Global Motor Lamination Market 2019-2023 | Growing Popularity of In-Wheel Microdrive Systems to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 17, 2019--
The global motor lamination market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global motor lamination market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing adoption of automotive motors. Emissions from fossil fuel-based vehicles account for a significant share of global air pollution. The adoption of electric vehicles (EVs) is an effective solution for resolving this issue as they use electric motors and electricity instead of an engine and fossil fuel. The governments are also offering financial incentives to encourage the purchase of EVs. Moreover, the hybrid segment is a prominent segment of the EVs market owing to its scalability compared with other segments. The reduction in the price of hybrid passenger cars, technological improvements in hybrid and electric cars along with government initiatives will likely increase the adoption of automotive motors, which in turn, will boost the demand for motor lamination.
As per Technavio, the growing popularity of in-wheel microdrive systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global motor lamination market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global motor lamination market: Growing popularity of in-wheel microdrive systems
The installation of motors with motor lamination next to the wheel is an emerging trend in the market. This is a direct drive system in which the wheel is directly connected to a motor without any gearbox. With the help of this system, even small motors can offer a high torque. In addition, the in-wheel motor system minimizes the space required and gives additional room for the battery pack and luggage. Unlike the conventional motor-inverter system, wherein any failure in the inverter can cause the motor to become unworkable; the microinverters work with reduced performance even if one of its units fails. Such advantages are expected to have a positive impact on the global motor lamination market, during the forecast period.
“Apart from the in-wheel drive microsystems, the rise in transformer installations, the supportive regulatory policies for wind energy projects, the increasing R&D in direct-drive generators for wind turbines, and the technological advances in transformers are some other major aspects that are expected to drive the growth of the market,” says a senior analyst at Technavio.
Global motor lamination market: Segmentation analysis
This market research report segments the global motor lamination market by material (silicon steel, cold rolled lamination steel, cobalt alloys, nickel alloys, other materials) and geographical regions (APAC, Europe, North America, MEA and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA and South America respectively. During the forecast period, the APAC region is expected to continue dominating the global market as well as register the highest incremental growth due to the increasing demand for motor laminations in applications such as motors, transformers, and generators for end-user industries like power and energy, automotive, and electrical.
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Five Forces Analysis
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SOURCE: Technavio Research
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PUB: 05/17/2019 11:25 AM/DISC: 05/17/2019 11:25 AM