Rockville , Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global electrical coil winding market is projected to reach US$1,033.2 million in 2024, expanding at an 8.8% CAGR. The market is estimated to reach US$ 2,401.4 million by 2034. A combination of factors drives electrical coil winding's growth, creating an overall dynamic market. Increasing demand for electric vehicles (EVs) is one of the major motors behind this market.
With the paradigm shift toward electrification in today's automotive industry, efficient and precisely-wound coils for electric motors are increasingly important. The high level of demand indicates that the market is playing a crucial role in enabling global transportation to switch towards cleaner, more sustainable means.
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The market is not limited to the automotive industry. It encompasses various fields, including telecommunications, aerospace, consumer electronics, and renewable energy resources. However, in the telecommunications industry, electrical coils are standard components of a number of devices and systems essential to running communications networks. Moreover, the desire to design lightweight coils for avionics and aircraft systems brings an even greater demand among aerospace powers for advanced winding technologies.
In addition, the market is closely tied to that of renewable energy. With the world moving towards cleaner, greener energy sources, demand for coils in generators and transformers used in wind turbines or solar power continues to increase. This highlights how the market mechanisms facilitate this global transition to sustainable energy sources.
Competition in electrical coil winding has become competitive through innovation, product variation, and adaptation to sector needs. The established players pour resources into research & development to keep improving winding techniques, raise production efficiency, and come up with the latest quality demands. In addition to method one, market leaders investigate strategic alliances or mergers and acquisitions.
Key Takeaways from Market Study
- The global electrical coil winding market is projected to expand at a CAGR of 8.8% through 2034.
- The North America electrical coil winding market is expected to grow at a remarkable CAGR of 9% through 2034.
- The electrical coil winding industry in the United States holds a dominant share of 72.4% in 2024.
- The United States dominates the global market, valued at US$ 213.9 million in 2024.
- The electrical coil winding industry in China is expected to rise at a CAGR of 9% through 2034.
- Based on the application, automotive holds a 16.8% market share in 2024.
- The helical winding segment dominates the winding type with a 37.9% share in 2024.
“This increase in demand spurs the development of the electrical coil winding market and affirms its importance supporting larger trends toward cleaner and more sustainable forms of transportation,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Stonite Coil Corporation
- Classic Coil Company Inc.
- APW Company
- Miles Platts Limited
- R Baker (Electrical) Ltd.
- National Electric Coil Inc.
- Selco Co. Ltd.
- Quartzelec Ltd.
- Sag Harbor Industries Inc.
- IK Electric Co. Ltd.
- North Devon Electronics
Competitive Analysis
The market features intense competition among companies striving for technological leadership. Key elements influencing competition include innovation, product diversity, and adherence to industry standards.
Established players often invest in research and development, while mergers and partnerships are common strategies for market expansion. Customized solutions for varied applications and adaptability to industry trends further shape the competitive landscape in this dynamic market.
Product Portfolio of the Electrical Coil Winding Market
| Key Player | Product | Key Insight |
| APW Company | VARNISH DIPPED COILS |
|
| Whitelegg | 3E Armature Winding Machine |
|
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Country-wise Insights
With a phenomenal CAGR of 9% through 2034, the North American electrical coil winding market is expected to rise at an extraordinary rate. The main cause of the increase is thought to be the rising market demand in important nations like the US and Canada.
With a projected 72.4% market share in 2024, the US led the business.
In the meantime, significant growth is expected in the East Asian electrical coil winding market, which is projected to reach an 8.9% CAGR in 2024. China is gaining prominence in the business in East Asia and is expected to hold a substantial 56.9% market share by 2024.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the electrical coil windings market for 2019 to 2023 and forecast statistics for 2024 to 2034.
Electrical coil winding market By Winding Type (Wild/ Jumble Winding, Orthocyclic Winding, Helical Winding), By Application (Power Transmission & Distribution, Industrial, Automotive, Electronics & Communication, Medical Catheters, Other Electrical), By Region- Global Market Report (2024 to 2034)
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About Fact.MR:
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