Global Precision Motor Market Highlights Over 2020-2030
The global precision motor market is estimated to garner a revenue of USD 103407.75 Million by the end of 2030, by growing with a CAGR of 6.80% over the forecast period, i.e., 2021 – 2030. Moreover, the market garnered a revenue of USD 53560.0 Million in the year 2020. The growth of the market can be attributed to the increasing sales of vehicles worldwide, rising adoption of electric vehicles, and the increasing use of precision motors in healthcare, aerospace and defense industries. According to the statistics by the International Energy Agency (IEA), the global battery electric vehicle stock in the year 2019 touched 4.79 Million, up from 0.72 Million in 2015. The automotive industry is moving towards electric mobility, backed by the rising awareness for the environment and the increasing favorable initiatives of the government of nations worldwide. Precision motors are used massively in different components of an electric vehicle, including wheels, radiator fans, water pumps, and others. These motors are also used widely in different healthcare equipment. Growing advancements in the healthcare industry, and the surge in advancements in medical equipment are also anticipated to act as a major factor for the growth of the global precision motor market during the forecast period.
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Global Precision Motor Market Regional Synopsis
Regionally, the global precision motor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is anticipated to hold the highest market share during the forecast period and further touch a market revenue of USD 57391.30 Million by the end of 2030, up from USD 27178.10 Million in 2020. The market in the region is further projected to grow with the highest CAGR of 7.76% during the forecast period. One of the major factors anticipated to contribute to the growth of the market in the region is the growing ICT industry in countries such as China, Japan, and India. Moreover, increasing demand for precision motors from the end-user industries in the region, is also expected to create numerous opportunities for market growth. In addition, increasing trade of electric motors from China, which is also known to be the world’s largest exporter of electric motors, is also projected to boost the market growth in the region. According to the statistics by the International Trade Center (ITC), the value of exports of electric motors and generators (excluding generating sets), in China, increased from USD 10480806 Thousand in the year 2016 to USD 11845163 Thousand in the year 2018. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Out of these, the market in China is expected to garner the largest market revenue of USD 28236.52 Million by the end of 2030, and also grow with the highest CAGR of 8.97% during the forecast period.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Precision Motor Market
- Increasing Adoption of Electric Vehicles in the Automobile Industry
- Growing Use of Precision Motors in Healthcare, Aerospace and Defense Industries
- Fluctuating Price of Raw Materials
- High Maintenance Cost
Global Precision Motor Market Segmentation Synopsis
The global precision motor market is segmented by type into brushless motors, brush motors, AC motors, and stepper motors. Out of these, the AC motors segment is anticipated to garner the largest market revenue of USD 53668.62 Million by the end of 2030, up from USD 27262.56 Million in 2020. The segment is also anticipated to grow with the highest CAGR of 7.01% during the forecast period. On the basis of application, the market is segmented into machine tools, power tools, blowers & pumps, industrial fans, household appliances, electric engines, and others. Out of these segments, the machine tools segment registered the largest revenue of USD 15045.55 Million in the year 2020 and is further expected to touch USD 30195.06 Million by the end of 2030, by growing with the highest CAGR of 7.21% during the forecast period. Moreover, by end-use industry, the market is segmented into automotive, metal & heavy machinery, food & beverages, healthcare, logistics, automation & robotics, semiconductors & electronics, aviation, e-commerce, and others. Amongst these segments, the automotive segment is projected to hold the highest market share and also grow with the largest revenue of USD 33266.27 Million by the end of 2030.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global precision motor market that are included in our report are 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.
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