Global Precision Motor Market to Grow on Account of the Rising Demand for These Motors from the End-Use Industries; Market to Garner a Revenue of USD 103407.75 Million by 2030

Key Companies Covered in the Precision Motor Market Research Report Are AMETEK, Inc., ARC Systems Inc., Allied Motion Technologies, Inc., Siemens Limited, ABB, Yaskawa Electric Corporation, Nidec Motor Corporation, OMRON Corporation, Regal Beloit Corporation, maxon motor ag., and other key market players.

New York, Feb. 03, 2022 (GLOBE NEWSWIRE) — According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total production of vehicles grew from 58374162 units in the year 2000 to 91786861 units in the year 2019. This further recorded to 21084417 units during the period January and March in the year 2021. On the other hand, according to the International Energy Agency (IEA), the stock of battery electric vehicles (BEVs) around the globe increased from 0.22 Million in the year 2013 to 4.79 Million in the year 2019. The statistics further stated that China held the largest fleet of BEVs with a stock of 2.58 Million in the year 2019. This was followed by Europe and the United States with a fleet size of 0.97 Million and 0.88 Million respectively in the same year.

Research Nester has added a report titled “Global Precision Motor Market” which focuses on the latest market developments by providing a detailed analysis of the key opportunities, trends, and growth factors that are associated with the market growth over the forecast period, i.e., 2021-2030. The report also outlines a brief analysis of the key players who are operating in the market.

Backed by the growing sales of electric vehicles, which was expected to cross 6 million units by the end of 2021, the demand for precision motors, which are used widely in wheels, is also expected to increase significantly. These motors, which are usually used in the components of vehicles, such as radiator fans, water pumps, and others, possess the properties of consuming less power and provide high speed and efficiency, which is one of the major factors projected to drive the growth of the global precision motor market during the forecast period. The global precision motor market is projected to grow with a CAGR of 6.80% during the forecast period and further touch revenue of USD 103407.75 Million by the end of 2030, up from USD 53560.0 Million in the year 2020.

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The global precision motor market is also expected to grow on account of the growing advancements in motor technology, backed by increasing research and developments. According to the statistics by the United Nations Educational, Scientific, and Cultural Organization (UNESCO), the spending on R&D around the globe recorded close to USD 1.7 Trillion. On the other hand, according to the statistics by the Organization for Economic Co-Operation and Development (OECD), gross domestic spending on R&D in OECD nations as a share of GDP recorded to 2.475% of GDP in the year 2019, up from 2.312% of GDP in the year 2016. Besides this, the growing use of precision motors for manufacturing different medical equipment is also expected to boost the market growth. In recent years, the healthcare industry has witnessed a surge in the adoption of advanced medical equipment, backed by the growing expenditure on health and the increasing advancements in medical technology. According to the World Bank, the current health expenditure as a share of GDP touched 9.857% in the year 2018, up from 9.133% in the year 2008. On the other hand, the increasing trade of electric motors globally is also expected to accelerate the market growth in the coming years. According to the statistics by the International Trade Center (ITC), the imports of electric motors and generators (excluding generating sets), grew from USD 49274964 Thousand in the year 2016 to USD 55704288 Thousand in the year 2020.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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The global precision motor market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of the market in these regions, the market in the Asia Pacific garnered the largest revenue of USD 27178.10 Million in 2020 and is anticipated to hold the highest market share during the forecast period. The market in the region is further expected to garner a revenue of USD 57391.30 Million by the end of 2030 and grow with the highest CAGR of 7.76% during the forecast period. The market in the region is segmented by countries into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific, out of which, the market in China garnered the largest revenue of USD 11960.08 Million in the year 2020 and is further expected to touch USD 28236.52 Million by the end of 2030, by growing with the highest CAGR of 8.97% during the forecast period.

Alternatively, the market in North America is projected to hold the second-highest share and further attain revenue of USD 22646.30 Million by the end of 2030, up from USD 12087.25 Million in 2020. The market is segmented by country into the United States and Canada, out of which, the market in the U.S. is expected to hold the largest market revenue by the end of 2030 and also grow with the highest CAGR of 6.99% during the forecast period.

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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

The global precision motor market is segmented by application into machine tools, power tools, blowers & pumps, industrial fans, household appliances, electric engines, and others, out of which, the machine tools segment is projected to garner the largest revenue of USD 30195.06 Million by the end of 2030, up from USD 15045.55 Million in 2020. In the Asia Pacific, the machine tools segment is anticipated to grow with the highest CAGR of 8.18% during the forecast period and further attain the largest revenue of USD 16758.26 Million by the end of 2030, up from USD 7634.61 Million in 2020. On the other hand, in North America, the segment garnered the largest revenue of USD 3395.43 Million in 2020 and is further expected to touch USD 6612.72 Million in 2030.

The global precision motor market is also segmented by end-use industry into automotive, metal & heavy machinery, food & beverages, healthcare, logistics, automation & robotics, semiconductors & electronics, aviation, e-commerce, and others. Out of these segments, the automotive segment is anticipated to garner the largest revenue of USD 33266.27 Million by the end of 2030, up from USD 17188.60 Million in 2020. In North America, the automation & robotics segment is anticipated to grow with the highest CAGR of 7.35% during the forecast period, while in Europe, the automotive segment is projected to garner the largest revenue of USD s5588.73 Million by the end of 2030, up from USD 3427.17 Million in 2020.

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The global precision motor market is also segmented on the basis of type.

Global Precision Motor Market, Segmentation by Type

• Brushless Motor
• Brush Motor
• AC Motors
  • Commutator Motor
  • Axial Flux Motor
  • Synchronous Motor
    • Variable Reluctance Motor
    • Hysteresis Motor
    • Inductor-Type Motor
    • Others
• Stepper Motor

Some of the prominent industry leaders in the global precision motor market that are included in our report are AMETEK, Inc., ARC Systems Inc., Allied Motion Technologies, Inc., Siemens Limited, ABB, Yaskawa Electric Corporation, Nidec Motor Corporation, OMRON Corporation, Regal Beloit Corporation, maxon motor ag, and others.

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