Electric Motor Core Market, 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, Industrial Machinery, Aeros

Electric Motor Core Market, 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, Industrial Machinery, Aerospace & Transportation, Household Appliances, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

The electric motor core market size is estimated to be valued at US$ 30.23 Bn in 2023 and is expected to reach US$ 52.71 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030.

Figure 1. Electric Motor Core Market Share (%), By Region, 2023

The electric motor core is a fundamental component of electric motors which plays a crucial role in their performance and efficiency. It is responsible for converting electrical energy into mechanical energy, thus enabling the rotation of the motor's shaft. The motor core consists of laminations made of magnetic materials, such as silicon steel, which helps in reducing energy losses due to magnetic hysteresis and eddy currents.

With the increasing demand for energy-efficient electric motors across various industries, the electric motor core market has witnessed significant growth in forecasted years. Growing emphasis on reducing carbon emissions and the shift towards sustainable energy sources have further propelled the demand for electric motors, thereby driving the market for electric motor cores.

Market Dynamics:

The electric motor core market is driven by several factors. Rising adoption of electric vehicles (EVs) and hybrid vehicles is one of the primary drivers of the market growth. As governments worldwide are implementing stringent regulations to reduce greenhouse gas emissions, the automotive industry is witnessing a shift towards electrically driven vehicles. This, in turn, has led to an increased demand for electric motor cores.

Increasing focus on energy-efficient technologies in various industries, such as manufacturing, appliances, and HVAC (Heating, Ventilation, and Air Conditioning) systems, has fueled the demand for electric motor cores. These industries are actively seeking ways to reduce energy consumption and improve overall efficiency, thus making electric motors an attractive choice.

However, there are certain restraints that may hinder the market growth. The high production cost of electric motor cores is one such challenge. The cost of raw materials, such as silicon steel still remains a significant factor contributing to the high production cost. Moreover, the complexity of the manufacturing process and the need for specialized equipment also adds to the overall cost.

Despite these challenges, the electric motor core market offers ample opportunities for growth. The advancements in materials and design technologies have resulted in the development of more efficient motor cores, leading to increased demand. Increasing investments in research and development (R&D) activities by key market players aim to further enhance the performance and durability of electric motor cores.

Key Features of the Study:

• This report provides in-depth analysis of the electric motor core market, including market size (US$ Bn) and compound annual growth rate (CAGR %) for the forecast period (2023–2030), with 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• Key companies covered as part of this study include Hitachi Metals, ABB, Siemens, WEG, Nidec, Wolong, Jing-Jin Electric, Toshiba, Emerson Electric, Hyosung, Höganäs, Voith, Zhuzhou CRRC Times Electric, Zhejiang Hengdao Electric, Shenyang No.1 Machine Tool Works, Jumo, Finecharm, Foshan T-Top Electric, Zhejiang Top Electric Motor, and XEMC
• Insights from this report would allow marketers and management authorities to make informed decisions regarding future product launches, market expansion, and marketing tactics
• The electric motor core market report caters to various stakeholders in this industry, including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the electric motor core market

Electric Motor Core Market Detailed Segmentation:

• Electric Motor Core Market, By Material Type
• Silicon Steel
• Cold-Rolled Lamination Steel
• Cobalt
• Aluminum
• Others
• By Motor Type
• AC Motors
• DC Motors
• Hermetic Motors
• Others
• By End-use Industry
• Automotive
• HVAC
• Industrial Machinery
• Aerospace & Transportation
• Household Appliances
• Others
• By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
• Top Companies in Electric Motor Core Market
• Hitachi Metals
• ABB
• Siemens
• WEG
• Nidec
• Wolong
• Jing-Jin Electric
• Toshiba
• Emerson Electric
• Hyosung
• Höganäs
• Voith
• Zhuzhou CRRC Times Electric
• Zhejiang Hengdao Electric
• Shenyang No.1 Machine Tool Works
• Jumo
• Finecharm
• Foshan T-Top Electric
• Zhejiang Top Electric Motor
• XEMC