North America Switched Reluctance Motors Market Exhibiting Robust Growth By 2022-2032

The global switched reluctance motors market is expected to surpass a valuation of nearly US$ 950 Mn by 2032, exhibiting a robust CAGR of 6.28% during the forecast period (2022-2032). Switched reluctance motors are increasingly being used in electric vehicles, fuel pumps, electric power steering, vacuum blowers, and other applications, which is driving global demand.

North America has the largest share of the global switched reluctance motors market and is expected to maintain its dominance over the forecast period, owing to rising adoption of advanced technologies, a rapid shift toward electric vehicles, and rising demand for highly efficient and reliable motors across a wide range of applications.

Sales of switched reluctance motors are increasing in the United States, owing to increased adoption of electric vehicles, the availability of advanced switched reluctance motors, and the heavy presence of electric car manufacturing giants such as Tesla.

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Switched reluctance motors are suitable for use in nuclear reactors and mines because they perform well even in harsh environments. During the forecast period, as these industries grow, so will sales of switched reluctance motors.

Leading manufacturers of switched reluctance motors are constantly innovating to improve the features of switched reluctance motors. They are receiving significant investments from a variety of investors in order to develop next-generation switched reluctance motors for the electric motor market.

Thanks to their simple design, higher energy efficiency, and robustness, switched reluctance motors have gained huge traction across automotive industry where they are used in electric and hybrid vehicles.

Factors such as growing concerns regarding high emission levels of vehicles and implementation of stringent carbon emission levels have prompted both manufacturers and consumers to switch over to electric and hybrid cars.

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According to the International Energy Association (IEA), over 10 Mn electric cars were on the world’s roads in 2020 and this number is further expected to surge in future. As switched reluctance motors are being extensively used in these electric vehicles, rise in their sales will eventually spur the growth in switched reluctance motors market.

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