The motor lamination market, by value, is projected to grow to USD 27.6 billion by 2027 from USD 21.9 billion in 2022, at a CAGR of 4.7% from 2022 to 2027. The base year for the report is 2021 and the forecast period is from 2022 to 2027. The stringent emission regulations globally along with an increasing focus on safety and comfort are expected to increase the demand for motors, and thus the demand for motor laminations. Due to the requirement of enhanced fuel efficiency, OEMs are reducing mechanical linkages and are shifting to the usage of mechatronics. Additionally, there has been an increase in the demand for comfort and safety features by the consumers, hence, the requirements for motors as per the applications are increasing. This is impacting the motor lamination market positively. All these factors together are projected to drive the demand for motor laminations during the forecast period.
The rising share of luxury vehicles with automatic features in the global market has boosted the sales of electric motors and subsequently motor lamination. Advanced features such as electric sunroof, power seat, power steering, power window, and power antenna work with the help of motors. Several driver assistance features, and safety systems installed in luxury vehicles use electric motors, which, in turn require lamination stacks in the rotor and stator part of the motor. Rising application of motors for automation and better performance is estimated to drive the demand for motor lamination stacks in the coming years.
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The demand for electric, hybrid, and other alternative fuel vehicles has increased over the last few years. The operators are now trying alternate to accommodate major traction through motors along with the safety and comfort applications in the vehicles. Industry experts believe that due to the rise in the importance of fuel efficiency and focus on cleaner environment, the purchase of hybrid and electric cars is expected to witness a huge growth compared to other vehicle categories in the next 5 years, simultaneously increasing the demand for motors and lamination stacks during the forecast period.
In terms of advancements in lamination stacks, the FullBond technique, DOTS technology / Glulock and advanced adhesives are expected used by the manufacturers for better quality standards and high performance. These methods are expected to eventually replace other methods as it enables thinner lamination the reducing the overall weight of the motor and making it suitable for the use in different applications. This technology is also expected to increase the winding slots in the motors. Larger motors such as traction motors or motors with a diameter more than 100 mm can be effectively stacked with the help of this technology. In this technique, instead of dots, the entire surface is bonded. The bonding technology will help the manufacturers to produce high precision lamination stack, which are majorly preferred by the motor manufacturing companies. Due to these factors, it is estimated that the demand for bonding technology will be comparatively higher than the other technologies.
Asia Pacific region is expected to record the highest growth rate during the forecast period from 2022 to 2027 along with being the largest market in terms of volume and value during the forecast period. The growing demand for high performance vehicles along with stringent safety standards, are expected to boost the Asia Pacific motor lamination market. New product developments along with mergers & acquisitions are the key strategies adopted by leading players in the motor lamination market. Motor laminations suppliers, manufacturers, and providers have increased investments in product innovation and testing in the region are considering the growing adoption of various safety features. Also, growing sales and demand of electric vehicles in Asia Pacific is boosting motor lamination market in the region.
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Thus, considering the growing sales of premium and luxury cars, and demand for high performance vehicles, the motor lamination market is expected to increase. Also, implementation of stringent emission and safety is expected to boost the lamination market in the coming years.
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