by The Electric Motor Core Market is estimated to be valued at US$ 18.97 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
An electric motor core is a ferromagnetic core which acts as a channel for the magnetic field that is produced by the flow of electric current in the motor’s rotor and stator coils. The magnetic field produced causes rotational motion. Electric motor cores are used in motors for various applications including automotive, HVAC, industrial machinery, and home appliances. They help improve motor efficiency and torque output.
Market Dynamics:
The electric motor core market is expected to grow significantly during the forecast period, driven by growing investments in renewable energy sources and rising demand for electric vehicles (EVs). Rising demand for EVs is propelling motor manufacturers to develop highly efficient and compact motors, which is supporting the growth of the electric motor core market. Furthermore, growth in industrial automation and increasing focus on energy efficiency are also expected to fuel market growth over the forecast period. However, availability of substitutes such as ferrite magnets and fluctuating costs of raw materials may hinder the market growth.
Segment Analysis
The global electric motor core market is segmented based on type, end use, and geography. By type, the market is divided into wrapped motor core and split motor core. Among these, the wrapped motor core segment held the largest market share in 2022 owing to superior properties such as reduced core losses, lower manufacturing cost, and enhanced magnetic flux control. By end use, the market is classified into industrial, commercial, and residential. The industrial segment dominates the market due to rising application of electric motors in power transmission, machine tools, and material handling equipment industries.
PEST Analysis
Political: Governments across the globe are introducing various incentives and policies to promote adoption of electric vehicles, which is expected to fuel demand for electric motor cores during the forecast period.
Economic: Growth of industries such as oil & gas, mining, construction, agriculture is positively impacting the demand for electric motor driven equipment, pushing the core market.
Social: Rising environmental awareness is increasing preference for electric vehicles and machinery, driving the electric motor core market.
Technological: Advancements in motor technologies such as integrated electronics, sensorless controls, and energy efficient designs are enhancing motor performance and enabling new applications.
Key Takeaways
The global electric motor core market is expected to witness high growth, exhibiting a CAGR of 8.4% over the forecast period 2023 to 2030, due to increasing investments in industrial automation and adoption of electric vehicles worldwide. The market is projected to reach US$ 18.97 billion in 2023.
Regionally, North America dominates the global market due to large manufacturing base of motor driven equipment in the region. However, Asia Pacific is expected to witness fastest growth led by rising industrialization in China and India.
Key players operating in the electric motor core market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC. Players are focusing on expanding production capabilities and advancing product technologies to meet the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
