by An electric motor core is an essential part of an electric motor that produces torque. It acts as a magnetic path that guides and establishes a path for a magnetic field’s movement through the motor. Electric motor cores are typically made from sheet steel laminated together to reduce eddy currents, which are induced electrical currents within conductors exposed to varying magnetic fields. The global electric motor core market has exhibited significant growth over the past few years owing to increased demand from industrial and commercial sectors. With increasing emphasis on green and sustainable technologies across various industries, the demand for efficient electric motors is growing rapidly around the world. The electric motor core market is also benefitting from favorable policies and initiatives taken by governments across countries to promote electric vehicles and reduce carbon emissions.
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 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing demand for organic and natural products is propelling the electric motor core market growth. Consumers are increasingly preferring products with natural ingredients over synthetic or chemical ones due to rising health awareness. This growing consumer trend is benefitting electric motor core manufacturers offering materials with properties such as higher efficiency and sustainability. Moreover, stringent government policies regarding carbon emissions from combustion engines are also fueling the demand for electric vehicles. As electric motors are critical components of electric vehicles, their increased adoption is driving the need for high-quality and high-performance electric motor cores. The electric motor core market is expected to continue gaining significant opportunities over the forecast period owing to growing investments in renewable energy generation and rising focus on developing energy-efficient systems. However, high costs associated with production and raw materials may hamper market growth to some extent.
Segment Analysis
The electric motor core market is dominated by the industrial segment, which accounts for nearly 45% share of the overall market. This is because electric motors find immense applications across various industrial sectors like manufacturing, oil & gas, mining, pulp & paper, and others. Within the industrial segment, the manufacturing sub-segment currently leads the market owing to the burgeoning demand for electric motors from the machinery, automotive, and other manufacturing industries.
PEST Analysis
Political: Governments across countries are offering subsidies and incentives to promote the adoption of energy-efficient electric motors and drive the manufacturing of core components domestically. This is positively impacting the electric motor core market.
Economic: With rapid industrialization and growing infrastructure development activities worldwide, the demand for industrial machinery is escalating. This is fueling the need for robust and efficient electric motors, augmenting business opportunities for electric motor core manufacturers.
Social: rising awareness about energy conservation and carbon emission reduction is driving consumers and industries to opt for electric motors over conventional motors. This trend is creating favorable conditions for the electric motor core market growth.
Technological: Key players are focusing on developing core materials with enhanced efficiency, thermal conductivity, and strength. Introduction of advanced lamination materials and improved manufacturing processes is helping players accelerate electric motor performance.
Key Takeaways
The global Electric Motor Core Market Share was valued at US$ 3.69 Bn in 2023 and is expected to reach US$ 6.83 Bn by 2030, expanding at a CAGR of 8.0% during the forecast period.
Regional analysis:
The Asia Pacific region currently dominates the global electric motor core market and is anticipated to continue its dominance in the coming years. This can be attributed to strong electric motor manufacturing base and rapid industrialization across major APAC economies like China and India. China alone captures over 50% share of the overall APAC electric motor core market owing to massive production of large industrial motors in the country.
Key players:
Key players operating in the electric motor core market are Mitsubishi Electric, Hitachi, Toshiba, Yaskawa, and Voith. These leading manufacturers collectively account for over 30% share of the global market. Mitsubishi Electric and Hitachi are the top two players globally, offering a wide array of core solutions for various applications.
The global electric motor core market is expected to witness high growth in the coming years. Factors like ongoing industrialization, rising focus on energy efficiency, and burgeoning sales of electric vehicles will support the business case of electric motor core manufacturers worldwide during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
