According to Data Bridge Market Research new Market report, global micro motor market will account to an estimated USD 28.13 billion in 2018 growing at a CAGR of 4.45% during the forecast period of 2019 to 2026.
Global Micro Motor Market
Micro motors can be defined as the miniature sized electric motors that are used for the conversion of electrical energy into mechanical energy. These motors work on the basis of the current supplied by the electric generators and apply it into the various electrical appliances for their operations. They work on demand of the appliances, whenever the components or applications are required to work; micro motors supply the mechanical energy for their working.
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Global micro motor market is segmented on the basis of type, technology, power consumption, application and geography.
By Type (AC, DC), Technology (Brushed, Brushless), Power Consumption (Less than 11 Volts, 12-24 Volts, 25-48 Volts, More than 48 Volts), Application (Automotive, Aerospace, Agriculture Equipment System, 3D Printing, Construction & Mining Equipment System, Medical Equipment) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).
FACTORS DRIVING GROWTH IN MICRO MOTOR MARKET
Growing demand from the automobile industry
According to International Organization of Motor Vehicle Manufacturers, there has been a steady rise in the production and sales of the vehicles worldwide. In 2015, there was an estimated production of 90.78 million, and the number grew to an estimated value of 94.97 million in 2016, and then 97.30 million in 2017. This steady and constant rise of vehicle production is expected to be one of the major drivers for the market growth of micro motors because of its widespread application in a variety of different components of vehicles, such as working of windows, lighting, seat operations, and various other applications. This significant rise in vehicle productions is expected to directly affect and grow the micro motors market.
Few of the major competitors currently working in the micro motor market are Johnson Electric Holdings Limited, Mitsuba Corp., Nidec Corporation, Bühler Motor GmbH, ABB, MABUCHI MOTOR CO. LTD., maxon motor ag, CONSTAR MICROMOTOR CO. LTD, DENSO CORPORATION, Siemens AG, cgglobal.com, FAULHABER Group, Changzhou Fulling Motor Co.Ltd., ABShot Tecnics S.L., New Guanlian Motor, Telco, Shinano Kenshi Co.Ltd., Precision Microdrives Limited, and Printed Motor Works.
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Global Micro Motor Market – Industry Trends and Forecast to 2026