Electric Motor Core Market Size, Trends, Share, Growth, and Opportunity Forecast, 2024 - 2031 Global Industry Analysis By Material Type (Silicon Steel, Cold-Rolled Lamination Steel, Cobalt, Aluminum, and Others), By Motor Type (AC Motors, DC Motors, Hermetic Motors, and Others), By End-use Industry (Automotive, HVAC, Consumer Electronics, Renewable Energy, Industrial Machinery, and Others), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Electric Motor Core Market was valued at USD 31.11 Billion in 2023 and is anticipated to reach a value of USD 58.98 Billion by 2031 expanding at a CAGR of 8.4% between 2024 and 2031.

The electric motor core is the crucial inner part of an electric motor that converts electrical energy into mechanical energy through electromagnetic induction. An electric motor core is an essential part of any electric motor, which helps in the generation of magnetic field require for better operation. It composed of thin sheets of silicon steel that are stacked together and then laminated to reduce eddy current loss. They are made up of stack steel laminations, alloys of cobalt and iron and aluminum or magnesium die castings. The major advantages of electric motors is their efficiency, long service life, low maintenance, and ability to operate in harsh conditions. The market is experiencing significant growth in recent years due to factors such as rapid industrialization and automation, rising demand for electric vehicles, environmental concerns, and increasing demand from the automotive sector. The electric motor core market serves automotive, HVAC, consumer electronics, renewable energy, industrial machinery, and other industries.

Electric Motor Core Market Major Driving Forces

Rapid Industrialization and Automation: The major factor driving market growth is the rapid industrialization and automation especially in emerging economies. Growing adoption of automation across various industries such as automotive, electronics, food and beverages and others are driving the demand for electric motor core.

Rising Demand for Electric Vehicles: The increasing adoption of electric vehicles(EVs) across globe is a significant driver for the electric motor core market. Electric motor core is an essential part of electric vehicles, thereby creating strong demand for electric motor cores.

Environmental Concerns: With the growing environmental concerns and the need to reduce carbon emissions are driving adoption of electric motor cores. The shift towards sustainable transportation and stringent emission regulations are promoting the adoption of electric vehicles, driving the demand for electric motor cores.  

Increasing Demand from the Automotive Sector: The rapidly growing automotive sector is the largest end-use industry for electric motor cores. They are extensively used in various applications such as HVAC systems, engine coding fans, door locks, and others.

Electric Motor Core Market Key Opportunities

Focus on Lightweighting: The growing emphasis on production of lightweight and efficient electric motor cores is anticipated to create significant opportunities for market expansion. Manufacturers are focusing on developing electric motor cores that are lighter in weight and offer higher efficiency to enhance    the performance of electric vehicles.  

Innovation in Materials and Design: Ongoing innovations in materials and design of electric motor cores by integrating advanced technologies provide opportunities for market expansion. The integration of emerging technologies such as IoT, and artificial intelligence are enable the development of electric motor cores with superior performance.  

Renewable Energy Generation: The growing applications of electric motor cores in renewable energy sector such as hydro, tidal, wind, and geothermal power generation deploy large electric generators and motors. Moreover, the growing emphasis on renewable energy sources such as wind, and solar power requires efficient electric motors for power generation and distribution.

Electric Motor Core Market Key Trends

·         The growing focus on enhancing the energy efficiency of electric motors to align with sustainability goals

·         Manufacturers are introducing high efficiency, high-performance, and dedicated motors designed for electric and hybrid vehicles

·         The significant shift towards the production of lightweight and efficient electric motor cores is one of the key trend in the market

·         The increasing use of rare earth materials in the production of electric motor cores owing to their high magnetic properties

·         The growing need for electric motors with higher efficiency is another significant factor influencing the market growth

·         Increased use of IoT devices and smart home appliances requires compact, and energy efficient electric motors  

·         Customized and personalized electric motor cores are becoming a trend, allowing industries to match their specific requirements

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 36.3% in 2023 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 8.7% between 2024 and 2031.

Asia Pacific region dominates the global electric motor core market and is predicted to be a fastest growing region in forecast period. This dominance in this region is attributed to the factors such as rapid industrialization, increasing production of motor vehicles, rapidly expanding automotive sector, and manufacturing activities. In North America, the demand is driven by well-established automotive and industrial machinery sector, strong presence of core manufacturers, increasing adoption of electric vehicles, and stringent regulations. Europe emphasizes on eco-friendly and sustainable practices and energy efficiency for electric motor cores. The Middle East and Africa has been witnessing a growing demand for electric motor cores due to increasing industrialization and government initiatives whereas, in South America, the market is influenced by expansion of automotive sector, industrial automation, and growing applications in renewable energy sector.  

Market Competition Landscape

The global electric motor core market is highly competitive among the well-established and emerging manufacturers operating in the market. Prominent players operating in the industry are increasingly focusing on technological innovations to maintain their market position and expand consumer base. Key players in the electric motor core market are adopting various business including product launches, product innovation, design differentiation, agreements, partnerships, collaborations, and acquisitions to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global electric motor core market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         ABB

·         Siemens AG

·         Nidec Corporation

·         Hitachi Metals, Ltd.

·         Mitsui High-tec, Inc.

·         Changying Xinzhi Technology Co., Ltd.

·         Suzhou Fine-Stamping Machinery & Technology Co., Ltd

·         Anhui Feixiang Electric Co., Ltd.

·         WEG SA

·         Wolong Electric Group

·         Jing-Jin Electric Technologies Co., Ltd.

·         Toshiba Corporation

·         Emerson Electric Co.

·         Schneider Electric SE