The micromotor market is projected to grow from USD 44.8 billion in 2023 to USD 68.3 billion by 2028, at a CAGR of 8.8%. The growth of this market can be attributed to the growing trend for industrial automation, increase in safety and comfort features in automobiles, and rising demand for lightweight components in medical equipment.
Based on Application, industrial automation is predicted to dominant in the micromotor market. The automotive sector offers several growth opportunities for micromotors due to the increasing demand for automation, electrification, and connectivity in vehicles. For instance, with the increasing adoption of EVs, there is a growing demand for efficient and compact micromotors that can be used in various components such as electric power steering, electric braking systems, and electric HVAC systems. Micromotors can also be used in various comfort and infotainment systems in vehicles, such as seat adjustment, headrest adjustment, and entertainment screens. As these systems become more sophisticated, the demand for precise and efficient micromotors will increase.
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Based on Type, the DC motor segment is projected to is to lead the market due due to their simple design, efficiency, and controllability. DC motors operate quietly and with minimal vibration, making them suitable for use in sensitive applications such as medical devices, where noise and vibration can be disruptive or harmful. Also, low cost of DC motors make them an attractive option for use in micromotors.
Based on Technology, brushless type micromotor is expected to lead the micromotor market. The use of brushless micromotors is expanding in various applications such as medical devices, robotics, drones, and automotive systems. For example, brushless micromotors are used in surgical tools for precision control and in drones for stable and efficient flight control. The brushless micromotors offer advantegs like higher efficiency, longer lifespan, higher power density, higher controllability and lower noise and vibrations. Thus, these advantages offered by brushless micromotors are creating new growth opportunities for the micromotor market as industries continue to demand more efficient, reliable, and precise micromotor solutions.
Based on Region, Asia Pacific is expected to lead the micromotor market in 2023, with China being the largest market in the region. The increasing investments in new product development in micromotor market to reduce the overall weight of automobiles, increase efficiency of the medical equipment, and high precision in aircraft systems some of the factors expected to drive the market in Asia Pacific.
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The major players of micromotor market are MITSUBA Corporation (Japan), Nidec Corporation (Japan), Johnson Electric Holdings Limited (China), Mabuchi Motor Co., Ltd. (Japan), Maxon (Switzerland) and Constar Micromotor Co., Ltd. (China). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
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