As industrial automation helps to perform heavy tasks with high speed and more efficiency, various industries are adopting automated machinery. This increasing industrial automation worldwide is one of the major factors fueling the growth of the market. Also, the growing demand for electric vehicles is raising the demand for electric motors. According to the IEA, in 2022, electric car sales exceeded 10 million, up 55% relative to 2021. In 2022, BEV sales in China increased by 60% relative to 2021 to reach 4.4 million, and PHEV sales nearly tripled to 1.5 million.