Categories: Industry

Micromotor Market Expected To Reach $54.09 billion in 2028

Overview and Scope
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.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry Players
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.

The micromotor market report table of contents includes:

1. Executive Summary

2. Micromotor Market Characteristics

3. Micromotor Market Trends And Strategies

4. Micromotor Market – Macro Economic Scenario

5. Global Micromotor Market Size and Growth

…..

32. Global Micromotor Market Competitive Benchmarking

33. Global Micromotor Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Micromotor Market

35. Micromotor Market Future Outlook and Potential Analysis

36. Appendix