The global electric motor market is expected to grow at a CAGR of 5.9% with its market size attaining a value of USD 145.3 billion by 2024. Electric motors are electro-automated procedures that perform operations on the basis of electromagnetic induction since they are extensively efficient and durable. Furthermore, these devices entail low maintenance, have high resolution for shifting voltages. The growth of electric motor market is attributed towards low cost of electric motors as compared to that of fossil-fuel engine as a result of which these systems are witnessing greater utilization in varied industry domains such as oil & gas and automotive domain.
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