The global Electric Motor Core market size was valued at US$ 18.97 billion in 2023 and is expected to reach US$ 33.36 billion by 2030, grow at a compound annual growth rate (CAGR) of 8.4% from 2023 to 2030. The electric motor core is the main inner part of an electric motor which generates magnetic flux to produce motion in the rotor through electromagnetic induction. Electric motor cores are made up of stack steel laminations, alloys of cobalt & iron and aluminum or magnesium die castings. The key advantage of electric motors is their efficiency, long service life, low maintenance and ability to operate in harsh conditions. The major drivers for the market include rapid industrialization in emerging economies, increasing adoption of EVs and high demand from the automotive industry.
The Electric Motor Core Market is segmented by material, motor type, end-use industry and region. By material, the silicon steel segment held the largest share of over 40% in 2022 owing to its high magnetic permeability and low coercivity. Silicon steels are extensively used for manufacturing stators and rotors.
Electric Motor Core Market Regional Insights
- North America is expected to be the largest market for Electric Motor Core Market during the forecast period, accounting for over 45% of the market share in 2022. The growth of the market in North America is attributed to the well-established automotive and industrial machinery sectors.
- The Europe market is expected to be the second-largest market for Electric Motor Core Market, accounting for over 25% of the market share in 2022. The growth of the market in is attributed to the strong presence of OEMs and rising adoption of EVs in the region.
- The Asia Pacific market is expected to be the fastest-growing market for Electric Motor Core Market, with a CAGR of over 9% during the forecast period. The growth of the market in Asia Pacific is attributed to rapid industrialization and increasing production of motor vehicles.
Figure 1. Global Electric Motor Core Market Share (%), by Region, 2023
Electric Motor Core Market Drivers:
- Increasing adoption of electric vehicles globally: The rising adoption of electric vehicles (EVs) worldwide is a major driver for the electric motor core market. EVs use electric motors instead of internal combustion engines, creating strong demand for electric motor cores. Government incentives and schemes are further accelerating EV adoption. For instance, in September 2020, The rapidly growing global EV market will boost demand for efficient and high-performance electric motor cores.
- Rapid industrialization and automation in emerging economies: Emerging economies like China, India, Mexico, Brazil, etc. are undergoing rapid industrialization and adopting automation across various industries like automotive, metals, electronics, chemicals, aviation, F&B, etc. Process automation increases the use of electric motors and drives, in turn propelling demand for motor cores. For example, Made in China 2025, a strategic plan by the Chinese government to upgrade and modernize Chinese industries, is leading to increasing automation and Industrie 4.0 adoption in the country. Similar initiatives are being undertaken in other emerging economies as well. The industrial automation trends in these markets provide significant growth opportunities for electric motor core manufacturers.
- High efficiency, lower maintenance and longer life of electric motors: Electric motors are highly efficient with over 90% efficiency in converting electrical energy into mechanical motion. They have lower friction losses compared to engines and require less maintenance owing to absence of fluids or lubricants. The life span of an electric motor can be over 10 years with proper care. These advantages over alternate technologies like internal combustion engines and hydraulic motors are fueling electric motor adoption in diverse applications ranging from electric vehicles, industrial machinery, HVAC systems, aerospace systems, robotics, appliances etc. The expanding use cases and demand for electric motors will drive the electric motor core market.
- Surging demand from the automotive industry: The automotive industry is the largest end-use sector for electric motors. They are used in various applications like electric power steering, HVAC systems, engine cooling fans, seat adjustment, door locks, windshield wipers etc. The increasing proliferation of electric motors in modern vehicles to enhance safety, comfort and fuel efficiency is fueling demand for motor cores. Further, the rising production of motor vehicles globally especially in emerging economies is driving automotive industry growth.
Electric Motor Core Market Opportunities:
- Growing adoption of robotics and industrial automation: The increasing adoption of robotics, IIoT, Industry 4.0 and process automation across industries such as automotive, healthcare, electronics, logistics etc. presents major growth opportunities for electric motor core manufacturers. Robots extensively use servo motors, stepper motors and other precision electric motors. For instance, collaborative robots deployed across many factories use servo motor technology. The surging demand for robotics and automation will boost the adoption of associated electric motors and cores.
- Development of axial flux electric motors: Axial flux electric motors have emerged as an efficient motor technology owing to benefits like high torque density, low noise, compact size etc. They find applications in EVs, industrial machinery, robotics, and other fields. Many companies are investing in R&D to develop axial flux motor technologies. For example, Yasa, an Oxford-based company designs innovative axial flux electric motors and controllers. The expected rise in demand for axial flux motors will open up new avenues for electric motor core manufacturers.
- Potential applications in renewable energy sector: Renewable energy sectors such as hydro, tidal, wind and geothermal power generation deploy large electric generators and motors. For instance, offshore wind turbines use high capacity electric generators. Moreover, electric propulsion is also gaining popularity in the marine sector. The growing renewable energy market globally will create fresh demand for specially designed, high-performance electric motor cores. Market players can gain by capitalizing on opportunities in these eco-friendly sectors.
- Replacement demand for outdated low efficiency motors: Replacement of outdated, derated, low efficiency electric motors with new energy efficient motors is expected to create fresh demand for motor cores. Many old factories and industrial facilities continue to use standard efficiency electric motors purchased long ago. Regulations on enhancing industrial energy efficiency and incentives are accelerating replacements. Motor core manufacturers can tap into this replacement demand.
Electric Motor Core Market Report Coverage
||Market Size in 2023:
||US$ 3.69 Bn
|Historical Data for:
||2018 to 2021
||2023 - 2030
|Forecast Period 2023 to 2030 CAGR:
||2030 Value Projection:
||US$ 12.77 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East & Africa: GCC Countries, Israel, South Africa, North Africa, and Central Africa and Rest of Middle East
- By Material Type: Plastics, Metals, Ceramics, Composites, Others
- By End-Use Industry: Aerospace and defense, Automotive, Healthcare and medical, Consumer products, Industrial manufacturing, By Education and research, Architecture and construction, Others
- By Application: Prototyping, Tooling, Functional parts, Customized products, Dental and orthodontics, Prosthetics and implants, Jewelry and fashion, Electronics and electrical components, Others
- By Form: Filament, Powder, Liquid, Granules, Others
- By Technology: Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), Stereolithography (SLA), Binder Jetting, Material Jetting, Digital Light Processing (DLP), Direct Metal Laser Sintering (DMLS), Others
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
- Environmental Concerns
- Public Awareness and Pressure
- Health and Safety Concerns
- Circular Economy Agenda
|Restraints & Challenges:
- Material Properties and Performance Limitations
- Cost of Materials
- Intellectual Property and Material Formulations
Electric Motor Core Market Trends:
Development of dedicated motors designed for EVs/HEVs: Leading electric motor manufacturers are launching high efficiency, high-performance, dedicated motors designed exclusively for electric vehicles and hybrid electric vehicles. Companies like Tesla, Nidec, Hitachi Metals, etc. have dedicated EV motor manufacturing lines. These motors are designed to deliver maximum power density, torque density, efficiency, reliability and vehicle range. Customized core designs, advanced materials, optimized cooling systems are some features. The trend of developing dedicated motors for EVs will shape technology innovation in this market.
Focus on enhancing energy efficiency: There is an increased focus on enhancing the energy efficiency of electric motors to align with sustainability targets and reduce energy consumption. Motor companies are innovating with new materials, designs and manufacturing techniques to develop super premium efficiency IE5/IE6 models according to IEC standards. For instance, ultrasonic welding of core laminations minimizes losses. The development of high efficiency motor technologies will drive advances in electric motor core design.
Adoption of alternative core materials: Usage of alternative lightweight materials like cobalt and aluminum alloys is increasing for making motor cores, especially for high-performance applications. Cobalt iron laminations reduce core losses at high frequencies. Aluminum’s lightness aids torque density improvement. Companies like Equipmake use aluminum for core of EV traction motors. The shift from traditional silicon steels to cobalt/aluminum alloys for niche applications is an emerging trend in this market.
Advancements in electrical steel through Metglas: Metglas alloys and amorphous metal technology by Hitachi Metals are facilitating improvements in magnetic properties of core laminations. Metglas is an iron-boron-silicon alloy which offers very low coercivity and iron losses. Cores made using Metglas alloys improve motor efficiency. Development of such advanced electrical steel solutions will enhance performance and efficiency of electric motor cores
Electric Motor Core Market Restraints:
High initial and maintenance costs: The high costs associated with procuring and maintaining electric motors is a key factor restraining adoption in many cost-sensitive applications. Electric motors are priced higher than comparable internal combustion engines. Moreover, maintenance costs are also significant owing to the need for highly skilled personnel. These costs are further compounded by long lead times and supply chain issues currently. The high initial investment and maintenance required continue to limit uptake.
Performance limitations in high power applications: Conventional electric motors have certain torque density, speed and heat dissipation limitations which restrict their use in very high power applications. For instance, traction motors above 300 kW capacity required for long-range heavy duty EVs remain challenging. Oil & gas industry applications also often demand very high power ratings not achievable by standard electric motors. Overcoming these performance barriers restricts growth opportunities to some extent.
Raw material price volatility: Key materials like electrical steels, aluminum alloys, copper windings, magnets etc. used in electric motor core manufacturing experience severe price volatility owing to cyclical supply-demand dynamics. For instance, electrical steel prices rose fourfold in 2021 owing to supply bottlenecks. Such raw material price fluctuations affect the overall costs and margins of motor core manufacturers. It poses a risk of hampering production growth if input costs rise significantly.
New product launches
- In March 2022, ABB launched a new range of high efficiency IE5+ SynRM motors offering ultra-premium energy efficiency. These motors are designed for applications in industries like mining, metals, pulp & paper.
- In January 2021, Siemens introduced a new 1FW4 line of high efficiency (IE5+), permanent magnet-excited synchronous reluctance motors with output up to 375 kW. It delivers improved efficiency across entire speed range.
- In June 2020, WEG introduced a new range of W22 Magnet Super Premium (IE4) motors for demanding applications. The key features include high power density design and premium efficiency levels.
Acquisition and partnerships
- In October 2021, Regal Beloit Corporation acquired NEMA motor manufacturer Section Eight Co. to strengthen its portfolio of general purpose motors.
- In December 2020, Toshiba announced the acquisition of the motor business of Siemens for €800 million to expand its offering of high efficiency motors.
- In March 2022, Nidec entered into a strategic partnership with ArcelorMittal to jointly develop high quality electrical steel grades for electric motor cores.
Figure 2. Global Electric Motor Core Market Share (%), by Type, 2023
Top companies in Electric Motor Core Market
- Hitachi Metals
- Jing-Jin Electric
- Emerson Electric
- Zhuzhou CRRC Times Electric
- Zhejiang Hengdao Electric
- Shenyang No.1 Machine Tool Works
- Foshan T-Top Electric
- Zhejiang Top Electric Motor
*Definition: The electric motor core market refers to the market for the inner stationary part of electric motors consisting of stacked steel laminations or die cast aluminum/magnesium. It generates the magnetic flux through which the outer rotor rotates to produce motion. The key drivers of this market include increasing industrial automation, rising adoption of EVs, and high efficiency & low maintenance of electric motors. Electric motor cores find applications across industries like automotive, industrial machinery, HVAC, aerospace, household appliances etc. Leading manufacturers are constantly innovating with new materials and designs to improve efficiency, power density, torque density and reduce losses.
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