Westford USA, April 12, 2023 (GLOBE NEWSWIRE) -- According to a recent report by SkyQuest, the Micro Motor market is poised to achieve a value of USD 61.27 billion by 2030 with a CAGR of 5.21% during the forecast period (2022-2030). The market is being driven by factors such as the rising demand from the automotive sector, the increasing adoption of automation in various industries, the growth in the consumer electronics industry, the growing use of medical devices, and technological advancements. SkyQuest's report further highlights that the global micro motor market for consumer electronics was valued at $6.28 billion in 2020 and is expected to grow at a CAGR of 4.9% from 2021 to 2026.
The research findings reveal that the healthcare industry's global micromotor market is expected to grow at a CAGR of 5.5% from 2020 to 2027 due to the increasing use of medical devices. The report also states that the growing prevalence of chronic diseases is driving the demand for medical micromotors, the expanding geriatric population, and advancements in medical technology. Furthermore, using micromotors in surgical robots is anticipated to contribute to the growth of the medical micromotor market.
Browse in-depth TOC on "Micro Motor Market"
- Pages - 242
- Tables - 117
- Figures - 72
Micro motors are critical components utilized in diverse sectors such as the automotive, healthcare, consumer electronics, and aerospace industries. They offer accurate and efficient motion in confined spaces, making them ideal for applications requiring precision and small size. The demand for micro motors has surged due to the growing use of automation, robotics, and electric vehicles. They are also crucial in developing medical devices and surgical robots, making them indispensable in the healthcare sector.
Prominent Players in Micro Motor Market
- Johnson Electric Holdings Limited
- Nidec Corporation
- Mitsuba Corporation
- Mabuchi Motor Co., Ltd.
- Asmo Co., Ltd.
- Bühler Motor GmbH
- Abb Ltd.
- Maxon Motor AG
- WEG SA
- Portescap
- MinebeaMitsumi Inc.
- Allied Motion Technologies Inc.
- Faulhaber Group
- Shinano Kenshi Co., Ltd.
- Constar Micromotor Co., Ltd.
- Denso Corporation
- Telco Intercontinental Corp.
- Mahle GmbH
- TDK-Micronas GmbH
- Allied Nippon Limited
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Automotive Segment to Drive Higher Sales due to the Increasing Adoption of Electric Vehicles, Which Require Micromotors for Various Applications
The rapid development of the Micro Motor market in 2021 was primarily contributed by the Automotive Segment, as per the recent analysis. This trend is expected to continue from 2022 to 2030 due to the rising adoption of electric vehicles that require micromotors for different applications, such as power steering, wiper systems, and electric brakes. The automotive industry also has an increasing demand for fuel-efficient vehicles and lightweight and compact components, further fueling the market's growth.
SkyQuest's research analysis indicates that North America is expected to become a dominant player in the Micro Motor market from 2022 to 2030. According to the report, the region is projected to grow at a CAGR of 6.82% during the forecast period, driven by the high adoption of advanced technologies in various industries, including automotive, aerospace, and healthcare. Additionally, major micro motor manufacturers and suppliers in the region contribute to this growth. The US Department of Defense (DOD) recently awarded a $13.4 million contract to Galois Inc., an Oregon-based technology research firm, to develop micro motor systems for military drones. The project aims to create micro motor systems that can withstand harsh environmental conditions and provide precise and efficient movement for unmanned aerial vehicles (UAVs) in military operations.
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DC Micromotor Segment to Exhibit Strong Growth Due to Increasing Adoption in Various End-use Industries
Driven by its increasing adoption in various end-use industries such as automotive, healthcare, and consumer electronics, the DC Micromotor segment dominated the Micro Motor market in 2021 and is expected to maintain its lead from 2022 to 2030.
The Asia Pacific region has also emerged as a significant Micro Motor market force and is poised to retain its leading position by 2030. SkyQuest has forecasted significant growth in the Micro Motor market for the Asia Pacific region, with a projected CAGR of 5.97% during the forecast period. This expansion can be attributed to the Presence of major Indus industries such as automotive, consumer electronics, and healthcare in the region.
A comprehensive analysis of the major players in the Micro Motor market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Micro Motor Market
- DYU, a well-known manufacturer of compact and folding electric bikes, has recently launched its latest micro-mobility product, the DYU FF500 electric bike, also known as DYU Ostrich. This release comes after the successful launch of the DYU King750 bike. The company aims to revolutionize urban mobility by offering practical and robust performance, convenient folding body, and a swappable battery design, keeping in mind the riders' requirements.
- Honda Motor Co, a Japanese automobile manufacturer, has launched the second model of its exclusive electric vehicle (EV) lineup. The move is aimed at expanding its footprint in the rapidly growing EV segment in the world's largest auto market. In collaboration with partners GAC and Dongfeng Motor, Honda plans to introduce EV models under the new "e: N Series" brand over the next five years. The first model was introduced in China in April 2020.
Key Questions Answered in Micro Motor Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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