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Precision Motor Market size was valued at USD 61.48 billion in 2023 and is expected to reach USD 149.97 billion by 2036, expanding at around 7.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of precision motor is evaluated at USD 64.97 billion. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
7.1% |
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Base Year Market Size (2023) |
USD 61.48 billion |
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Forecast Year Market Size (2036) |
USD 149.97 billion |
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Regional Scope |
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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 share of 52.09% by the end of 2036, 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 share 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 precision motor market share and also grow with the largest revenue of USD 33266.27 Million by the end of 2036.
Our in-depth analysis of the global precision motor market includes the following segments:
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Type |
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Application |
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End-user |
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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 highest industry share of 55% by 2036, impelled by growing ICT sector 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 precision motor 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.
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
March 9, 2020: Allied Motion Technologies Inc. announced that it had acquired the market-leading designer and manufacturer of equipment for the medical mobility and rehabilitation markets, and the wholly owned subsidiary of Invacare Corporation, Dynamic Controls Group
Author Credits: Richa Gupta
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