by Electric motor cores provide efficient magnetic fields which help to produce smooth rotational motion while consuming less energy. Their key advantages include high torque power and low maintenance. The demand for energy efficient electric motors has been increasing with growing concerns over carbon emissions and environmental protection.
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 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Rising demand for organic and natural products has been a key trend boosting the electric motor core market. Customers are increasingly preferring green and sustainable products over conventional alternatives. This has prompted electric motor manufacturers to actively pursue greener production technologies using organic and natural electric motor cores. Such cores employ recyclable and biodegradable materials in their manufacturing which appeals to the growing preference for eco-friendly options. Their organic composition also makes them safer for equipment operators and the environment in the long run. Sustained growth in demand for organic products is likely to propel investments towards expanding the production capacity of natural electric motor cores globally over the forecast period.
SWOT Analysis
Strength: The electric motor core industry has strong demand due to improved industrial automation and rising focus on energy-efficient electric motor solutions.
Weakness: Upfront capital investment requirements for infrastructure and R&D are high which can restrain expansion plans of electric motor core manufacturers.
Opportunity: Rapid digitization and Industry 4.0 trends are creating new opportunities for condition monitoring of electric motors which will drive electric motor core market growth.
Threats: Volatility in raw material prices and availability can impact productions costs. Trade wars and geopolitical tensions also increase uncertainty.
Key Takeaways
The global Electric Motor Core Market Share is expected to witness high growth. Regional analysis the Asia Pacific region dominates the global electric motor core market currently. Factors such as increasing industrial automation, robust growth of automotive industry and rising investments in renewable energy projects are fueling demand in Asia Pacific countries like China and India.
Key players operating in the electric motor core market are Leroy Somer, Valeo, Schaeffler, Continental AG, Nidec Corporation. Rising demand for more fuel-efficient vehicles is prompting automakers to increase adoption of electric vehicles. This is expected to benefit electric motor core manufacturers who can supply to automotive OEMs and tier 1 companies.
The global electric motor core market size for 2023 is US$ 3.69 Bn. The market is forecast to reach US$ 5.79 Bn by 2030, expanding at a compound annual growth rate (CAGR) of 8.0% during the forecast period. Growth will be driven by the rising need for energy-efficient solutions across industries as well as rapid advances in electric mobility.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
