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Global Precision Motor Market to Grow with a CAGR of 6.80% During 2021-2030 Owing to the Increasing Adoption of Electric Vehicles

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Research Nester published a report titled Precision Motor Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global precision motor market in terms of market segmentation by type, application, end-use industry, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global precision motor market is anticipated to grow with a CAGR of 6.80% during the forecast period, i.e., 2021-2030. The market is segmented by type into brushless motors, brush motors, AC motors, and stepper motors, out of which, the AC motors segment garnered the largest market revenue of USD 27262.56 Million in 2020. The segment is further expected to grow with highest CAGR of 7.01% during the forecast period and attain a revenue of USD 53668.62 Million by the end of 2030.

The global precision motor market is estimated to garner a revenue of USD 103407.75 Million by the end of 2030, up from a revenue of USD 53560.0 Million in the year 2020. Growing utilization of precision motors in different end-use industries, along with the increasing adoption of electric vehicles worldwide are some of the major factors anticipated to drive the growth of the market during the forecast period. Additionally, the increasing use of precision motors in medical equipment and the rising adoption of these equipment in healthcare institutions are also projected to boost the market growth.

The global precision motor market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in the Asia Pacific is anticipated to touch a market revenue of USD 57391.30 Million by the end of 2030, and also hold the highest market share during the forecast period. In the year 2020, the market in the region garnered the largest revenue of USD 27178.10 Million.

Growing Sales of Electric Vehicles Worldwide

Battery electric vehicle stock around the world, according to the statistics by the International Energy Agency (IEA), touched 4.79 Million in the year 2019, up from 0.72 Million in 2015.

Precision motors are one of the components which are used quite often in an electric vehicle. For instance, wheels, radiator fans, water pumps, and others, are some of the major components which utilize precision motors as these motors consume less energy and are more efficient as compared to the conventional motors. The increasing adoption of electric vehicles worldwide is projected to drive the demand for these motors, and in turn drive the market growth.

However, the high maintenance cost of precision motors is expected to operate as key restraint to the growth of global precision motor market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global precision motor market which includes company profiling of AMETEK, Inc., ARC Systems Inc., Allied Motion Technologies, Inc., Siemens Limited, ABB, Yaskawa Electric Corporation, Nidec Motor Corporation, OMRON Corporation, Regal Beloit Corporation, maxon motor ag, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global precision motor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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