According to the research report titled ‘Global Micro Motor Market Size study, by Technology (Brushed Motor, Brushless Motor) by Application (Industrial, Automotive & Aerospace, Healthcare, Others) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global micro motor market was worth USD 37,973.5 million in 2021 and is anticipated to expand at a CAGR of 4.1% over the stipulated timeframe to amass USD 50,307.8 million by the year 2028.
Report findings suggest that global micro motor market growth is attributed to advantages associated with the product, and growing cognizance of environment friendly electric vehicles among customers.
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For the unversed, micro motors are smaller, lighter, and more energy-efficient than traditional motors. They also minimize electromagnetic interference. They boast of characteristics like swift operation, excellent performance, and a wider range of power options.
Furthermore, various standardization and regulations in emerging nations are expected to augment the adoption of micro motors in the coming years. However, fluctuations in the price of raw materials may stifle market growth over the forecast period.
Based on technology, the industry is divided into brushless motor, and brushed motor. In terms of application ambit, worldwide micro motor market is branched into healthcare, automotive & aerospace, industrial, and others.
Regionally, the latest industry trends are studied across North America (U.S., Canada), Europe (U.K, France, Germany, Spain, Italy), Asia Pacific (China, South Korea, India, Australia, Japan), and Latin America (Brazil, Mexico).
Among these, Europe market is showcasing a notable growth at present, due to increasing demand for DC motors in HVAC, agricultural, and other applications.
Whereas Asia Pacific industry is poised to witness a healthy CAGR over the analysis timeframe, on the back of increasing popularity of miniature electronic devices, and shifting trend toward industrial automation in the region.
From the competitive frame of reference, Constar Micromotor Co., Ltd., Mitsuba Corporation, ABB Group, ARC Systems, Inc., Maxon Motor AG, Johnson Electric Holdings Limited, Bühler Motor GmbH, Nidec Corporation, Mabuchi Motor Company, and Siemens AG are the leading players in global micro motor market. Through the addition of new products to their product portfolios, monetary investments, mergers and acquisitions, and strategic collaborations, these businesses are continually increasing their market penetration.