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Electric Car and Vehicle Growth to Spur Electric Motor Revenue to Nearly $3 Billion

Electric Car and Vehicle Growth to Spur Electric Motor Revenue to Nearly $3 BillionDriving the growth of the next multi-billion dollar industry, the increase in the manufacture and sales of electric cars and hybrid vehicles, is creating a higher demand for electric motors. The key element for electric and hybrid vehicles, the electric drive motor appears to have a bright future for revenue growth according to analysts from Navigant Research.

According to their report, worldwide sales of electric drive motors will grow from $965 million in 2013 to more than $2.8 billion by 2020. This is due to the increasingly important role of electric motors for both battery-powered vehicles and in electric/internal combustion hybrids.
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