by The electric motor core is a key component of an electric motor and generator that generates electromagnetic forces required for operation. The electric motor core comprises of laminated steel sheets that are insulated from each other and stacked together to form the main structure of the motor. Electric motor cores are crucial for electromagnetic functionality in electric vehicles. With the rising demand for electric vehicles globally due to stringent emission norms and government incentives promoting EVs, the electric motor core market is witnessing significant growth.
The global Electric Motor Core Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing adoption of electric vehicles has been a major driver of growth for the electric motor core market over the recent years. As electric vehicles are gaining popularity due to their efficient performance and zero emission characteristics, automakers are rapidly launching new EV models. This has augmented the demand for electric motor cores significantly as they are pivotal components for electric drivetrains in electric vehicles. According to various estimates, electric vehicle sales are expected to reach 33 million units globally by 2030 as compared to around 2.5 million units in 2020. This rising EV demand worldwide is anticipated to propel the electric motor core market substantially over the forecast period.
SWOT Analysis
Strength: Electric motor core market has growing demands from various sectors like industrial automation, HVAC equipment, transportation, power tools. Presence of leading manufacturers with strong distribution networks.
Weakness: Initial high investment required for establishment of manufacturing facilities. High dependence on imports of raw materials from limited regions.
Opportunity: Increasing global demand for energy efficient electric motors. Development of customized electric motor cores as per application requirements.
Threats: Trade barriers and stringent regulations regarding imports in some regions. Competition from local and regional players offering low cost products.
Key Takeaways
The global Electric Motor Core Market Share is expected to witness high growth supported by increasing electrification trends across different industries. The global Electric Motor Core Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Regional analysis comprises – Asia Pacific currently dominates the global market attributed to presence of electronic and automotive manufacturing hubs in countries like China, India, Japan and South Korea. The region is anticipated to continue its dominance during the forecast period.
Key players operating in the electric motor core market are Prairie View Industries, EZ-ACCESS, Roll-A-Ramp, SafePath Products, PVI Ramps (Handi-Ramp), Bridjit Curb Ramps, HomCom (Aosom LLC), Titan Ramps, Bluff Manufacturing, National Ramp, Handicare Group AB, Tri-Boro Construction Supplies, Vestil Manufacturing, Ruedamann Official Store, Discount Ramps. Leading players are focusing on new product launches, partnerships and mergers & acquisitions to gain higher market share. For instance, in 2021, Prairie View Industries launched new wheelchair ramp design with enhanced materials and safety features.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
