Summary

The micromotor market is projected to grow from USD 44.8 billion in 2023 to USD 68.3 billion by 2028, at a CAGR of 8.8%. Advancements in medical equipment are driving the micromotor market, which provides precision control and power for various applications in medical devices. Micromotors are becoming increasingly important in medical implants and surgical instruments, such as artificial hearts, pacemakers, and small cutting tools for minimally invasive surgeries, allowing for greater precision and control while minimizing damage to surrounding tissues. Micromotors are also used in diagnostic equipment, such as ultrasound machines and CT scanners, requiring small, efficient, and quiet motors for accurate and reliable results. The micromotor market is expected to grow in the coming years, with increasing demand for advanced medical equipment to improve patient outcomes and healthcare delivery efficiency. “The micromotors with 12-24V power consumption are projected to dominate the market.” The 12-24V micromotors are expected to dominate the market as these micromotors are widely used in various applications, including medical devices, automotive, robotics, and aerospace. The 12-24 volt micromotors are preferred due to their high efficiency, reliability, and low power consumption. Compared to high voltage motors, 12-24Volt micromotors are considered safer to use due to their lower risk of electrical shock or other hazards. In addition, they are a cost-effective option for applications where cost is a critical factor, as they are less expensive to manufacture than higher voltage motors. Additionally, they are compact and easy to integrate into various devices, making them an ideal choice for medical implants and other precision instruments. As a result, the demand for 12-24 volt micromotors is expected to increase in the coming years, driving the growth of the micromotor market. “North America is another prominent largest market for micromotors” North America is one of the dominant markets in the micromotor industry due to the increasing demand for advanced medical equipment, automotive, aerospace, and robotics applications. The major contributing countries in North America for the micromotor market are the US and Canada. The US is one of the largest markets for micromotors due to the presence of several leading manufacturers and the high demand for medical equipment and aerospace applications. The country is home to many of the world's largest medical device manufacturers, such as Medtronic, Abbott Laboratories, and Boston Scientific. These companies are investing heavily in research and development to create innovative products and stay ahead of the competition. Similarly, Canada is also a major contributor to the micromotor market in North America due to the growing demand for automotive and aerospace applications. The country has a well-established aerospace industry, and many leading aerospace companies, such as Bombardier and Pratt & Whitney Canada, are based in Canada. These companies use micromotors in their aircraft engines, which drives the demand for micromotors in the country. The break-up of the profile of primary participants in the low speed vehicle market: • By Company Type: Tier 2 – 85%, Tier 1 –10 %, and Tier 3 – 5% • By Designation: C Level – 50%, Others – 33%, and Director Level – 17% • By Region: Asia Pacific – 55%, Europe – 28%, North America – 14%, Rest of the World – 3% Prominent companies include MITSUBA Corporation (Japan), Nidec Corporation (Japan), Johnson Electric Holdings Limited (China), Mabuchi Motor Co., Ltd. (Japan), Maxon (Switzerland) and Constar Micromotor Co., Ltd. (China) among others. Research Coverage: This research report categorizes the micromotor market by application (automotive, medical equipment system, aircraft systems, construction and mining, agriculture equipment system and 3D printer system), by type (AC motor and DC motor), by technology (brushed and brushless), by power consumption (<11V, 12-24V, 25-48V, and >48V) and by region (North America, Europe, Asia Pacific, and Rest of the World). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the micromotor market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, recession impact, and recent developments associated with the micromotor market. Competitive analysis of upcoming startups in the micromotor market ecosystem is covered in this report. Reasons to buy this report: The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall micromotor market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. The report provides insights on the following pointers: • Analysis of key drivers (Need of golf carts and street legal vehicle with autonomous technology for the geriatric population for their daily commute, increasing popularity of golf sports with increase in number of golf courses in US and Asia Pacific region, and increase in charging infrastructure), restraints (High cost of LSVs has lower sales of the vehicles in developing and underdeveloped countries), opportunities (Increase in infrastructure development in real estate, hotel and resort, and rehabilitation in other European countries for the families of Ukraine after Russia war, increase in autonomous vehicle and connected car technology for better experience of the LSV riders, and increase in global tourism sector which has reached to pre pandemic situation), and challenges (Adoption of lithium ion batteries with high density has increased the battery cost compared to lead acid battery, and lack of safety standards followed by the OEMs with LSV body structure design) are influencing the growth of the LSV market. • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the micromotor market. • Market Development: Comprehensive information about lucrative markets – the report analyses the micromotor market across varied regions. • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the micromotor market • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like MITSUBA Corporation (Japan), Nidec Corporation (Japan), Johnson Electric Holdings Limited (China), Mabuchi Motor Co., Ltd. (Japan), Maxon (Switzerland) and Constar Micromotor Co., Ltd. (China) among others in the micromotor market The report also helps stakeholders understand the pulse of the automotive, medical equipment system, aircraft systems, construction and mining, agriculture equipment system and 3D printer system market by providing them with information on key market drivers, restraints, challenges, and opportunities.