Micromotor Market Report 2024

The micromotor market size has grown strongly in recent years. It will grow from $37.34 billion in 2023 to $40.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth during the historic period can be attributed to several factors, including increasing demand for energy-efficient solutions, rising utilization in the healthcare sector, advancements in aerospace technology, growing popularity of 3D printing, and expanded adoption within the aerospace and defense industries.

The micromotor market size is expected to see strong growth in the next few years. It will grow to $54.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The projected growth in the forecast period can be attributed to several factors, including advancements in power tools and handheld devices, the increasing prominence of collaborative robots, rising adoption in construction equipment, advancements in energy storage systems, and growing demand in the home appliances industry. Major trends expected in this period include advancements in micromotor technologies to enhance performance and efficiency, developments in materials science to improve durability and reliability, integration of sensors and controls for enhanced functionality, advancements in power generation technologies for improved energy efficiency, and increasing demand for micromotors in automotive applications.

The micromotor market is set to experience growth driven by increasing demand for electric vehicles (EVs). Electric vehicles are powered by rechargeable batteries rather than internal combustion engines, and their popularity is rising due to environmental concerns and advancements in EV technology, making them more efficient and cost-effective. Micromotors are essential components in EVs, used for applications such as power steering, window actuators, and cooling systems, thanks to their compact size, efficiency, and precise control capabilities. For example, the Electric Vehicle Council reported in July 2023 that EV sales in Australia surged dramatically in the first half of the year, surpassing total sales for the entirety of 2022. This growth elevated EVs to 8.4% of all new car sales in Australia by June 2023, marking a significant increase from the previous year.

Leading companies in the micromotor market are focused on innovation, particularly in developing direct current (DC) motor platforms to enhance efficiency, performance, and versatility across various applications. DC motor platforms in micromotors are miniature electric motors that operate on continuous current, known for their precision control and efficiency in small-scale applications. For instance, Johnson Electric introduced the ECI-040 brushless DC motor platform in August 2021. These motors offer superior controllability, reliability, efficiency, and reduced noise levels, making them ideal for applications ranging from window shutters to smart furniture and coffee machines. They can operate independently or in conjunction with customizable controller electronics.

In May 2022, Allied Motion Technologies Inc., a US-based company specializing in precision motion control components, acquired ThinGap to enhance its portfolio with high-performance, zero-cogging slotless motors. This acquisition strengthens Allied Motion Technologies' capabilities in providing precise motion solutions for industries such as robotics, semiconductors, and instrumentation. ThinGap is renowned for its expertise in developing high-power-density micromotors.

Major companies operating in the micromotor market are Hitachi Ltd, Siemens AG, ABB Ltd, Nidec Corporation, Johnson Electric Holdings Limited, Mitsuba Corporation, Mabuchi Motor Co Ltd, C.I. TAKIRON Corporation, Maxon Motor Ag, Vybronics Inc., Faulhaber Drive System Technology Co Ltd, Allied Motion Technologies Inc, Portescap, TECO Westinghouse, Orbray Co. Ltd., Shenzhen Zhaowei Machinery & Electronic Co. Ltd., Constar Micromotor Co. Ltd, Ineed Technologies, Pelonis Technologies Inc., Micro Motors SRL, Risun Expanse Corp.

North America was the largest region in the micromotor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the micromotor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the micromotor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A micromotor is a type of electric motor characterized by its extremely small size, typically designed to be miniature or micro-sized, often measuring in the millimeter or sub-millimeter range. These motors are widely utilized in applications where compact dimensions, high efficiency, and precise operation are critical.

The primary types of micromotors include alternating current (AC) motors and direct current (DC) motors. An alternating current (AC) motor operates on AC power, with the current direction reversing periodically, thereby causing the motor to rotate. This technology encompasses both brushed and brushless micromotors, offering a range of options from economical to premium models. Applications of micromotors span various industries including automotive, medical equipment, industrial automation, aircraft systems, construction and mining, agricultural equipment, and 3D printing systems.

The micromotor research report is one of a series of new reports that provides micromotor market statistics, including the micromotor industry's global market size, regional shares, competitors with a micromotor market share, detailed micromotor market segments, market trends and opportunities, and any further data you may need to thrive in the micromotor industry. This micromotor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The micromotor market consists of sales of low-power micromotors, high-power micromotors, miniature micromotors, and sub-miniature micromotors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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