Electric motor core is an indispensable part of an electric motor which helps in generating a constant magnetic field to drive the motor’s rotor. Consisting of sheets of magnetic material such as silicon steel, electric motor core allows efficient power transmission and conversion. Growing demand for energy-efficient conveyance has resulted in higher adoption of electric vehicles which is positively influencing the electric motor core market growth.
The global Electric Motor Core Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of electric vehicles is one of the key trends accelerating the growth of the electric motor core market. Various governments across the globe are promoting the usage of electric vehicles by providing subsidies and relaxing regulations to curb carbon emissions from automobiles. Leading automakers are also heavily investing in developing efficient electric powertrains with more powerful and compact electric motors. This rising focus on electrification of vehicles is augmenting the demand for advanced electric motor cores made of silicon steel or fully coiled motor cores which enable manufacturing of high-efficiency motors. The adoption of innovative core materials is also improving the performance characteristics of electric motors significantly.
Segment Analysis
The global electric motor core market is segmented into type, material, application and geography. By type, the stator core segment dominated the market in 2022 and is expected to remain dominant during 2023-2030. This is because stator core forms an essential part of an electric motor and accounts for a major share of the total cost of an electric motor.
Key Takeaways
The global Electric Motor Core Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The global Electric Motor Core Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific region dominated the global electric motor core market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to the region's large manufacturing base for electric motors across industries such as industrial machinery, home appliances and automobiles. China accounted for a major share of the Asia Pacific market owing to presence of large number of electric motor manufacturers in the country.
Key players
Key players operating in the electric motor core market are Prairie View Industries, EZ-ACCESS, Roll-A-Ramp, SafePath Products, PVI Ramps (Handi-Ramp), Bridjit Curb Ramps, HomCom (Aosom LLC), Titan Ramps, Bluff Manufacturing, National Ramp, Handicare Group AB, Tri-Boro Construction Supplies, Vestil Manufacturing, Ruedamann Official Store, Discount Ramps. Of these, Prairie View Industries, EZ-ACCESS, Roll-A-Ramp are among the top players in terms of market share in 2022.
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