Surging Demand For Electric Vehicles Fuels Growth In The Micromotor Market: Strengthening the Growth Trajectory of the Micromotor Market

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What Is the Expected CAGR for the Micromotor Market Through 2025?
The market size of micromotors has been expanding robustly over the last few years. Projected to escalate from $40.17 billion in 2024 to $43.33 billion in 2025, it is set to experience a compound annual growth rate (CAGR) of 7.9%. Factors such as a surge in demand for energy-saving measures, an upswing in needs within the healthcare industry, progression in aerospace technology, a rise in the need for 3D printing, and a widened use in the aerospace and defence sectors, have all contributed to the historical growth of this market.

What's the Projected Size of the Global Micromotor Market by 2029?
In the coming few years, the micromotor market is projected to experience significant expansion, with an estimated value of $58.16 billion in 2029, marking an impressive compound annual growth rate (CAGR) of 7.6%. Numerous factors contribute to this predicted surge during the forecast period, including power tools and handheld devices advancements, proliferation of collaborative robots, a rise in acceptance in the construction equipment sector, strides in energy storage systems development, and boosting demand in the home appliances industry. Moreover, the forecast period will showcase positive trends like high-tech progress in micromotor technologies, advancements in the field of materials science, incorporation of sensors and controls, evolution in power generation methods, and increasing demand in the automotive parts sector.

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Top Growth Drivers in the Micromotor Industry: What's Accelerating the Market?
The micromotor market is likely to expand owing to the surging demand for electric vehicles. These vehicles, which are either entirely or partially powered by rechargeable batteries in lieu of internal combustion engines, are gaining traction due to heightened environmental consciousness and improvements in electric vehicle technology which makes them more economical and efficient. Micromotors are utilized in electric vehicles for a range of applications including power steering, window actuators, and cooling systems attributed to their compactness, efficiency, and accurate control capabilities. For example, the Electric Vehicle Council reported in July 2023 that electric vehicle sales in Australia for the first half of 2023 had already surpassed total sales for 2022. By the end of June 2023, 46,624 EVs were sold, representing an impressive 269% increase over the same period in 2022. This resulted in EVs accounting for 8.4% of all new car sales in Australia, a considerable 120.5% increase from the previous year. So, the burgeoning demand for electric vehicles is fueling the growth of the micromotor market.

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What Trends Will Shape the Micromotor Market Through 2029 and Beyond?
Leading businesses in the micromotor industry are prioritizing the creation of technologically superior solutions such as the Micro-Motor Watch to meet various significant industry needs. The Micro-Motor Watch is a type of timepiece that utilizes a small motor to drive various features, including the accurate movement of watch hands and additional functions like alarms or chronographs. In August 2024, for example, Titan, a consumer lifestyle company based in India, introduced the Fastrack GAMBIT, its inaugural range of micro-motor watches. This pioneering line aims at young buyers, combining fashion and technology. The GAMBIT collection showcases a range of designs that use cutting-edge micro-motor technology for accurate timekeeping in a chic, contemporary package. Titan's launch aligns with its strategy to boost its Fastrack brand, resonating with style-oriented consumers who prioritize both looks and function in their accessories.

What Are the Main Segments in the Micromotor Market?
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

Subsegments:
1) By Alternating Current (AC) Motor: Single-Phase AC Micromotor, Three-Phase AC Micromotor, Synchronous AC Micromotor, Induction AC Micromotor, Universal AC Micromotor, Brushless AC Micromotor, Linear AC Micromotor, Variable Frequency Drive (VFD) AC Micromotor, Compact AC Micromotor
2) By Direct Current (DC) Motor: Brushed DC Micromotor, Brushless DC Micromotor, Coreless DC Micromotor, Permanent Magnet DC Micromotor, Stepper DC Micromotor, Precision DC Micromotor, High-Speed DC Micromotor, Low-Voltage DC Micromotor, High Torque DC Micromotor, Micro DC Motors With Encoders, Gear DC Micromotors

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Which Top Companies are Driving Growth in the Micromotor Market?
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.

Which Regions Will Dominate the Micromotor Market Through 2029?
North America was the largest region in the micromotor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the micromotor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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