographically, the global Precision Electric Motors market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, Middle East, and India. The global region is dominating this market in the upcoming future.

Precision Electric Motors Market Report Scope:

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