The Electric Motor Core Market is estimated to be valued at US$ 18.97 Billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric motor cores are essential components of electric motors that generate torque through interaction with an external electric current. Key functions of the electric motor core include efficiently conducting magnetic flux and reducing energy losses. Electric motor cores are commonly used across industries such as industrial machinery, HVAC equipment, electric vehicles, consumer appliances and others.
Key Takeaways
The electric motor core market is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing adoption of electric vehicles. Growing concerns regarding environmental pollution and depletion of fossil fuels are driving the electric vehicles market. This in turn aids the demand for electric motor cores used in electric vehicles.
Regional analysis: North America dominates the global electric motor core market, accounting for around 35% of the global demand in 2023. Presence of leading automotive companies and growing investments in electric vehicles production in the US and Canada boost the market in the region. The Asia Pacific electric motor core market is expected to witness fastest growth owing to rising sales of electric vehicles in China, Japan and South Korea.
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