Burlingame, March 21, 2024 (GLOBE NEWSWIRE) -- The Global Electric Motor Core Market in terms of revenue was estimated to be worth $ 30.23 billion in 2023 and is poised to reach $149.4 billion by 2030, growing at a CAGR of 11.4% from 2023 to 2030 according to a new report by Coherent Market Insights. The growth of the Electric Motor Core Market can be attributed to the increasing demand for electric vehicles globally. With the rise in environmental concerns and the need to reduce carbon emissions, governments around the world are promoting the adoption of electric vehicles, driving the demand for electric motor cores. Additionally, advancements in technology and increasing investments in research and development are further fueling the market growth.
Market Trends:
One key trend in the Electric Motor Core Market is the shift towards the production of lightweight and efficient electric motor cores. Manufacturers are focusing on developing cores that are lighter in weight and offer higher efficiency, in order to enhance the performance of electric vehicles. Another trend is the increasing use of rare earth materials in the production of electric motor cores. These materials are known for their high magnetic properties, making them ideal for use in electric motors, thereby driving the market growth.
Electric Motor Core Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2022 | $30.23 billion |
| Estimated Value by 2030 | $52.71 billion |
| Growth Rate | Poised to grow at a CAGR of 8.3% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material Type, By End-Use Industry, By Application, By Form, By Technology |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Environmental Concerns • Public Awareness and Pressure • Health and Safety Concerns • Circular Economy Agenda |
| Restraints & Challenges | • Material Properties and Performance Limitations • Cost of Materials • Intellectual Property and Material Formulations |
The Electric Motor Core Market is witnessing a surge in demand for electric motors with cores made from plastics. Plastics are dominating the material type segment due to their lightweight, durable, and cost-effective nature. Industries such as aerospace and defense, automotive, and consumer products are increasingly opting for electric motor cores made from plastics for enhanced performance and efficiency. With advancements in plastic technology and increased focus on environmental sustainability, the demand for plastic electric motor cores is expected to continue rising.
Another lucrative market opportunity lies in the aerospace and defense sector within the Electric Motor Core Market. This industry segment is dominating the end-use industry category due to the growing adoption of electric motor cores for various applications such as aircraft propulsion systems, navigation systems, and defense equipment. With increasing investments in aerospace and defense technology, the demand for advanced electric motor cores is on the rise. Manufacturers are focusing on developing lightweight and compact electric motor cores to cater to the specific requirements of the aerospace and defense industry.
Read complete market research report, " Electric Motor Core Market, By Material Type, By Motor Type, By End-use Industry, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Recent Developments:
In March 2022, ABB introduced a new line of ulta-premium energy-efficient IE5+ SynRM motors that are highly efficient.
In January 2021, Siemens unveiled their new 1FW4 range of permanent magnet-excited synchorous reluctance motors, which have an output of upto 375 kW and high efficiency (IE5+)
Key Market Takeaways:
The Electric Motor Core Market is anticipated to witness a CAGR of 8.3% during the forecast period 2023-2030, owing to the increasing adoption of electric vehicles and rising demand for energy-efficient motors in various industries.
On the basis of material type, plastics are expected to hold a dominant position in the market, driven by their lightweight, durable, and cost-effective properties.
In the end-use industry segment, aerospace and defense is set to dominate, fueled by the growing demand for electric motor cores in aircraft propulsion systems and defense equipment.
North America is projected to hold a significant share of the Electric Motor Core Market, attributed to the presence of key players and technological advancements in the region.
Key players operating in the Electric Motor Core Market include Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, and other leading companies. These key players are focusing on product innovation, strategic partnerships, and acquisitions to strengthen their market presence and expand their product offerings.
Detailed Segmentation:
By Material Type:
- Silicon Steel
- Cold-Rolled Lamination Steel
- Cobalt
- Aluminum
- Others
By Motor Type:
- AC Motors
- DC Motors
- Hermetic Motors
- Others
By End-use Industry:
- Automotive
- HVAC
- Industrial Machinery
- Aerospace & Transportation
- Household Appliances
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Browse through Coherent Market Insights Industrial Automation and Machinery Research Reports.
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