#industrial motors market trends

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Industrial Motor Market - Forecast(2022 - 2027)

Industrial Motor Market Overview

The global Industrial Motor Market size is expected to reach $42.19 billion by 2027, growing at a CAGR of 4.20% during the forecast period from 2022 to 2027. Globally, increasing demand for industrial motors in the Automotive and Oil & Gas industries is set to drive the Industrial Motor Market during the forecast period. Increasing investments for the expansion of oil and gas production across the world owing to the rising energy demands also triggers the growth of the market. Moreover, increasing production ofelectric vehicleshas accelerated the demand for industrial motors for higher efficiency and good speed regulation during the forecast period is also boosting the growth of the market. Furthermore, rising number of government incentives to encourage use of energy efficient industrial motors for safeguarding the environment from carbon emissions is also expected to drive the market growth during the forecast period.

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Industrial Motor Market Report Coverage

The report based on: “Industrial Motor Market-Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of Industrial Motor Market Industry Outlook. By Product Type: AC (Phase Type: Single Phase, Three Phase; Operation: Asynchronous, Synchronous); DC (Brushed (BDC), Brushless (BLDC)) By Power Rating: <1kW, >1kW<2,2kW, >2,2kW < 3,5kW, 3.5-25 kW25-100 kW, Above 100 kW By Voltage: Low Voltage (IE1, IE2, IE3, IE4); Medium Voltage (IE1, IE2, IE3, IE4); High Voltage (IE1, IE2, IE3, IE4) By Applications: Oil and Gas (Upstream, Midstream, Downstream); Aerospace (Actuation, Air and Thermal System, Aircraft Engines, Auxiliary Power Unit, Wheels and Breaking System, Others); Automotive; HVAC (Heating, Ventilating, Air Conditioning); Paper and Pulp (Feed and Conveyor Systems, Fans and Blowers, Reeling and Rolling Machines, Mixers, Others); Food and Beverage (Milling, Grinding and Mixers, Conveyor Systems, Pumping Systems, Packaging, Others); Textile (Mixing and Beating Machines, Carding Machines, Winding Machines, Washers and Pumps, Blowers, Others); Transportation (Logistics and Warehousing (Manual Cranes and Hoists, ASRS Systems, Belt Conveyors, Others);Railways (Traction, Blowers, Others)); Power Generation (Coal, Gas and Oil-Fired Plants, Nuclear Power Plants, Geothermal Power Plants, Hydro Power Plants, Wind Mills, Others); Agriculture ( Pumping Systems, Grain Handling and Conveyor System, Aeration and Conditioning, Feed Delivery Systems, Others); Chemical (Pumps, Fans, Blowers and Compressors, Centrifuges, Agitators and Mixers, Others); Industrial Machinery (Machine Tools, Assembly Line and Conveyor Systems, Others); Plastics and Packaging; Industrial Automation; Others. By Geography: North America (US, Canada, Mexico), South America (Brazil, Argentina,Chile, Colombia & Others),Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands & Others), APAC (China, Japan, South Korea, India, Australia, Indonesia, Malaysia & Others) ,RoW (Middle East & Africa)

Key Takeaways

AC Motor dominated the global Industrial Motor market with a share of 84% in 2021 and is also anticipated to witness a significant growth during 2022-2027, owing to its use for various industrial applications such as in Appliances, Compressor drives and systems, Conveyor systems. Industrial Automation dominated the global Industrial Motor market with a share of 24.61% in 2021, owing to growing use of motors in collaborative robots. North America held the largest share of 30.65% in the global Industrial Motor market in 2021 and growing at CAGR of 3.64% during 2022-2027, owing to rising number of government incentives to encourage use of energy efficient industrial motors. Increasing demand for industrial motors in chemical & petrochemical industries is set to be one of the major factor that is analyzed to drive the market during the forecast period.

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Industrial Motor Market Segment Analysis-By Product Type

Based on product type, AC Motor dominated the global Industrial Motor market with a share of 84% in 2021 and is also anticipated to witness a significant growth during 2022-2027, owing to its use for various industrial applications such as in Appliances, Compressor drives and systems, Conveyor systems. AC motors have been classified into induction or asynchronous and synchronous motors. Asynchronous motors held the share of 65.45% in the AC motor market in 2021 and growing at CAGR of 4.64% during 2022-2027. These motors are the major type of industrial motors used in industrial applications like used in conveyors, cranes, pumps, elevators, compressors, drilling machines, oil extracting mills and others. Asynchronous motors have lot of advantages such as less cost, easy to maintain, efficiency in partial-load operation and others. Owing to its advantages, the adoption rate is higher among industries, thus supporting the growth of the Industrial Motor Market. In 2020, ABB Ltd launched a new range of low voltage IEC induction motors i.e. M3BP motors for industries metals, cement, pulp & paper, water & wastewater in India. These motors are compactly designed for applications such as fan, pump, compressor, crusher and crane and helps the industrial customers to save space and cost. Such developments will positively impact the growth of the market.

Industrial Motor Market Segment Analysis-By Application

Based on Application, Oil and gas dominated the global Industrial Motor market with a share of 24.61% in 2021 and is also anticipated to witness highest growth during the forecast period 2022-2027. Industrial motors serve an extensive range of applications in industrial automation vertical including food, packaging, logistics systems, tool machines and robots, among others. Stepper, servo, ac, and dc motors are the ideal motors to meet most industrial automation requirements. In industrial automation, robotics is the major trend in recent years and coming years. Robots are used for various handling purposes for precise and better quality of production. In recent years, the need for industrial automation to mitigate labour shortages in the industrial sector has become a prime concern. In addition, COVID-19 pandemic has posed new risks for workers working in close proximity. Under these circumstances, there is an increasing demand for collaborative robots that can safely work side by side with humans at sites without safety barriers and can flexibly handle multiple tasks which in turn boost the demand for industrial motors. In October 2021, Japanese electronics manufacturer, Omron announced to invest in Tech-man Robot, a manufacturer of collaborative robots in Taiwan and a subsidiary of Quanta Computer. This investment will boost robot business which is the driving force behind the growth of industrial automation This will further create opportunities for the growth of the Industrial Motor market.

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Industrial Motor Market Segment Analysis-By Geography

North America held the largest share of 30.65% in the global Industrial Motor market in 2020 and growing at CAGR of 3.64% during 2022-2027. The increasing adoption of industrial motors in power generation, aerospace, automotive and chemical industries is analyzed to expand Industrial Motor Market in this region. USA, Canada and Mexico are the top contributors in industrial motor market growth in this region. Moreover, a rising number of government incentives to encourage use of energy efficient industrial motors for safeguarding the environment from carbon emissions is expected to drive the market growth. For instance, USA has planned to increase carbon-free power generation from 27% to 35% of total by 2024, thus increasing the scope of adoption of energy efficient motors among industries. Similarly, In December 2020, Federal Electricity Commission planned to construct four nuclear reactors for power generation, thus creating opportunities for the use of energy efficient motors in nuclear power plants. Furthermore, the rising investments for the expansion of chemical industry also triggers the growth of the market in this region. In May 2020, ExxonMobil announced a $2billion investment in Baytown chemical plant expansion project. Such investments can increase the use of industrial motors for the need of handling toxic and aggressive acids, which can influence the market growth of Industrial Motor in the long run.

Industrial Motor Market Drivers

Growing demand for industrial motors in the Automotive and Oil and Gas industries will positively impact the market growth

Increasing demand for industrial motors in the Automotive and Oil and Gas industries will positively impact the market growth. In oil & gas industry, industrial motors are used for wide range of applications such as in off shore cranes, Compressors, Gas pumps, Winches and many others, thus raising its adoptability. Additionally, industrial motors play a vital role for drilling and bringing oil and natural gas resources to the surface and other applications in upstream part of this industry. Furthermore, rising investments for the expansion of oil and gas production across the world owing to the rising energy demands also triggers the growth of the market. In December 2021, the Government of India planned to invest $2.86 billion in the upstream oil and gas production to double natural gas production to 60 bcm and drill more than 120 exploration wells by the end of 2022. These major investments tend to bring significant growth in the demand of industrial motors for Upstream Oil and Gas industry, further driving its market growth during the forecast period. Increasing production of electric vehicles has accelerated the demand for industrial motors during the forecast period. The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favorable government policies and support in terms of subsidies and grants, tax rebates. Increasing use of three phase induction motors in electric vehicles because of high efficiency and good speed regulation and absence is also anticipated to drive the growth of Industrial Motor Market. Additionally, increasing investments in production electric vehicles will increase the use of motors, thus contributing to the growth of the market. In 2021, Ford Motor announced to invest in production of electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Such investments can increase the use of industrial motors for the need of good speed regulation, which can influence the market growth of Industrial Motor in the long run.

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Growth of Chemicals & Petrochemicals industries leading to the adoption of industrial motors is analyzed to drive the market growth in the forecast period

Growing demand for industrial motors in chemical & petrochemical industries is set to be one of the major factors analyzed to drive the market during the forecast period. The Chemical & Petrochemical Industries have transformed tremendously at evolving several new technologies for processing chemicals along with automating these processes. The current challenge for the industries include to expand their market while maintaining optimum levels of profit. This has led to the rapid automation of the sector, particularly in the process automation segments which creates demand for industrial motors in the industry. The Chemical industry comprises of the facilities to process the raw materials derived from minerals, oil and natural gas, minerals and several other sources into industrial chemicals. This sector will be most influential in terms of growth prospects for LV and MV Industrial Motors in the forecast period as the chemicals are at the core of every demand either in industrial or consumer perspective. Moreover, induction motors are the major type of industrial motors that are used in wide variety of applications such as pumps, Compressors, Fans and blowers, centrifuges machines and mixers in chemical industry. The demand for pumps, compressors, fans and blowers, centrifuges machines and mixers in these industries are always high, owing to usage in handling toxic and aggressive acids, as well as highly flammable and explosive liquid. For instance, the chemical industry is a major sector that contributes towards the Spain’s GDP. In 2020, Spain's chemical sector accounted for 5.5% of their national gross domestic product (GDP) and 13.4% of the industrial GDP. The total revenue of the chemical sector was 64.519 billion euros, from which 36.57 billion were exported in 2020. This increasing growth was mostly due to rising local demand for chemicals coupled with engage in R&D cooperation with customers and institutes. These factors play significant role to develop higher demands for Industrial Motors in these industries resulting into the market growth.

Industrial Motor Market Challenges

  High cost of raw materials to manufacture industrial motors can hamper the market growth

High cost of raw materials to manufacture industrial motors can act as a major challenge restraining the growth of Industrial Motor Market. The cost of raw material such as metals which includes steel, aluminium and insulation materials are quite expensive. Moreover, these industrial motors consume more electricity which results into rise of cost per unit. Furthermore, availability of low quality industrial motors is another factor that can hamper the market growth. Leading industrial motor manufacturing companies are facing intense competition from local motor manufacturers supplying inexpensive and low-quality AC and DC Motors to tap local markets, thus competing strongly with the global suppliers in the respective markets. Owing to the above mentioned factors, use of energy efficient industrial motor will be significantly impacted, thus hampering its market growth.

Industrial Motor Market Landscape

Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Industrial Motor Market. The Industrial Motor Market top 20 companies include: ABB Ltd Siemens AG Nidec Corporation Brook Crompton UK LIMITED WEG S.A. Emerson Electric Co Rockwell Automation Inc TECO Electric & Machinery Co., Ltd Danfoss Toshiba Corporation Regal Rexnord Corporation Parker-Hannifin Corporation Fuji Electric Co., Ltd Eaton Corporation plc General Electric FANUC CORPORATION AMETEK, Inc Allied Motion Technologies Inc Hitachi, Ltd Bosch Rexroth AG

Recent Developments

In December, 2021, WEG S.A , the traditional supplier of electric motors, frequency drives, automation systems, paints and digital solutions (IOT and IA), signed partnership with Marcopolo for the development of Attivi, which is the first electric bus manufactured with its own chassis. Thus, the partnership is formed as Marcopolo Attivi is equipped with a WEG Powertrain and consist of a 395 kW and 2800 Nm of torque three-phase motor and a frequency drive. The WEG Powertrain is designed with the environmental protection principles, and thus, partnership is developed to adapt the vehicle to the demands for urban and intercity transports. In April 2021, Siemens announced the addition of the latest servo motors to its proven Sinamics S210 single-cable servo drive system. The Simotics S-1FS2 is a motor version with a stainless-steel housing, and featured with the highest degree of protection IP67/IP69, as well as high-resolution 22-bit absolute multi-turn encoders, resulting into the expansion of the range of applications across the food and beverage sector and pharmaceutical industry. In March 2020, Rockwell Automation launched New Fanless Kinetix VPC Servo Motor to offer better performance and higher energy efficiencies. The new fanless version of the Allen-Bradley Kinetix VPC enables Printers and other industrial operators to enhance their energy efficiency and reduce machine complexity with a continuous-duty servo motor from Rockwell Automation.

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What Percentage of Cars Sold in 2023 Were Electric?

The automotive industry has been rapidly shifting towards electric vehicles (EVs), driven by increasing environmental concerns, technological advancements, and government incentives. The year 2023 marked a significant milestone in this transition. This transition has raised the question: What Percentage of Cars Sold in 2023 Were Electric? Let’s dive into the data to understand the impact and…

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Did Elon Musk Really Buy Ford Motor Company? The Truth Behind the Rumors

In the world of business, few names resonate as powerfully as Elon Musk. The CEO of Tesla and SpaceX has made headlines for his ambitious ventures, from launching rockets into space to acquiring social media platforms.

In the world of business, few names resonate as powerfully as Elon Musk. The CEO of Tesla and SpaceX has made headlines for his ambitious ventures, from launching rockets into space to acquiring social media platforms. Recently, however, a new rumor has sparked interest: did Musk purchase the iconic Ford Motor Company? Let’s delve into this speculation and clarify the facts. The Origin of the…

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The Outboard Motors Industry: Navigating Trends and Opportunities 

The outboard motors industry is a vital segment of the broader marine market, encompassing a range of products designed for recreational boating, fishing, and commercial applications. As consumer preferences evolve and environmental regulations become more stringent, the industry is undergoing significant transformations. This blog explores key trends, challenges, and opportunities within the outboard motors market. 

Current Market Overview 

The global outboard motors market has shown robust growth in recent years, driven by increasing disposable incomes, a rise in recreational boating activities, and a growing interest in fishing. According to recent market research, the Outboard Motor Market is projected to reach a size of USD 6.11 billion in 2024, with expectations to grow to USD 7.37 billion by 2029. This represents a compound annual growth rate (CAGR) of 3.79% during the forecast period from 2024 to 2029.  

Key Drivers of Growth 

Rising Interest in Water Sports: The increasing popularity of water sports and recreational boating is propelling demand for outboard motors. Families and adventure enthusiasts are investing in boats equipped with powerful outboard engines for leisure and exploration. 

Technological Advancements: Innovations in motor efficiency, lightweight materials, and integrated electronic systems are making outboard motors more appealing. Features such as fuel injection, electric start, and digital controls enhance user experience and performance. 

Sustainability and Environmental Regulations: With an increasing focus on sustainability, manufacturers are investing in cleaner and more efficient engines. The shift towards electric and hybrid outboard motors is gaining traction as consumers look for eco-friendly alternatives. 

Regional Insights 

North America is the largest market for outboard motors, driven by a strong culture of boating and fishing. The Asia-Pacific region is expected to exhibit the highest growth rate, fueled by rising disposable incomes and increased investment in water sports infrastructure. 

Challenges Facing the Industry 

Despite its growth, the outboard motors industry faces several challenges: 

Environmental Regulations: Stricter emissions standards and environmental regulations can pose challenges for manufacturers, necessitating significant investments in research and development. 

Competition from Alternative Propulsion Systems: The rise of electric propulsion systems is altering the competitive landscape, pushing traditional manufacturers to innovate or risk losing market share. 

Supply Chain Disruptions: The COVID-19 pandemic highlighted vulnerabilities in global supply chains, affecting production and distribution. 

Opportunities on the Horizon 

The future of the outboard motors industry is ripe with opportunities: 

Innovation in Electric Motors: The push towards sustainability opens doors for the development of electric and hybrid outboard motors. As battery technology improves, these options will become more viable for a broader range of consumers. 

Expansion into Emerging Markets: Countries in the Asia-Pacific region, Africa, and Latin America present untapped markets for outboard motors, driven by rising incomes and increasing leisure activities. 

Enhanced Customer Experience: Integrating smart technologies and connectivity features into outboard motors can significantly enhance user experience. Manufacturers can focus on creating systems that offer real-time performance data and remote diagnostics. 

Conclusion 

The outboard motors industry is at a crossroads, with technological advancements and changing consumer preferences reshaping its landscape. While challenges exist, the potential for growth and innovation is substantial. By focusing on sustainability and enhancing the user experience, companies can position themselves to thrive in this dynamic market. As we move forward, the key will be adaptability and a willingness to embrace the changes that define the future of boating and marine recreation.    For a detailed overview and more insights, you can refer to the full market research report by Mordor Intelligence: https://www.mordorintelligence.com/industry-reports/outboard-motor-market 

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Gear Motor Market Overview and Regional Outlook Study Report 2024-2033 

“Global Insight Services company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

A gear motor is a type of electric motor that uses gears to convert electrical energy into mechanical energy. The gears in a gear motor are used to increase or decrease the speed of the motor, as well as to change the direction of the rotation. Gear motors are used in a variety of applications, including electric vehicles, conveyor belts, and robotics.

View The Full Report Here –https://www.globalinsightservices.com/reports/gear-motor-market

Key Trends

The key trends in Gear Motor technology are:

1. Increased Efficiency: Gear motors are becoming more efficient as manufacturers continue to improve the design and materials used. This means that gear motors can now provide more power while using less energy, which can save money on energy bills.

2. quieter operation: One of the benefits of gear motors is that they tend to be much quieter than other types of motors. This is due to the way that the gears mesh together, which creates a smoother and quieter operation.

3. More Compact: Gear motors are also becoming more compact as technology improves. This means that they can be used in a wider range of applications and can be more easily integrated into existing systems.

4. Increased Durability: Gear motors are designed to be durable and long-lasting. This is due to the high-quality materials and construction used. gear motors are designed to withstand heavy use and can last for many years with proper maintenance.

Key Drivers

The key drivers of Gear Motor market are:

1. Increasing demand for energy-efficient and compact motors: Gear motors are increasingly being used in a wide range of applications where energy efficiency and compactness are key requirements. This is especially true in the automotive and aerospace industries, where gear motors are used in a variety of powertrain and other applications.

2. Growing demand for electric vehicles: Electric vehicles are becoming increasingly popular, due to their environmental and economic benefits. This is leading to increased demand for gear motors, as they are used in a variety of electric vehicle applications, such as power steering, brakes, and transmission.

3. Advancements in technology: Gear motors are constantly evolving, thanks to advances in technology. This is resulting in more compact, efficient, and powerful motors that are able to meet the needs of a variety of applications.

4. Stringent government regulations: Government regulations, especially in the automotive and aerospace industries, are becoming more stringent, in order to reduce emissions and improve fuel economy. This is leading to increased demand for gear motors, as they offer a more efficient way to power a variety of applications.

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Industrial Electric Motors Market is expected to grow at a CAGR of 4.28% By 2029

According to TechSci Research report, “Global Industrial Electric Motors Market – By Region, Competition, Forecast and Opportunities, 2019-2029”, the Global Industrial Electric Motors Market is expected to register robust growth during the forecast period. Increasing awareness of energy efficiency and environmental sustainability has led to a growing demand for high-efficiency electric motors. Businesses and industries seek to reduce energy consumption and operating costs by adopting energy-efficient motors.

With a growing focus on energy efficiency and environmental sustainability, there is a substantial opportunity for high-efficiency electric motors. These motors help businesses reduce energy consumption and operating costs, aligning with global efforts to reduce carbon emissions. Manufacturers that offer energy-efficient Industrial Electric Motors can capitalize on this trend.

Browse over XX market data Figures spread through 86 Pages and an in-depth TOC on the "Global Industrial Electric Motors Market." https://www.techsciresearch.com/report/industrial-electric-motors-market/23103.html

The Industrial Electric Motors Market exhibits a comprehensive segmentation structure, encompassing various parameters to cater to the diverse requirements of industries worldwide. Segmented by Motor Type into AC Motors and DC Motors, this market provides solutions tailored to different applications and operational needs. Moreover, the segmentation based on Output Power distinguishes between Integral Horsepower and Fractional Horsepower motors, catering to varying power requirements across industries.

Additionally, Voltage Rating segmentation categorizes motors into Low Voltage (Up to 690V), Medium Voltage (691V - 3300V), and High Voltage (Above 3300V), reflecting the diverse voltage needs in industrial operations. End-Use Industry segmentation further delineates the market based on sectors such as Manufacturing, Oil and Gas, Mining, Chemicals, Automotive, and Others, capturing the specific demands and applications within each industry vertical. Geographically, the market is divided into regions to account for regional variations in demand and preferences. Dominant segments often include AC Motors due to their widespread adoption across industries, particularly in manufacturing and automotive sectors, where they serve as the primary propulsion source for machinery and equipment.

Additionally, the Manufacturing industry emerges as a dominant end-use segment, fueled by continuous industrial expansion and automation initiatives worldwide. However, the fastest-growing segments are often observed in emerging industries such as renewable energy and electric vehicles, which drive demand for high-efficiency motors with specific voltage and power requirements. Overall, the Industrial Electric Motors Market presents a robust segmentation framework, with dominant segments driven by widespread adoption in key industries, while the fastest-growing segments are propelled by emerging trends and technological advancements.

Key market players in the Global Industrial Electric Motors Market are:-

ABB Sakti Industries

Siemens

WEG Industries

Teco Electric & Machinery

TMEIC Industrial Systems Indonesia

Menara Sinar Agung

Dynatech International

Lautan Luas Tbk

Bhumi Raya Electric

Surya Timur Sakti Jaya   

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“Industrial Electric Motors Market shows positive growth in the forecast period. The increasing emphasis on energy efficiency and sustainability across industries. Industrial electric motors are integral components of various applications, and the demand for energy-efficient motors is expected to surge as companies strive to reduce operating costs and comply with stringent environmental regulations.

Additionally, advancements in motor design and technology, such as the development of high-efficiency motors and the integration of smart features for remote monitoring and control, are anticipated to bolster market growth.

Furthermore, the expansion of key end-use industries such as manufacturing, automotive, and energy is projected to drive the demand for industrial electric motors globally. Moreover, the rising adoption of automation and robotics in industrial processes necessitates reliable and high-performance motors, further contributing to market growth. Additionally, increasing investments in infrastructure development, particularly in emerging economies, are expected to create lucrative opportunities for market players.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Industrial Electric Motors Market Segmented By Motor Type (AC Motor and DC Motor), By Output Power (Integral Horsepower and Fractional Horsepower), By Voltage Rating (Low Voltage (Up to 690V), Medium Voltage (691V - 3300V) and High Voltage (Above 3300V)), By End-Use Industry (Manufacturing, Oil and Gas, Mining, Chemicals, Automotive, Others), By Region, Competition 2019-2029,” has evaluated the future growth potential of Global Industrial Electric Motors Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Industrial Electric Motors Market.

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Automotive Motors Market 2024 will touch New Level in the Upcoming Year by 2030

Global Automotive Motors Market research report published by Exactitude Constancy reveals the current outlook of the global and key regions from the following perspectives: Key players, countries, product types, and end industries. The report studies the top companies in the global market and divides the market into several parameters. This Automotive Motors Market research report pinpoints the industry's competitive landscape to understand the international competition. This report study explains the expected growth of the global market for the upcoming years from 2024 to 2030. This research report is accumulated based on static and dynamic perspectives on business.

The global Automotive Motors market was valued at 34.79 billion in 2022 and is projected to reach 54.42 billion by 2029, growing at a CAGR of 6.6% from 2022 to 2029.

Browse the Complete Summary and Table of Contents @

https://exactitudeconsultancy.com/ja/reports/28375/automotive-motors-market/

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Variable Frequency Drive Market Will Reach USD 35.34 Billion By 2030

The variable frequency drive market is witnessing growth and is projected to reach USD 35.34 billion by 2030. This can be credited to the growing need for energy-effective electrical equipment like fans, motors, and pumps, and rising government guidelines in this field. Fast industrial development is also one of the major reasons propelling the need for these drives. With more and more sectors…

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Motor Lamination Market is Driven by Surging Vehicle Sales

The motor lamination market is estimated to touch USD 22.9 billion in 2023, which will increase to USD 32.0 billion, with a 4.9% compound annual growth rate, by 2030.

The progression of this industry is because of the rising sale of automobiles, particularly those employing electricity as the secondary or primary propulsion source, across the globe. Furthermore, automobile, as well as equipment safety standards, are increasing, which is further boosting the requirement for motor laminations.

Additionally, to reduce operational duration and decrease fabrication expenses, lamination sheets have experienced different variations with time. The significant advancement in lamination technologies to improve the performance of motors is essentially likely to boost the industry in the coming years.

The bonding category, based on technology, will propel at the fastest rate, of 5.3%, during this decade. This is because it removes the necessity for magnetic core rivet joints to lessen interlaminar loss.

To download free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/motor-lamination-market-report/report-sample

Moreover, bonded cores don’t create hum sound, because of their exceptional thermal conductivity. Also, this technology is extensively employed because of its flexibility for personalized necessities.

Whereas, the welding category is also advancing at a significant rate, because of the employment of this procedure to manufacture strong and durable motors, by incorporating laminations together. Welding provides stronger efficiency, cost-effectiveness, and production to electric motors, the requirement for which is rising in practically every sector.

The silicon steel category, based on material type, is the largest contributor to the motor lamination market, with a 35% share. This is because it enhances the electrical resistivity, which means that it reduces the loss of current as well as decreases the conductivity.

The automotive category, based on industry, is the highest revenue contributor. This is because of the increasing need for comfortable and luxury automobiles with features like power steering & windows, retractable sunroofs, and HVAC equipment.

APAC is leading the industry, and it is further expected to remain leading, generating USD 10.3 billion, by 2030. This will be primarily because of the surge in the production of electric vehicles.

[automotiveera]

Powering the Waves: Small Marine Engines Market Insights

The small marine engines market value will reach USD 11,696.1 million by 2030 from USD 7,967.5 million in 2022, at a 4.9% CAGR. This growth can be credited to the growing demand for numerous kinds of boats utilized for recreational and relaxation events, and the growing coastal tourism for water activities including yachting, boating, and fishing.

Furthermore, the leaning toward the water-based leisure industry has been on the surge because of the increased expenditure on water-associated activities by a chunk of the populace. Also, the sense of better-quality mental health because of the quality time spent during water-based activities is a main factor for the booming boating demand, which, ultimately, quickens the outward and inward-placed engines of marine vessels.

The mounted customer involvement in marine fun activities is offering worthwhile development opportunities for engine demand. In the past years, marine tourism and relaxation activities like yachting, power boating, and sailing, have experienced a significant surge, because of the growing disposable income of consumers. Moreover, rapid development in adventure tourism is helping water recreational activities.

As per a government-issued research article, above 50 million Americans went fishing, including artisanal fishing, commercial, and artisanal fishing, in 2021, which generated a profitable demand for outdoor or inner-placed motors in marine recreational vehicles. the recreational boats category, on the basis of the application segment, generated approximately USD 3.5 billion in revenue in 2022. And, a surge in demand for technically progressive fishing boats is projected to drive the development of the industry for engines and propulsion systems across the forecast period.

In 2022, the outboard motor category dominated the industry, and the category is also projected to advance at a CAGR of 5% in the coming years. This is mainly because of the technical advances, the requirement for outboard boats is projected to increase significantly in the coming few years.

[motogadi]

November 2023: Recap of OEM Performances in the Indian Two-Wheeler Market

The final stretch of 2023 marked a deceleration for major manufacturers following the impressive sales surge in October, propelled by the festive season fervor. Let’s delve into the individual performances of leading OEMs during November. November Sale Report Hero MotoCorp: 4,76,286 Units Hero MotoCorp retained its lead in November, with sales reaching 4,76,286 units. However, this represented…

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The Dynamics of the India Motor Insurance Market

The motor insurance market in India is experiencing a significant transformation, driven by increasing vehicle ownership, evolving customer expectations, and regulatory changes. The market size, in terms of gross written premiums, is expected to grow from USD 11.96 billion in 2024 to USD 19.48 billion by 2029, at a compound annual growth rate (CAGR) of 10.25% during this forecast period. This growth presents opportunities for insurers, brokers, and consumers alike. 

Market Overview 

Several key factors are driving the robust growth of the India motor insurance market: 

Rising Vehicle Ownership: With India's economy on the rise, more individuals are purchasing vehicles, leading to an increase in the demand for motor insurance. The growing middle class and urbanization are significant contributors to this trend. 

Mandatory Insurance Requirements: The Indian government mandates third-party liability insurance for all vehicles, ensuring a baseline level of coverage. This regulatory requirement boosts the overall market size as more consumers seek to comply with the law. 

Awareness and Education: Increased awareness of insurance products among consumers, facilitated by digital platforms and educational campaigns, is driving the demand for comprehensive motor insurance policies. Consumers are becoming more knowledgeable about their options, leading to informed purchasing decisions. 

Technological Advancements: The integration of technology in the insurance sector, such as telematics and data analytics, is revolutionizing how motor insurance is underwritten and priced. Insurers are utilizing data to offer personalized premiums based on driving behavior, making insurance more affordable and tailored to individual needs. 

Key Trends Shaping the Market 

Digital Transformation: The rise of digital platforms has streamlined the purchasing and claims processes in the motor insurance sector. Insurers are increasingly adopting digital tools for policy issuance, renewals, and claims settlements, enhancing customer experience and operational efficiency. 

Shift Towards Comprehensive Coverage: Consumers are increasingly opting for comprehensive motor insurance policies that offer extensive coverage beyond basic third-party liability. This shift is driven by growing awareness of the benefits of additional coverage, such as protection against natural disasters, theft, and personal accidents. 

Emergence of Insurtech: The insurtech sector is making waves in the Indian motor insurance market. Startups are leveraging technology to provide innovative solutions, such as on-demand insurance and customized products, thereby enhancing competition and driving customer-centric offerings. 

Focus on Customer Experience: Insurers are prioritizing customer experience through better service delivery, quick claim settlements, and responsive customer support. This focus on enhancing customer satisfaction is becoming a critical differentiator in the competitive market landscape. 

Challenges in the Motor Insurance Market 

Despite its growth potential, the Indian motor insurance market faces several challenges: 

Fraudulent Claims: The prevalence of fraudulent claims can inflate costs for insurers and affect profitability. Robust verification processes and technology-driven solutions are essential to mitigate this risk. 

Underinsurance: Many vehicle owners opt for minimal coverage, leaving them vulnerable in the event of accidents or damages. Insurers must educate consumers about the importance of adequate coverage to address this issue. 

Regulatory Changes: The insurance sector is subject to frequent regulatory changes that can impact pricing and coverage options. Insurers need to remain agile and adapt their products to comply with evolving regulations. 

Conclusion 

The India motor insurance market is poised for significant growth, driven by increasing vehicle ownership, technological advancements, and a shift towards comprehensive coverage. As the market evolves, insurers have the opportunity to leverage digital transformation and consumer education to enhance their offerings and improve customer experience. 

For consumers, understanding the dynamics of the motor insurance market is essential for making informed decisions. By exploring various policy options and staying updated on industry trends, vehicle owners can ensure they have the right coverage to protect their assets. 

In summary, the future of the India motor insurance market looks promising, with ample opportunities for innovation and growth. Insurers who embrace technology, prioritize customer experience, and adapt to changing market conditions will thrive in this competitive landscape. 

For a detailed overview and more insights, you can refer to the full market research report by Mordor Intelligence https://www.mordorintelligence.com/industry-reports/india-motor-insurance-market   

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The Business Research Company offers two wheeler hub motor market research report 2023 with industry size, share, segments and market growth