Precision Motor Market Size

Precision Motor Market size was valued at USD 61.48 billion in 2023 and is expected to reach USD 149.97 billion by 2036, expanding at around 7.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of precision motor is evaluated at USD 64.97 billion. The growth of the market can be attributed to the increasing sales of vehicles worldwide, rising adoption of electric vehicles, and the increasing use of precision motors in healthcare, aerospace and defense industries. According to the statistics by the International Energy Agency (IEA), the global battery electric vehicle stock in the year 2019 touched 4.79 Million, up from 0.72 Million in 2015. The automotive industry is moving towards electric mobility, backed by the rising awareness for the environment and the increasing favorable initiatives of the government of nations worldwide. Precision motors are used massively in different components of an electric vehicle, including wheels, radiator fans, water pumps, and others. These motors are also used widely in different healthcare equipment. Growing advancements in the healthcare industry, and the surge in advancements in medical equipment are also anticipated to act as a major factor for the growth of the global precision motor market during the forecast period.