Market Overview:
The Electric motor core provides essential functionality to a motor by directing the magnetic field inside the electric motor. It consists of laminated stacks of soft magnetic material such as silicon steel that help in forming a complete magnetic path. The core is designed to effectively transfer magnetic flux from the stator to the rotor, which allows the electric motor to convert electrical energy into mechanical energy. Some key advantages of electric motor cores include high power density, high efficiency, compact size, low maintenance, speed controllability, and precise speed regulation. They are widely used across industries such as industrial machinery, HVAC, transportation, home appliances, and others owing to their reliability and low price.
Market key trends:
One of the key trends in the electric motor core market is the adoption of advanced cooling systems. Due to rising motor power density and complexity in design, traditional air cooling of electric motor cores is becoming inefficient. This has increased demand for advanced liquid cooling systems that can efficiently dissipate large amounts of heat generated inside electric motors. For instance, some key players are developing cores integrated with micro-channel liquid cooling for better heat transfer. These customized coolant channel designs help reduce operating temperature of electric motor cores, thereby enhancing efficiency, reliability, and stability over long runs. This trend is expected to continue and drive the electric motor core market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the electric motor core market requires extensive R&D and manufacturing capabilities to produce high-quality core components.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players providing electric motor core components. Buyers can negotiate lower prices by playing one manufacturer against another.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for core raw materials like steel and copper. Suppliers cannot influence prices significantly.
Threat of new substitutes: The threat of substitutes is low as electric motor cores have few product substitutes in their applications.
Competitive rivalry: The competitive rivalry is intense due to the presence of many global players offering differentiated products.
The global Electric Motor Core Market Share is estimated to be valued at US$ 18.97 Billion or Mn 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.
Key Takeaways
The global electric motor core market is expected to witness high growth, exhibiting a CAGR of 8.4% over the forecast period, due to increasing usage of electric vehicles worldwide. The growing EV demand is fueling the need for superior-performing electric motors which in turn is driving the electric motor core market.
The North American region currently dominates the electric motor core market and is expected to maintain its dominance during the forecast period as well. The availability of advanced manufacturing facilities along with the presence of major automobile manufacturers in the US and Canada is fueling the electric motor core demand. The Asia Pacific region is anticipated to exhibit the fastest growth during the forecast period. Rapid industrialization and increasing EV adoption in China and India are propelling the electric motor core market growth in Asia Pacific.
Key players operating in the electric motor core market are 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. The market is highly competitive due to the presence of these major players offering innovative core components.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
