What is the current market size and future outlook for the micromotor market?
The micromotor market size has grown strongly in recent years. It will grow from $40.17 billion in 2024 to $43.33 billion in 2025 at a compound annual growth rate (CAGR) of 7.9%. 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 $58.16 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. 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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What are the key drivers behind the rapid expansion of the micromotor market?
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.
What is the segmentation for the micromotor market?
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
Subsegments:
1) By Alternating Current (AC) Motor: Single-Phase AC Micromotor, Three-Phase AC Micromotor, Synchronous AC Micromotor, Induction AC Micromotor, Universal AC Micromotor, Brushless AC Micromotor, Linear AC Micromotor, Variable Frequency Drive (VFD) AC Micromotor, Compact AC Micromotor
2) By Direct Current (DC) Motor: Brushed DC Micromotor, Brushless DC Micromotor, Coreless DC Micromotor, Permanent Magnet DC Micromotor, Stepper DC Micromotor, Precision DC Micromotor, High-Speed DC Micromotor, Low-Voltage DC Micromotor, High Torque DC Micromotor, Micro DC Motors With Encoders, Gear DC Micromotors
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Who are the most influential companies in the micromotor market?
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.
What are the most influential trends expected to drive the micromotor market forward?
Major companies operating in the micromotor market are focusing on developing technologically advanced solutions, such as Micro-Motor Watch to address several critical industry demands. Micro-Motor Watch refers to a type of wristwatch that uses a miniature motor to power various functions, including precise movement of the watch hands and additional features such as chronographs or alarms. For instance, in August 2024, Titan, a Indian-based consumer lifestyle company, launched the Fastrack GAMBIT, marking its first-ever collection of micro-motor watches. This innovative range is designed to cater to the younger demographic, offering a blend of style and technology. The GAMBIT collection features a variety of designs that incorporate advanced micro-motor technology, allowing for precise timekeeping in a sleek and modern format. This launch aligns with Titan’s strategy to enhance its Fastrack brand, appealing to trend-conscious consumers who value both aesthetics and functionality in their accessories.
What are the major regional insights for the micromotor market, and which region holds the top position?
North America was the largest region in the micromotor market in 2024. 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.
What Does The Micromotor Market Report 2025 Offer?
The micromotor market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A micromotor refers to a type of electric motor that is very small in size, often designed to be miniature or micro-sized, typically with dimensions in the millimeter or sub-millimeter range. These motors are commonly used in various applications where small size, high efficiency, and precision are important.
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