Micro Motors Market size is expecting to reach USD$ 41,600 million, at register 2.7% CAGR in the forecast period 2022 - 2030
Micro motors market share is expecting to reach USD 41600 million anticipating a growth of 2.7% CAGR in the forecast period of 2030. The market was valued USD $ 35460 Million in 2020.
Micromotors are microparticle motor items that can move, which are also termed as Nano motors, despite having a significant size difference. Micro Motors have different types of them that operate under various mechanisms. These are special motors with a diameter less than 160mm and work with a specific purpose. The micro motors market size has been seeing growth in recent years due to technological advancement and the growing demand for automotive equipment that could do specific performances. Thus, the micro motors market value is witnessing an increase in demand, especially in the automotive industry. Other than that, the utilization of micro motors transcends to the various industry due to their versatile purposes such as medical equipment, industry automation, agriculture equipment, construction and mining equipment, aircraft systems, electronic information, and 3D printing, etc. All these industrial requirements are expected to drive the micro motors market growth.
The electronics industry has shown exponential growth over the past decades, which will predictably grow over the upcoming years. Due to the integration of various micromotors with the multitude of electronic appliances and less power consumption characteristics, it is likely to enhance the micro motors markets trends even more over the next ten years. This report has analyzed the micro motors industry, its various segments, and sub-segments associated with different geographical participants. The report has explained the major factors impacting the growth of the micromotors industry in the global market by analyzing the global micro motors market share, their production cost, and supply chain. Furthermore, this market analysis report has also mentioned various countries concerning their present market scenario regarding their industrial demand and market size that impacts the micro motors market trends. Additionally, the report has stated the brief analysis done on the key players' core competencies and represents a competitive landscape analysis for the global micro motors market outlook.
World Health Organization has announced Covid-19 as a pandemic on 11th March 2020, which has drastically affected almost all industrial sectors. And the micro motors industry is no different, which has experienced a cease in market performance instantly showing a declination in the rate of micro motors market value. Various parameters of the industry have also poorly affected the market. This has weakened the major competitors, product price, company revenue, and gross profit margin. In the earlier months of 2020, the micro motors market size showed a sudden drop, but in the latter half, the growth rate gradually increased as the market operators applied innovative strategies to enhance productivity.
The increasing demand for technological development and integration of automotive micromotors with various industries is a major driving factor of the micro motors market size. Growing expenditure of micro motors products in the medical, agricultural, aircraft, construction and 3D printing industry are playing a key role in driving the market growth.
Micromotors have the ability to integrate with the compact as well as in complicated areas with various power resources extending from 5v to 48v, most likely in advanced electrical and electronic components. Since they are lightweight and consume less power, they can be deployed in compact places effortlessly. Piezoelectric ultrasonic motors are considered as one of the high-performance micromotors with high torque density and other advanced components. Overcoming all the restrains with technology, the manufacturers can present significant opportunities for the growth of micro motors market value.
The micro motors market growth is increasing day by day more demand for faster technological operation and low power consumption. Micromotors are less reliable due to their small lifespan. Thus, frequent change of motor is required at smaller time intervals. This repetitive change of motors in equipment can lead the key players to shift towards other substitute products, potentially lowering the manufacturers' revenue bar. The pricing of raw materials is another restraining factor. The cost of raw materials such as copper, steel, and motor bearings gets revised every year, which can impact the overall cost of micro motors, thereby impacting the micro motors market trends.
The micro motors market trends are more in demand because of their automotive feature and high-end performances. Due to various innovative and advanced features, micro motors products have become more costly. Therefore, it brings challenges to the micro motors market manufacturers for putting limited prices without compromising with the automotive features.
The global micro motors market is aiming to achieve the micro motors market size of 2.7% CAGT for the year 2027 due to the increasing demand for micro motors in various other industries. Thus, in comparison to the previous year's reports, the market size prediction for the forecast is rising significantly.
Micromotors are utilized across a multitude of industries such as automotive, medical, aircraft, construction & mining, and 3D printing, etc. All these sectors are not foreign to technological applications anymore; thus, they have successfully adapted to the micro motors market.
Market Segmentation Overview
On the basis of market segmentation by application, the micro motors market outlook is classified into various applications that involve application as automotive, medical equipment, application in industrial automation, and others.
The application segment can drive the revenue potential of the micro motors market share, which is most prominent to show expected growth in the forecast years.
Based on the technology segmentation, the market of the micromotors industry is further classified as brushed and brushless. With the incorporation of advanced technologies, the industry can predicatively experience a massive boost in the micro motors market size.
On the basis of power consumption, the micro motors market trends are segmented as less than 11v, 12v-24v, 25v-48v, more than 48v, etc.
Micromotors are popular for consuming less power, thereby its integration with various industries is very favorable for dominating market regions to increase their micro motors market share at the global level.
On the basis of regional classification, the micro motors market value is analyzed from wide across various world regions. The Asia-pacific region has the highest micro motors market share due to the increasing activities of construction and mining. As the region have various progressive countries, those areas have a growing need for healthcare centers and an increasing amount of power expenditure. All these factors can contribute to growth in the micro motors market share for this region in the global market. Europe and North America are other popular regions to give a high contribution in the global market. Due to major technological development in its region, North America is expected to witness outstanding micro motors market growth over the forecast period.
Competitive Landscape Analysis
This report of micro motors market outlook portrays some top key players who had put innovative efforts to generate higher revenue in the global market. Some of the major key players are:
This report explains that the global market of the micro motors market has more competitors in this marketing field.
The holistic market study of the micro motors market has analyzed the following aspects:
The micro motors market growth is analyzed on the basis of market segmentation, regional analysis, and Covid-19 impact analysis on the market, and other various factors that have an impact on generating market demand.
By Power Consumption:
|Market Size||2030: Significant Value|
|CAGR||2030: Substantial CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Technology, Power Consumption|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Micro Motors market are Mitsuba Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Mabuchi Motors, Abb Ltd, Wellings Holdings Ltd, Asmo Co Ltd., Constar, Maxon Motors Ag, Buhler Motors Gmbh.|
|Key Market Opportunities||Increasing demand from the automotive industry|
|Key Market Drivers||Growing demand from the Automotive, home appliance, and medical equipment industries among others|
The Micro Motors Industry is expecting to see considerable growth in the market valuation on account of the rising demand from the automotive segment and technological expansion setting at the global level.
In the global micro motors market, North America is anticipating to witness notable growth in Micro Motors Market Value over the forecast period as being the leading region.
The 25v-48v power consumption segment f the global Micro Motors Industry is predicted to witness the fastest growth.
The automotive segmentation of the application segment of the global Micromotors market is looking forward to seeing the highest growth according to the Micro Motors Market Outlook 2030.
Some of the major key players who are operating in the global micro motors market and impacting the micro motors market size are Mitsuba Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Mabuchi Motors, Abb Ltd., Wellings Holdings ltd., Maxon Motors Ag, and Buhler Motors Gmbh. etc. among some others.