As per a revised report published by Fact.MR – a market research and competitive intelligence provider, the global micro motor market is expected to reach a market value of US$ 56.6 Bn by the end of 2031, and is likely proliferate at a CAGR of 4.5% over the coming ten years.
Adoption of new technologies such as automatic welding machines, robotic arms, and automatic wheelchairs has diversified the application of micro motors in various end-use industries. Moreover, the special features of micro motors make them ideal for use in modern electrical and electronic systems with limited space and power.
The global micro motor industry is consolidated at the top and fragmented at the bottom, due to small investments, less cost, and easy availability of skilled labour.
Key Takeaways from Market Study
- The global micro motor market is anticipated to offer an absolute dollar opportunity of US$ 20.5 Bn by 2031.
- Demand for DC micro motors is projected to increase at a CAGR of close to 5% over the next ten years.
- The automotive application segment is projected to gain 141 BPS and attain a market share of 27.5% by 2031.
- APEJ leads the global market accounting for over 1/3 revenue generation.
- China holds the highest market value of US$ 5.2 Bn in APEJ, and is expected to grow 1.7X by 2031.
- In MEA, Israel holds the lowest share and is foreseen to lose 59 BPS by 2031.
According a research analyst, “Demand for micro motors is mounting due to increase in automation along with high spending on gadget tools”.
Winning Strategy
Major corporations have been spending on research & development in order to create better options for the deployment of micro motors with longer lifespans and greater operational flexibility. In the medium- to long-term forecast period, these advancements will boost demand for micro motors across regions.
These insights are based on a report on Micro Motor Market by Fact.MR.
