The micromotor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Micromotor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The micromotor market size has grown strongly in recent years. It will grow from $37.34 billion in 2023 to $40.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to the growing demand for energy efficiency, demand in the healthcare sector, advancements in aerospace technology, growing demand for 3d printing, and increased adoption in aerospace and defense.
The micromotor market size is expected to see strong growth in the next few years. It will grow to $54.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to advancements in power tools and handheld devices, the rise of collaborative robots, increasing adoption in construction equipment, advancements in energy storage systems, and growing demand for the home appliances industry. Major trends in the forecast period include advancements in micromotor technologies, advancements in materials science, integration of sensors and controls, advancements in power generation, and demand for automotive parts.
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Scope Of Micromotor Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Micromotor Market Overview
Market Drivers –
Rising demand for electric vehicles is expected to propel the growth of the micromotor market going forward. Electric vehicles refer to automobiles that are powered either entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. The demand for electric vehicles is rising due to increasing environmental awareness and advancements in EV technology, making them more efficient and affordable. Electric vehicles use micromotors for various applications such as power steering, window actuators, and cooling systems due to their compact size, efficiency, and precise control capabilities. For instance, in July 2023, according to the Electric Vehicle Council, an Australia-based national body for the electric vehicle industry, electric vehicle (EV) sales in Australia surged in the first half of 2023, surpassing the total sales for the entire year of 2022. By the end of June 2023, 46,624 EVs had been sold, marking a remarkable 269% increase compared to the same period in 2022. This growth has elevated EVs to 8.4% of all new car sales in Australia, a significant 120.5% rise from the previous year’s total. Therefore, the rising demand for electric vehicles is driving the growth of the micromotor market.
Market Trends –
Major companies operating in the micromotor market are focused on developing innovative solutions, such as direct current (DC) motor platforms, to improve efficiency, performance, and versatility across various applications. Direct current (DC) motor platforms in micromotors refer to miniature electric motors that operate on continuous current, commonly used in small-scale applications for precise control and efficiency. For instance, in August 2021, Johnson Electric, a Hong Kong-based electric motor provider company, launched the ECI-040 brushless direct current (DC) motor platform, which is designed for seamless integration and accepts direct mains AC power through its controller. These electronically commutated motors offer superior controllability, enhanced reliability, increased efficiency, and reduced noise levels. They deliver robust and consistent torque output, making them ideal for various applications such as window shutters, smart furniture, and coffee machines. These motors are available either as standalone units or can be combined with customizable controller electronics.
The micromotor market covered in this report is segmented –
1) By Type: Alternating Current (AC) Motor, Direct Current (DC) Motor
2) By Technology: Brushed, Brushless
3) By Price Range: Low-Cost Micro Motors, Premium Micro Motors
4) By Application: Automotive, Medical Equipment System, Industrial Automation, Aircraft Systems, Construction And Mining, Agriculture Equipment System, 3-Dimensional Printer System
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Regional Insights –
North America was the largest region in the micromotor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the micromotor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the micromotor market are Hitachi Ltd, Siemens AG, ABB Ltd, Nidec Corporation, Johnson Electric Holdings Limited, Mitsuba Corporation, Mabuchi Motor Co Ltd, C.I. TAKIRON Corporation, Maxon Motor Ag, Vybronics Inc., Faulhaber Drive System Technology Co Ltd, Allied Motion Technologies Inc, Portescap, TECO Westinghouse, Orbray Co. Ltd., Shenzhen Zhaowei Machinery & Electronic Co. Ltd., Constar Micromotor Co. Ltd, Ineed Technologies, Pelonis Technologies Inc., Micro Motors SRL, Risun Expanse Corp.
Table of Contents
1. Executive Summary
2. Micromotor Market Report Structure
3. Micromotor Market Trends And Strategies
4. Micromotor Market – Macro Economic Scenario
5. Micromotor Market Size And Growth
…..
27. Micromotor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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