Magnetic Core Segment Projected To Account For A Significant Revenue Share
Market Overview:
Electric motor cores are an integral part of motors that help convert electrical energy into mechanical energy. They contain wires that carry electric current and generate a rotating magnetic field for smooth operation of motors. Electric motor cores help improve motor efficiency and torque generation.
Market key trends:
One of the key trends in the electric motor core market is the growing adoption of permanent magnet synchronous motors. Permanent magnet synchronous motors use permanent magnets to generate the magnetic field instead of fields weakened by stator currents. They offer improved efficiency, reduced noise, and size compared to traditional induction motors. These properties have supported their adoption in various applications such as HVAC systems, electric vehicles, industrial machinery and so on.
Segment Analysis
The electric motor core market is segmented into winding type, material, motor type, and end-use industry. The winding type segment is further divided into slot winding and wave winding. The slot winding segment held the largest market share in 2023 owing to its associated benefits such as high efficiency, low cost, and ease of manufacturing.
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 CAGR of 8.4% over the forecast period, 2023 to 2030, due to increasing adoption of electric vehicles.
Regional analysis
The North America region dominated the electric motor core market with a share of over 35% in 2023 led by the increasing electrification of vehicles in the US. Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to high sales of electric vehicles in China.
Key players
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. Johnson & Johnson is currently the market leader with its wide range of electric motor cores used across various end-use industries.