Market Overview:
An electric motor core is an integral part of an electric motor which functions as a magnetic circuit and is used to produce torque. It provides a low reluctance path for magnetic flux and helps in aligning the magnetic lines of flux in the rotor and stator. Electric motor cores are made from soft magnetic materials like silicon steel to reduce the reluctance. They come in different shapes and sizes depending upon the type and application of electric motors.
Market key trends:
One of the major trends driving the growth of the electric motor core market is the rising adoption of renewable energy sources globally. Electric motors are used in various renewable energy systems like wind turbines, hydroelectric power generators etc. to convert energy into rotational mechanical power. With renewable energy becoming more cost competitive and governments pushing clean energy initiatives, demand for electric motors from renewable sources is expected to increase significantly over the coming years. This will augment the demand for electric motor cores from renewable energy applications. Additionally, technological advancements to improve motor efficiency through better core material and designs is also fueling market growth.
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.
Porter's Analysis
Threat of new entrants: Low capital requirements and established buyers limit threat of new entrants.
Bargaining power of buyers: Large buyers have significant influence on pricing due to high bargaining power.
Bargaining power of suppliers: Few component suppliers exist with differentiated products, increasing supplier power.
Threat of new substitutes: Limited substitute products exist currently, though technology advancement may introduce novel alternatives.
Competitive rivalry: Intense competition exists among dominant industry players to gain market share.
SWOT Analysis
Strengths: Established brand names, proprietary technologies, and global distribution networks.
Weaknesses: High research and development costs, regulatory compliance complexities.
Opportunities: Expanding into emerging markets, potential for acquisitions, partnerships and licensing agreements.
Threats: Price erosion, healthcare reforms and legislation, intellectual property challenges.
Key Takeaways
The global Electric Motor Core market is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing adoption of electric vehicles globally. The Asia Pacific region dominates the global market currently and is expected to maintain its leading position over the forecast period due to presence of key players and rapidly growing end-use industries in China and India.
By product, the rotor segment accounted for the largest share of the global market in 2023. Rotors make up the magnetic circuit of an electric motor that produces torque and are a critical component for motor functioning.
Regional analysis - North America is forecast to witness significant growth due to increasing investments by leading players to expand their presence. Presence of developed healthcare infrastructure and rising musculoskeletal disorders in the US and Canada also support growth.
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.
