What Is The Scope Of The Global Motor Lamination Market?
Motor lamination refers to the process of stacking thin layers of electrical steel sheets (also known as laminations) to form the core of an electric motor. These laminations are coated or insulated to minimize energy loss caused by eddy currents and improve the efficiency of the motor by directing the magnetic flux generated by the coils towards the rotor or stator, depending on the motor type.
Motor Lamination Global Market Report 2024 provides data on the global motor lamination market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The motor lamination market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Motor Lamination Market Expected To Grow In Size And Annual Rates?
The motor lamination market has shown strong growth in recent years. It is expected to grow from $20.27 billion in 2023 to $21.60 billion in 2024 at a CAGR of 6.6%. This growth has been driven by the increasing demand for electric vehicles, global energy consumption regulations, the rise of automation in manufacturing processes, the expansion of wind and solar power projects, and greater use of electric motors. In the forecast period, the market will reach $27.99 billion by 2028, growing at a CAGR of 6.7%. The growth drivers include the continued expansion of the electric vehicle market, the development of new alloys and composites, greater emphasis on reducing carbon footprints, growing renewable energy installations, urbanization in developing countries, and higher investments in research and development. Key trends will involve the use of high-performance materials, smaller and lighter motor designs for better performance in automotive and portable applications, smart motors with IoT connectivity for real-time optimization, advanced manufacturing techniques, and a rise in demand for customized motor laminations.
What Main Forces Are Fueling Expansion In The Motor Lamination Market?
The motor lamination market is expected to benefit from the rising vehicle sales. Vehicle sales refer to transactions in which automobiles are transferred from sellers to buyers for payment. The increase in vehicle sales highlights the growing demand for efficient motor lamination solutions, especially with evolving regulatory standards and sustainability concerns. Motor lamination is essential for improving the efficiency and performance of electric motors in vehicles, which are crucial for functions like propulsion, steering, and auxiliary systems. For instance, according to the National Automobile Dealers Association, vehicle sales rose from 14.93 million units in 2021 to 15.8 million in 2022, with 15.46 million units sold in 2023, marking a 12.4% growth from 2022 to 2023. Therefore, the growth in vehicle sales is boosting the motor lamination market.
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What Are The Primary Segments In The Global Motor Lamination Market?
The motor lamination market covered in this report is segmented –
1) By Material Type: Cold Rolled Non-Oriented Steel, Cold Rolled Non-Grained Oriented Steel, Other Material Types
2) By Technology: Welding, Bonding, Stamping, Other Technologies
3) By Motor Type: Electric Water Pump Motor, Radiator Cooling Fan Motor, Electronic Throttle Valve Control Motor, Electronic Variable Gear Ratio Motor, Electronic Variable Valve Timing Motor, Variable Nozzle Turbo Motor, Adjustable Pedal Motor, Electric Power Steering Motor, Wiper Motor, Other Motor Types
4) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Trucks, Buses
5) By Application: Performance, Comfort, Safety
Which Key Trends Are Driving Changes In The Motor Lamination Market?
Companies in the motor lamination market are focusing on the development of innovative motor lamination products, such as waterborne core plate varnish and thinner coatings, to improve electric vehicle motor efficiency. Waterborne core plate varnish is an eco-friendly alternative to traditional solvent-based coatings. For example, in October 2021, Beckers Group, based in Germany, launched the BeckryCore Plate Varnish (CPV), designed to reduce energy consumption and improve magnetic properties by applying a thinner coating, thus enhancing electric motor efficiency.
What Is The Leading Region In The Motor Lamination Market?
Asia-Pacific was the largest region in the motor lamination market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the motor lamination market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
