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% during the forecast period. Micromotors have wide applications in automotives, medical equipment, agriculture equipment system, aircraft systems, industrial automation processes, etc. With the increase in demand for minituarization of components in automoives, medical devices, aerospace systems and and manufacturing operations, the market for micromotors is expected to rise in the coming years.
Industrial Automation is predicted to be the largest segment.
Due to their compact size, micromotors can be integrated into systems more effectively, providing enhanced accuracy and efficiency in machinery control compared to larger motors. As industrial automation continues to expand, there will be an increasing demand for small, efficient motors like micromotors to power the automated machinery and systems. The precision and reliability offered by micromotors make them an ideal choice for use in various applications in industrial automation, such as robotics, medical devices, and consumer electronics. Therefore, it is expected that the micromotor market will continue to grow as industrial automation becomes more prevalent.
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Brushless micromotor is predicted to be the fastest growing segment.
As the need for energy-efficient technologies has increased, brushless micromotors have become more popular because they are more efficient than brushed micromotors. Brushless micromotors use less energy to produce the same amount of power, resulting in cost savings and reduced environmental impact. Even in some automotive applications such as windshield wipers, power windows, and power seat adjusters, brushless micromotors are preferred due to the demand for more efficient and dependable micromotor technologies. For applications that require precise control, like robotics and medical devices, brushless micromotors are a popular choice because they provide better speed and position control than brushed micromotors. Additionally, brushless micromotors have fewer moving parts than brushed micromotors, which means they require less maintenance and have a longer lifespan. This would bring an ideal growth perspective for brushless micromotors in multiple applications in the coming years.
Asia Pacific is expected to account for the largest share in 2023
The Asia-Pacific micromotor market is being driven by advancements and developments in the field of manufacturing, automotives, medical, aerospace, agriculture, and construction and mining. Countries such as China, India, and Japan, among others, are the major contributors for the growth of micromotors in the region. The manufacturing industry in Asia Pacific is rapidly growing, particularly in countries like China, Japan, South Korea, and Taiwan. Apart from this, Asia Pacific countries have been investing heavily in research and development of new technologies. As a result, they have been able to produce high-quality micromotors at lower costs than other regions.
Key Market Players
Major players operating in the 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).
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