As per a revised report published by Fact.MR – a market research and competitive intelligence provider, the global micro motor market is expected to reach a market value of US$ 56.6 Bn by the end of 2031, and is likely proliferate at a CAGR of 4.5% over the coming ten years.
Adoption of new technologies such as automatic welding machines, robotic arms, and automatic wheelchairs has diversified the application of micro motors in various end-use industries. Moreover, the special features of micro motors make them ideal for use in modern electrical and electronic systems with limited space and power.
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Key Takeaways from Market Study
- The global micro motor market is anticipated to offer an absolute dollar opportunity of US$ 20.5 Bn by 2031.
- Demand for DC micro motors is projected to increase at a CAGR of close to 5% over the next ten years.
- The automotive application segment is projected to gain 141 BPS and attain a market share of 27.5% by 2031.
- APEJ leads the global market accounting for over 1/3 revenue generation.
- China holds the highest market value of US$ 5.2 Bn in APEJ, and is expected to grow 1.7X by 2031.
- In MEA, Israel holds the lowest share and is foreseen to lose 59 BPS by 2031.
According to the Fact.MR analyst, “Demand for micro motors is mounting due to increase in automation along with high spending on gadget tools”.
Market Segments Covered in Micro Motor Industry Research
By Product Type
- DC Micro Motors
- AC Micro Motors
By Power Consumption
- Less than 12V Micro Motors
- 12V-48V Micro Motors
- More than 48V Micro Motors
- Micro Motors for Automotive
- Micro Motors for Medical Equipment Systems
- Micro Motors for Industry Automation
- Micro Motors for Agriculture Equipment System
- Micro Motors for Aircraft Systems
- Micro Motors for Construction & Mining Equipment Systems
- Micro Motors for 3D Printing
- Brushed Micro Motors
- Brushless Micro Motors