by Market Overview:
The Electric Motor Core Market involves manufacturing of C-shaped, U-shaped or E-shaped laminated steel cores used in electric motors. The cores are responsible for generating electromagnetic fields inside motors that enable motion. Main applications include motors used in industrial machinery, vehicles, home appliances, and more.
Market Dynamics:
Growing adoption of electric vehicles is a key driver for the electric motor core market. Many global carmakers are heavily investing in EVs and their production is expected to rise sharply over the forecast period. EVs require various electric motors for functions like propulsion, heating systems etc. Further, rising investment in industrial automation and prevalence of motor-driven equipment is also augmenting demand for motor cores. Robotic systems, machinery across manufacturing sectors largely rely on electric motors.
Market key trends:
The global electric motor core market is witnessing high adoption of advanced materials like silicon steel for core manufacturing. Silicon steel offers advantages like lower core losses at high frequencies, high permeability, and strength. This has enabled development of efficient cores for high-speed motors used in automobiles and industrial machinery. Additionally, replacement of conventional laminated cores with advanced non-laminated cores is gaining traction. Non-laminated cores aid in reducing eddy current effects, noise, vibration, and production costs.
SWOT Analysis
Strengths: Silicon steel cores provide higher efficiency and strength. Non-laminated cores reduce noise and vibration.
Weaknesses: High costs of advanced materials. Manufacturing challenges of non-laminated cores.
Opportunities: Growth of electric vehicles and industrial automation to drive demand. Adoption of non-laminated cores in developed markets.
Threats: Supply chain disruptions can increase raw material costs. Trade barriers can affect global procurement.
Key Takeaways
The global electric motor core market size is expected to reach US$ 18.97 billion in 2023, expanding at a CAGR of 8.4% during the forecast period. The growth can be attributed to rapid industrialization and increasing demand for energy-efficient electric motors across industries. Regionally, Asia Pacific dominated the market in 2022 and is likely to maintain its lead, driven by strong presence of automotive and industrial sectors in China, India, and Southeast Asian countries.
By motor type, variable speed motors accounted for over 30% share in 2022 owing to their wide usage in HVAC systems, industrial pumps, and factory automation equipment. Key players operating in the market include Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., and Bioventus LLC. These players are focusing on developing advanced core materials and innovative manufacturing techniques to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
