According to a new report published by Allied Market Research, titled, “Global Micro Motor Market by Type, Technology, Power Consumption, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global micro motor market size was valued at $36.48 billion in 2020, and is expected to reach $56.0 billion by 2030, with a CAGR of 4.1% from 2021 to 2030. In 2020, Asia-Pacific dominated the global micro motor market, in terms of revenue, accounting for around 41.40% share of the global market.
Micro motor is compact in size, possesses high torque, requires less maintenance, is low noise level, and provides better torque to weight ratio. This motor is used in various applications such as automotive, beauty & healthcare products, and robotics. Such instances drive the growth of the micro motor market.
Major players such as Mitsuba Corporation, Portescap, and Siemens AG launched new micro motor in the market. For instance, in April 2018, Mabuchi Motor Co Ltd launched a RS-4G5WA motor used for peripheral engine equipment. It has features such as improved heat resistance, improved vibration resistance, and have high torque speed, having output capacity of 2.0 W to 33 W. It weights approximately 125 g.
Growing popularity of micro motors, owing to electronic computation in automation and construction applications drives the demand for micro motors in luxury features in the automobiles and electrical vehicles, which fuels the micro motor market growth. For instance, according to Indian Brand Equity Foundation, the pharmaceutical industry in India grew by 10.5% from 2018 to 2019.
Various manufacturers in the global micro motor market had to shut down their businesses activities due to the lockdown initiated in countries such as UAE, India, Brazil, and others. This break has directly impacted the sales of micro motor manufacturing companies globally. For instance, the net sales of Siemens AG dropped by 0.4% from September 2019 to September 2020. In addition, lack of raw materials, disruption in supply chain, and lack of man power halted the supply chain of micro motors products. However, the re-initiation of the micro motor industry and availability of vaccines for coronavirus disease are projected to lead the opening of the global micro motor market at their full-scale capacities.
The global micro motor market is segmented on the basis of type, technology, power consumption, application, and region. On the basis of type, the market is divided into AC and DC. The AC segment generated the highest revenue in 2020. Based on technology, the market is bifurcated into brushed and brushless. The brushed segment dominated the market in 2020. On the basis of power consumption, the market is categorized into less than 10V, 10V-20V, and more than 20V. More than 20V segment generated the highest revenue in 2020. Based on application, the market is divided into industrial, automotive & aerospace, healthcare, and others. The industrial segment dominated the market in 2020.
Region wise, the global micro motor market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global micro motor market share, and is anticipated to secure a leading position during the forecast period.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global micro motor market trends and dynamics.
- Depending on type, the AC segment was the largest revenue generator in 2020.
- By technology, the brushed segment generated the highest revenue in 2020.
- On the basis of power consumption, the more than 20V segment accounted for the highest revenue in 2020.
- Based on application, the industrial segment dominated the market in 2020.
- Region wise, Asia-Pacific is anticipated to dominate the global micro motor market throughout the study period.
- The report provides an extensive analysis of the global micro motor market trends and emerging opportunities of the market.
- The global micro motor market forecast analysis from 2021 to 2030 is included in the report.