Micro Motor Market to Reach $56.06 Bn, Globally, by 2030 at 4.1% CAGR: Allied Market Research
Utilization of micro motor in various industry verticals and minimal maintenance cost of motors drive the growth of the micro motor market.
PORTLAND, Ore., Aug. 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Micro Motor Market by Type (AC and DC), Technology (Brushed Motor and Brushless Motor), Power Consumption (Less Than 10V, 10V-20V, and More Than 20V), and Application (Industrial, Automotive & Aerospace, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global micro motor industry generated $36.47 billion in 2020, and is estimated to generate $56.06 billion by 2030, witnessing a CAGR of 4.1% from 2021 to 2030.
Prime determinants of growth
Utilization of micro motor in various industry verticals and minimal maintenance cost of motors drive the growth of the micro motor market. However, slow-down in the automotive industry and high initial capital investment hamper the growth to certain extent. Nevertheless, increase in demand for micro motor from robotics and automated robot technologies is expected to provide lucrative opportunities for the growth of the micro motor market.
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Covid-19 Scenario
- The outbreak of covid-19 negatively impacted the market. The manufacturing facilities were suspended during lockdown. Also, the restrictions disrupted the supply chain.
- The declined demand from the end-using industries including automotive and agriculture further affected the market.
- Nevertheless, the government bodies have issued relaxations across the globe, and the market is, therefore, expected to recoup soon.
The AC segment to maintain its leadership status throughout the forecast period
Based on type, the AC segment held the highest market share in 2020, accounting for more than three-fourths of the global micro motor market, and is estimated to maintain its leadership status throughout the forecast period. In addition, the segment is also projected to manifest the highest CAGR of 4.3% from 2021 to 2030. The fact that they offer better efficiency over induction motors, and are used in applications operating at constant speed drive the growth of the segment. In addition, increase in adoption of synchronous motors owing to its availability in small sizes, and low prices of permanent magnets further contribute toward the growth of the segment.
The brushed motor segment to maintain its lead position during the forecast period
Based on technology, the brushed motor segment accounted for the largest share in 2020, contributing to more than half of the global micro motor market, and is projected to maintain its lead position during the forecast period. Furthermore, the segment is also expected to cite the largest CAGR of 4.3% from 2021 to 2030. Benefits associated with brushed DC motor such as simple design, cost effective, low maintenance, low noise level, and high torque speed, fuels the growth of the micro motor market.
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Asia-Pacific, followed by North America to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global micro motor market, and is expected to maintain its dominance by 2030. The region, furthermore, is also projected to manifest the fastest CAGR of 4.5% during the forecast period. Micro motors are widely used in fans, pumps, compressors, wheel rotors, hand tools, battery power tools, and agricultural applications in Asian Countries. Also, the presence of numerous tool manufacturers for automotive industries in Japan and China further boost the growth of the market.
Leading Market Players
- Arc Systems Inc
- ABB Group
- Mitsuba Corporation
- Constar Micromotor Co Ltd
- Siemens AG.
- Mabuchi Motor Co Ltd
- Nidec Corporation
- Buhler Motor GmbH
- Johnson Electric Holdings Limited
- Maxon Motor AG
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