During the forecast period 2022-2032, the micro motor market is expected to grow at a value of 5.1% CAGR, according to Fact.MR. By the year 2032, the global market for deodorants and antiperspirants is expected to rise to a market valuation of US$ 58 Bn. One of the primary factors expected to fuel the development of the micro motor market is the advent of industry 4.0. This is most visible in the medical industry, which is promoting the use of robots to raise the bar for traditional medical service standards. Laboratories can automate operational operations for quickly and precisely assessing large quantities of samples using low-cost alternatives such as micro motors. Manufacturers strive to create cutting-edge micro motors with dynamism and high precision due to their application in disciplines such as medicine, molecular biology, and chemical testing labs.
The electronics industry has seen exponential expansion, which is expected to continue for the next ten years. The thriving electronics industry is a good sign for future sales due to the large range of applications for micro motors. The use of micro motors in numerous electrical goods is expected to increase demand over the next 10 years. Furthermore, because they consume less power, they are typically selected by electrical equipment manufacturers. However, micro motors have a limited lifespan due to their detrimental impact on reliability, necessitating more frequent replacement.
Consumers may switch to well-known alternative goods as a result of repetitive motor replacement in various electronics and other equipment, thus lowering the market’s annual sales growth rate throughout the forecast period. The United States is one of the key nations responsible for producing demand due to its sophisticated end-use sectors and infrastructure. Drones will be used in the US air force and other defensive systems, increasing the demand for micro motors in the region. On the other hand, China provides labor at a cheaper cost than the bulk of industrialized countries, with a mix of affordability and ease of procuring raw materials. As a result, China is rated first among major players globally. Micromotor consumption looks to be increasing as well, owing to growing demand from end-use industries in China.
Key Takeaways from the Market Study
- In 2022, the global micro motor market is estimated to have a global market size of US$ 36 Bn.
- In 2022, the brushless by product type is expected to occupy a 65% market share and is expected to dominate the global market during 2022-2032.
- The automotive segment is projected to hold a global market share of 40% in 2022.
- The US is predicted to acquire 45% of the global market share in 2022 and grow with a 5.1% CAGR during 2022-2032.
- The Chinese region is forecast to have a CAGR of 5.2% over the projection period of 2022- 2032.
- “The micro motor industry is expected to expand rapidly due to its numerous benefits in industries such as automotive and industrial aerospace. The growth is also due to a rise in urban population and increased customer awareness of ecologically friendly items.” comments a Fact.MR analyst.
Competitive Landscape
In 2021, Nidec announced the purchase of shares in Mitsubishi Heavy Industries Machine Tool Co., Ltd. The acquisition of the machine tool sector complements Nidec’s core companies and strategy. Nidec has been actively involved in the manufacturing, sales, and servicing of reduction gearboxes and pressing machines through its affiliate, Nidec-Shimpo Corporation.
In 2021, the Maxon Group expanded its presence in France. The company is investing EUR 10 million in an Innovation and Production Center in Beynost, near Lyon. Maxon France seeks to do this by expanding the international use of French expertise in mechatronics for drive systems.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global micro motor market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on micro motor market analysis by product type (dc micro motor, ac micro motor), power consumption (less than 12v, 12v-48v, and more than 48v), technology (brushed micro motor, brushless micro motor), by application (automotive, medical equipment systems, industrial automation, agriculture equipment system, aircraft systems, construction & mining equipment systems, 3D printing), and by region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
These insights are based on a report on Micro Motor Market by Fact.MR.
