ROCKVILLE, Md., Feb. 21, 2022 (GLOBE NEWSWIRE) -- As per a revised report published by Fact.MR - a market research and competitive intelligence provider, the global micro motor market is expected to reach a market value of US$ 56.6 Bn by the end of 2031, and is likely proliferate at a CAGR of 4.5% over the coming ten years.
Adoption of new technologies such as automatic welding machines, robotic arms, and automatic wheelchairs has diversified the application of micro motors in various end-use industries. Moreover, the special features of micro motors make them ideal for use in modern electrical and electronic systems with limited space and power.
The global micro motor industry is consolidated at the top and fragmented at the bottom, due to small investments, less cost, and easy availability of skilled labour.
Newly-released micro motor market analysis shows that global demand enjoyed year-on-year (YoY) growth of 4.2% in 2021, to total a valuation of around US$ 36 Bn. Sales of DC micro motors displayed positive growth at 4.3% to total a market valuation of around US$ 27 Bn, while sales of AC micro motors were up 3.9% to reach US$ 8.6 Bn.
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Fact.MR, a market research and competitive intelligence provider scrutinizes the micro motor market. Historically, 2016 to 2020, global market valuation increased at 1.4% CAGR, wherein, the U.S., Germany, China, Japan, India, and South Korea hold significant revenue share in the global market.
With end users’ increasing worries about cost reduction in electronics equipment, demand for micro motors is expected to rise at a substantial CAGR of 4.5% over the next decade.
- Global automotive micro motor market is projected to reach US$ 56.6 Bn in terms of value by the end of 2031.
- APEJ is projected to create the highest absolute $ opportunity in terms of value - US$ 8 Bn.
- APEJ and North America contribute significantly to market growth and account for around 34.6% and 23% market share, respectively.
- Sales of DC micro motors likely to accelerate at the highest pace.
- Top 5 providers of micro motors held around 25% market share in 2020.
- While demand was adversely impacted by COVID-19, over the decade, long-term forecasts seems bright, especially from electronics and automotive industries.
Market Segments Covered in Micro Motor Industry Research
By Product Type
- DC Micro Motors
- AC Micro Motors
By Power Consumption
- Less than 12V Micro Motors
- 12V-48V Micro Motors
- More than 48V Micro Motors
By Application
- Micro Motors for Automotive
- Micro Motors for Medical Equipment Systems
- Micro Motors for Industry Automation
- Micro Motors for Agriculture Equipment System
- Micro Motors for Aircraft Systems
- Micro Motors for Construction & Mining Equipment Systems
- Micro Motors for 3D Printing
By Technology
- Brushed Micro Motors
- Brushless Micro Motors
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Regional Analysis of Micro Motor Market
Japan: Owing to technological advancements, Japan holds a notable value market share of around 4% on a global scale. Japan has several key players such as Nidec Corporation, Mitsuba Corporation, Mabuchi Motors, and few more, which are expected to uplift its growth line.
Germany: Germany is one the most prominent countries in Europe, and drew the market at 4.3% year on year growth in 2021. Germany captured a dominant market share in Europe of more than 40% in 2021.
U.K.: The U.K. is also expected to be one of the most lucrative regions in Europe, after Germany. The U.K. is presumed to corner around 24% share in the European market, and is estimated to be valued around US$ 3.4 Bn by 2031.
India: Several regional government policies towards the manufacturing sector in view of strengthening industrialization, demand for micro motors is surging in India. The market is forecast to register a healthy growth rate of around 5.5% CAGR over the assessment period.
U.S.: The U.S. is one of the prominent countries responsible for generating demand owing to mature end-use industries and infrastructural developments. The U.S. is expected to account for nearly 83% of the North American market by the end of 2031.
Key Takeaways from Market Study
- The global micro motor market is anticipated to offer an absolute dollar opportunity of US$ 20.5 Bn by 2031.
- Demand for DC micro motors is projected to increase at a CAGR of close to 5% over the next ten years.
- The automotive application segment is projected to gain 141 BPS and attain a market share of 27.5% by 2031.
- APEJ leads the global market accounting for over 1/3 revenue generation.
- China holds the highest market value of US$ 5.2 Bn in APEJ, and is expected to grow 1.7X by 2031.
- In MEA, Israel holds the lowest share and is foreseen to lose 59 BPS by 2031.
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Competitive Landscape
Moreover, prominent players seem to be most interested in acquisitions, collaborations, capacity expansion, and building global distribution and sales networks.
Some of the key developments are:
- In December 2020, ABB Ltd opened a new global R&D centre in Delft University’s technology campus, Netherlands, with an investment of US$ 10 Mn, to empower next-gen solutions for e-mobility.
- In February 2021, Nidec announced the acquiring of shares of Mitsubishi Heavy Industries Machine Tool Co., Ltd.
- In March 2021, The Maxon Group increased its presence in France. The company is investing EUR 10 million 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.
Key Companies Profiled
- ABB Ltd.
- NIDEC Corporation
- Mabuchi Motors
- Buhler Motors GmbH
- Maxon Motors AG
- CONSTAR Motor
- Johnson Electric Holdings Limited
- Mitsuba Corporation
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