The Electric Motor Core Market is estimated to be valued at US$ 18.97 Billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Electric motor cores are essential components of electric motors that generate torque through interaction with an external electric current. Key functions of the electric motor core include efficiently conducting magnetic flux and reducing energy losses. Electric motor cores are commonly used across industries such as industrial machinery, HVAC equipment, electric vehicles, consumer appliances and others.
The Electric Motor Core Market is primarily driven by increasing industrialization and rapid electrification across various sectors globally. Rapid growth of industrial machinery, consumer appliances and HVAC equipment industries has augmented the demand for electric motors and their core components from the manufacturing sector. Additionally, burgeoning sales of electric vehicles around the world have also propelled the need for efficient electric motor cores. According to International Energy Agency, the global electric car stock crossed 10 million in 2020 and is estimated to grow over 25 million per year by 2030. Another factor stimulating the electric motor core market growth is the rising investments by automotive OEMs and electric components manufacturers in development of innovative core designs to improve motor efficiency. However, fluctuating prices of raw materials such as steel may hinder the market growth over the forecast period.
Strength: Electric motor core market has strong growth potential due to increasing adoption of electric vehicles. Electric motor cores offers high efficiency and torque. Manufacturers are focusing on developing sustainable and eco-friendly electric motor cores.
Weakness: Design complexities and high costs associated with manufacturing of electric motor cores. Dependence on rare earth materials increases production costs.
Opportunity: Rising demand for fuel-efficient vehicles favors the adoption of electric motor cores. Growing investments by governments worldwide to promote electric vehicles provide opportunities for market growth.
Threats: Availability of substitutes such as direct drive motors poses threat to electric motor core market. Strict environmental regulations can increase the production costs.
The electric motor core market is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing adoption of electric vehicles. Growing concerns regarding environmental pollution and depletion of fossil fuels are driving the electric vehicles market. This in turn aids the demand for electric motor cores used in electric vehicles.
Regional analysis: North America dominates the global electric motor core market, accounting for around 35% of the global demand in 2023. Presence of leading automotive companies and growing investments in electric vehicles production in the US and Canada boost the market in the region. The Asia Pacific electric motor core market is expected to witness fastest growth owing to rising sales of electric vehicles in China, Japan and South Korea.
Key players: Key players operating in the electric motor core 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., Bioventus LLC. These companies are focusing on new product launches and expansion strategies to strengthen their market position.