Micromotor sales will reach US$56.6 billion by 2031; Demand
ROCKVILLE, Md., Feb. 21 10, 2022 (GLOBE NEWSWIRE) — According to a revised report published by Fact.MR – a market research and competitive intelligence provider, the global micromotor market is expected to reach a market value of US$56.6 billion by the end of 2020. end of 2031, and will likely proliferate at a CAGR of 4.5% over the next ten years.
The adoption of new technologies such as automatic welding machines, robotic arms and automatic wheelchairs has diversified the application of micromotors in various end-use industries. In addition, the particular characteristics of micromotors make them ideal for use in modern electrical and electronic systems with limited space and power.
The global micromotor industry is consolidated at the top and fragmented at the bottom, due to small investments, lower costs and easy availability of skilled labor.
Recently released micro motor market analysis shows that global demand grew year-on-year (YoY) by 4.2% in 2021, to total a valuation of around US$36 billion. Sales of DC micromotors posted positive growth of 4.3% to total a market valuation of approximately US$27 billion, while AC micromotor sales increased 3.9% to US$8.6 billion.
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Fact.MR, a market research and competitive intelligence provider, scrutinizes the micromotor market. Historically, from 2016 to 2020, the global market valuation has increased by 1.4% CAGR, where the United States, Germany, China, Japan, India and South Korea hold a significant share of the income in the global market.
With growing end-user concerns about reducing electronic equipment costs, the demand for micromotors is expected to grow at a substantial CAGR of 4.5% over the next decade.
- The global automotive micromotors market is expected to reach US$56.6 billion in value by the end of 2031.
- APEJ is expected to create the highest absolute dollar opportunity in terms of value – US$8 billion.
- APEJ and North America contribute significantly to market growth and represent approximately 34.6% and 23% of market share respectively.
- Sales of DC micromotors are expected to accelerate at the highest rate.
- The top 5 micromotor vendors held around 25% market share in 2020.
- While demand has been impacted by COVID-19, over the decade, long-term forecasts look bright, especially for the electronics and automotive industries.
Market Segments Covered by Micromotors Industry Research
By product type
- DC micromotors
- AC micro motors
By power consumption
- Less than 12V Micro Motors
- 12V-48V micro motors
- Over 48V Micro Motors
- Automotive micromotors
- Micromotors for medical equipment systems
- Micromotors for industrial automation
- Micro motors for agricultural equipment system
- Micromotors for aeronautical systems
- Micromotors for construction and mining equipment systems
- Micromotors for 3D printing
- Brushed micro-motors
- Brushless micromotors
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Regional Analysis of the Micro Motor Market
Japan: Thanks to advancements in technology, Japan holds a notable market share of around 4% globally. Japan has several key players such as Nidec Corporation, Mitsuba Corporation, Mabuchi Motors, and a few others, which are expected to lift its growth line.
Germany: Germany is one of the largest countries in Europe and has attracted the market with an annual growth of 4.3% in 2021. Germany has captured a dominant market share in Europe of more than 40% in 2021.
UK: The UK is also expected to be one of the most lucrative regions in Europe, after Germany. The UK is assumed to hold around 24% market share in the European market and is estimated to be worth around $3.4 billion by 2031.
India: Several regional government policies towards the manufacturing sector with a view to boosting industrialization, the demand for micro motors is increasing in India. The market is expected to register a healthy growth rate of around 5.5% CAGR during the assessment period.
WE: The United States is one of the major countries responsible for generating demand due to the maturity of end-use industries and infrastructure development. The United States is expected to account for nearly 83% of the North American market by the end of 2031.
Key insights from market research
- The global micromotor market is expected to offer an absolute dollar opportunity of US$20.5 billion by 2031.
- The demand for DC micromotors is expected to grow at a CAGR of almost 5% over the next ten years.
- The automotive application segment is expected to gain 141 bps and reach a market share of 27.5% by 2031.
- APEJ is the global market leader representing more than a third of revenue generation.
- China holds the highest market value of US$5.2 billion in APEJ and is expected to grow 1.7 times by 2031.
- In the MEA, Israel holds the lowest share and is expected to lose 59 bps by 2031.
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Additionally, the tier-one players seem to be the most interested in acquisitions, collaborations, expanding capacity, and building global distribution and sales networks.
Some of the key developments are:
- In December 2020, ABB Ltd opened a new global R&D center at the technology campus of Delft University, the Netherlands, with an investment of US$10 million, to enable next-generation solutions for the e-mobility.
- In February 2021, Nidec announced the acquisition of shares of Mitsubishi Heavy Industries Machine Tool Co., Ltd.
- In March 2021, the Maxon group strengthened its presence in France. The company is investing 10 million euros in a new Innovation and Production Center in Beynost, near Lyon.
- In February 2021, Johnson Electric Holdings Limited announced a new series of low voltage DC motors for smart furniture applications.
Profiled Key Companies
- ABB Ltd.
- NIDEC Company
- Mabuchi Motors
- Bühler Motors GmbH
- Maxon Motors AG
- CONSTAR engine
- Johnson Electric Holdings Limited
- Mitsuba Company
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