The micro motor market is estimated to touch USD 43.9 billion in 2023, which will increase to USD 77.5 billion, with an 8.6% CAGR, by 2030.
The growth of this industry is because of the increasing popularity of miniaturization and portability in a host of sectors; tiny motors are ideal for wearable devices and small gadgets.
Furthermore, their performance has been significantly boosted because of the recent enhancement in nanotechnology, material science, and microelectronics. Very effective as well as strong motors can be produced with less power due to the advancing manufacturing approaches and acceptance of greater materials.
In 2023, the medical equipment category, based on application, is a significant contributor to the industry, with a 25% share. Moreover, the category will further propel at a robust rate during this decade. This is because micro motors are important in portable medical products owing to their ability to offer accurate as well as controlled motion in small form factors.
Moreover, they allow precise motion in imaging and scanning portable X-ray machines as well as in handheld ultrasound scanners.
The AC category, based on type, is a significant contributor to the micro motor market in 2023, with a 70% share. Moreover, this category will further propel at a rapid pace, during this decade. This can be because consumer gadgets like computers, wearables, and smartphones; robots, HVAC equipment, automobiles, and industrial automation systems, are extensively added with these variants.
The brushed category, based on technology, will propel at a healthy rate in the coming years. Brushed variants have a simpler manufacturing process as well as design as compared to brushless motors, therefore making them more inexpensive.
Due to these benefits, they are suitable for applications where simple functionality is appreciated more than enhanced performance, or if there are substantial financial limitations.
The >48 Volts category, based on power consumption, will people at a significant rate, because of the rising acceptance of automobile electrification as well as advanced driver assistance systems (ADAS). The conventional 12-V automotive electric systems are incapable of providing sufficient power for the numerous high-tech devices in advanced vehicles; therefore, vehicle manufacturers are using 48-V systems.
APAC is leading the industry in 2023, with a 40% share, and it will further propel at a 9.0% CAGR, during this decade. Because of a growing pace of urbanization and a surging middle-class populace, some of the largest consumer electronics industries in the world are located in Japan, China, India, and South Korea.
Moreover, various consumer electronics, such as tablets, smartphones, laptops, wearables, and gaming consoles, rely on micro motors.
With the constant pace of industrialization, the micro motor industry will grow continuously in the coming years.
