The micro motor market has been witnessing significant growth in the recent years. Micro motors find widespread application in consumer electronics such as smartphones, laptops, digital cameras and wearable devices. The miniaturization trend in the electronics industry has been driving the demand for compact precision motors. Micro motors help improve the functionality and performance of various electronic gadgets while occupying very less space as compared to conventional motors. They are available in different frame sizes and torque capabilities as per the requirement of the application.
The global micro motor market is estimated to be valued at US$ 42.54 billion in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period of 2024 to 2031.
Key Takeaways
Key players analysis:
Key players operating in the micro motor market are ZF TRW Co., Akebono Brake Industry Co., TVS Brake Linings Co., Brembo SpA, Performance Friction Corporation (PFC) Brakes, Robert Bosch GmbH, Hella Pagid GmbH, Continental AG, Federal-Mogul Holding Co., Disc Brakes Australia (DBA), and Aptiv PLC (Delphi). These players are focusing on new product launches and enhancing their production capabilities to meet the growing Micro Motor Market Demand from end use industries.
The replacement market for micro motors in consumer electronics is expected to create new opportunities for players. Moreover, emerging applications in medical devices, industrial automation equipment and drones are anticipated to present remunerative growth opportunities. Asia Pacific region especially China and India offer huge untapped growth potential owing rising electronics production and burgeoning middle class population in these countries.
Global expansion:
The key players are investing heavily in expanding their global footprint especially in developing Asian markets to leverage growth opportunities. Partnerships and collaborations with OEMs are also on the rise. Companies are focusing on aftermarket and providing comprehensive solutions to customers across various geographies. Capacity expansion projects are further strengthening their distribution and supply chain network globally.
Market drivers:
Rising demand for smartphones and laptops where micro motors are used in cooling fans and hard disk drives is a key driver. Miniaturization of electronics and growing automotive electronics content per vehicle are also fueling market growth.
Market restraints:
Fluctuations in raw material prices pose challenges for manufacturers. Significant investments required for technology advancements and production facilities can restrain small players. Stringent quality standards and certification requirements also act as a hurdle, specifically for new entrants.
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Segment Analysis
The Micro Motor Market Regional Analysis can be segmented into AC micro motors and DC micro motors. DC micro motors dominate the market as they provide advantages such as high speed and efficiency, torque density and reliability. DC micro motors are further segmented into brushed and brushless types. Brushed DC micro motors hold a major share as they are inexpensive and readily available compared to brushless motors. However, brushless DC micro motors are gaining popularity due to their longer operational life, high speed, and lower maintenance needs.
Global Analysis
Regionally, Asia Pacific is expected to dominate the micro motor market during the forecast period. This is attributed to the presence of automotive and consumer electronics manufacturing hubs in countries such as China, Japan, Taiwan and South Korea. Increasing sales of automobiles and consumer electronics in developing Asian countries are fueling the demand for micro motors in the region. Europe is also anticipated to register significant growth owing to the flourishing automotive industry and focus of countries such as Germany on developing electric vehicles. North America is projected to emerge as a lucrative market supported by surging sales of automobiles and rising healthcare expenditure in the US and Canada.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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