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Global Micromotor Market 2024 - By Growth Opportunities, Future Insights, Regional Segments, Latest Innovations And Forecast To 2033
Global Micromotor Market
As per the report, the micromotor market size has grown strongly in recent years. It will grow from $37.34 billion in 2023 to $40.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The micromotor market size is expected to see strong growth in the next few years. It will grow to $54.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
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Surging Demand For Electric Vehicles Fuels Growth In The Micromotor Market
Rising demand for electric vehicles is expected to propel the growth of the micromotor market going forward. Electric vehicles refer to automobiles that are powered either entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. The demand for electric vehicles is rising due to increasing environmental awareness and advancements in EV technology, making them more efficient and affordable. Electric vehicles use micromotors for various applications such as power steering, window actuators, and cooling systems due to their compact size, efficiency, and precise control capabilities. For instance, in July 2023, according to the Electric Vehicle Council, an Australia-based national body for the electric vehicle industry, electric vehicle (EV) sales in Australia surged in the first half of 2023, surpassing the total sales for the entire year of 2022. By the end of June 2023, 46,624 EVs had been sold, marking a remarkable 269% increase compared to the same period in 2022. This growth has elevated EVs to 8.4% of all new car sales in Australia, a significant 120.5% rise from the previous year's total. Therefore, the rising demand for electric vehicles is driving the growth of the micromotor market.
Advanced Solutions Enhanced Micromotor Market Growth
Major companies operating in the micromotor market are focused on developing innovative solutions, such as direct current (DC) motor platforms, to improve efficiency, performance, and versatility across various applications. Direct current (DC) motor platforms in micromotors refer to miniature electric motors that operate on continuous current, commonly used in small-scale applications for precise control and efficiency. For instance, in August 2021, Johnson Electric, a Hong Kong-based electric motor provider company, launched the ECI-040 brushless direct current (DC) motor platform, which is designed for seamless integration and accepts direct mains AC power through its controller. These electronically commutated motors offer superior controllability, enhanced reliability, increased efficiency, and reduced noise levels. They deliver robust and consistent torque output, making them ideal for various applications such as window shutters, smart furniture, and coffee machines. These motors are available either as standalone units or can be combined with customizable controller electronics.
The micromotor market covered in this report is segmented -
1) By Type: Alternating Current (AC) Motor, Direct Current (DC) Motor
2) By Technology: Brushed, Brushless
3) By Price Range: Low-Cost Micro Motors, Premium Micro Motors
4) By Application: Automotive, Medical Equipment System, Industrial Automation, Aircraft Systems, Construction And Mining, Agriculture Equipment System, 3-Dimensional Printer System
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Major companies operating in the micromotor market are Hitachi Ltd, Siemens AG, ABB Ltd, Nidec Corporation, Johnson Electric Holdings Limited, Mitsuba Corporation, Mabuchi Motor Co Ltd, C.I. TAKIRON Corporation, Maxon Motor Ag, Vybronics Inc., Faulhaber Drive System Technology Co Ltd, Allied Motion Technologies Inc, Portescap, TECO Westinghouse, Orbray Co. Ltd., Shenzhen Zhaowei Machinery & Electronic Co. Ltd., Constar Micromotor Co. Ltd, Ineed Technologies, Pelonis Technologies Inc., Micro Motors SRL, Risun Expanse Corp.
Contents of the report:
1. Executive Summary
2. Micromotor Market Report Structure
3. Micromotor Market Trends And Strategies
4. Micromotor Market - Macro Economic Scenario
5. Micromotor Market Size And Growth
…..
27. Micromotor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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