What Is The Scope Of The Global Micromotor Market?
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.
Micromotor Global Market Report 2024 provides data on the global micromotor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The micromotor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Micromotor Sector?
The micromotor market has grown from $37.34 billion in 2023 to $40.17 billion in 2024, reflecting a CAGR of 7.6%. Historic growth has been attributed to increasing demand for energy-efficient solutions, advancements in aerospace technology, and growing adoption in healthcare and 3D printing. By 2028, the market is expected to reach $54.09 billion at a CAGR of 7.7%, driven by advancements in power tools and handheld devices, rising adoption in construction equipment, and the home appliances industry. Emerging trends include advancements in micromotor technologies, materials science, sensor integration, and power generation.
Which Factors Are Boosting Growth In The Micromotor Market?
The rising demand for electric vehicles (EVs) is stimulating the micromotor market. EVs, powered by electricity instead of traditional combustion engines, are becoming increasingly popular due to environmental concerns and advancements in EV technology. Micromotors, used in components such as power steering and window actuators, are integral to EV functionality. In Australia, EV sales surged by 269% in the first half of 2023 compared to the same period in 2022, according to the Electric Vehicle Council. This rising demand is bolstering the micromotor market.
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What Key Areas Define The Segmentation Of The Global 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
How Are Emerging Trends Reshaping The Dynamics Of The Micromotor Market?
Prominent players in the micromotor market are introducing innovative solutions like direct current (DC) motor platforms to enhance efficiency and versatility across various applications. These motors provide precise control and reliability for small-scale operations. For example, in August 2021, Johnson Electric, a Hong Kong-based motor manufacturer, launched the ECI-040 brushless DC motor platform. This product integrates seamlessly with customizable controller electronics, delivering high efficiency, reduced noise, and robust performance for applications such as smart furniture and coffee machines.
Which Region Has The Fastest Expansion In The Micromotor Market?
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.
