July 18, 2024
Electric Motor Core Market

Electric Motor Core Market Is Expected To Be Flourished By Increased Adoption Of Electric Vehicles

Electric motor cores are integral components of motors that generate rotational motion. They are primarily used in electric motors to provide a magnetic path and facilitate magnetic flux. Electric motor cores are commonly made using soft magnetic materials such as silicon steel, which enables uniform magnetic flux. These cores find widespread adoption in motors used across various applications including industrial machinery, home appliances, HVAC equipment, and automotive. The global electric motor core market is witnessing notable growth prospects owing to increasing adoption of electric vehicles.

The global Electric Motor Core Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 6.7%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

One of the key drivers for the growth of the electric motor core market is increased adoption of electric vehicles. Various governments across the globe are promoting adoption of electric vehicles in order to curb emissions from gasoline and diesel vehicles. This has encouraged major automotive OEMs to invest heavily in development of electric vehicles. As electric vehicles are powered by electric motors, growing electric vehicle production directly increases demand for electric motor cores. Furthermore, several countries have implemented regulations mandating phase out of conventional vehicles, which is positively impacting the electric motor core market. The other driver is increased focus on energy efficiency, which has driven replacement of conventional motors with high-efficiency electric motors employing better motor cores. This is expected to further support market growth over the forecast period.

Segment Analysis

The electric motor core market can be segmented based on type, product, application, and region. By type, the market is dominated by the laminated steel segment due to its salient properties such as high tensile strength, flexibility, and electrical insulating which makes it ideal for electric motor cores. By product, the rotor core segment holds the major share as it forms an integral part of the electric motor. By application, the industrial machinery segment dominates as electric motors find wide usage in machines across various industries such as oil & gas, mining, automotive, power generation etc. By region, Asia Pacific is the largest electric motor core market due to rapid industrialization and growing adoption of electric vehicles in countries such as China and India.

PEST Analysis

Political: Governments across regions are introducing supportive policies and regulations to encourage the adoption of electric vehicles and renewable energy sources which is positively impacting the electric motor core market. Economic: Continued economic growth in developing nations is driving industrial activity resulting in higher demand for industrial machinery powered by electric motors thus propelling the market growth. Social: Rising environmental concerns have increased focus on clean and green energy sources which is augmenting the demand for energy-efficient electric motors and their core components. Technological: Advancements in materials science and processing technologies have enabled development of improved electric motor core designs with higher efficiency and power density.

Key Takeaways

The global Electric Motor Core Market Share is expected to witness high growth over the forecast period driven by rapid industrialization worldwide. The Asia Pacific region currently dominates the market owing to large manufacturing and automotive sectors in China and India. The global electric motor core Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 6.7%  over the forecast period 2023 to 2030.

Regional analysis
The Asia Pacific region holds the major share of the global electric motor core market led by China and India. Rapid industrialization and growing automotive demand in these countries is fueling the need for industrial machinery and vehicles propelling core market growth.

Key players
Key players operating in the electric motor core market are Prairie View Industries, EZ-ACCESS, Roll-A-Ramp, SafePath Products, PVI Ramps (Handi-Ramp), Bridjit Curb Ramps, HomCom (Aosom LLC), Titan Ramps, Bluff Manufacturing, National Ramp, Handicare Group AB, Tri-Boro Construction Supplies, Vestil Manufacturing, Ruedamann Official Store, Discount Ramps. Key players are focusing on new product launches and expansion strategies to gain higher market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it