New York, United States , May 17, 2024 (GLOBE NEWSWIRE) -- The Global Motor Lamination Market Size is to Grow from USD 22.64 Billion in 2023 to USD 35.72 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.67% during the projected period.
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Motor laminations are the internal structures found in an electric motor's stator and rotor. They are composed of thin metal sheets that are stacked, welded, or bonded together. They have fewer eddy current losses because they are composed of individual metal parts rather than monolithic sections. For example, in June 2023, an engineering team at MIT was working on building a 1 MW motor, which might be a big step toward electrifying larger aircraft. They painstakingly created and tested the motor's primary components, demonstrating through lengthy computations that these components can seamlessly collaborate to generate one megawatt of electricity. Experimenting with toroidal samples and full-size stator laminations was critical in establishing the stator core loss estimate. Motor laminations increase motor performance and efficiency by lowering energy losses from eddy currents and hysteresis. As a result, manufacturers are increasing their investment in advanced motor lamination technologies to meet the growing need for environmentally friendly and energy-efficient solutions, hence boosting the motor lamination market ahead. However, the production of motor lamination material requires a lot of mechanical energy and force. As a result, it increases the overall cost of producing motor lamination materials. Furthermore, changes in raw material prices hurt the global motor lamination market.
Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the report on the "Global Motor Lamination Market Size, Share, and COVID-19 Impact Analysis, By Material (Steel, Nickel Alloys, Cobalt Alloys, Others), By Technology (Welding, Bonding, Others), By Vehicle Type (Passenger Car, Light Commercial Vehicles, Truck, Bus), and By Application (Performance, Comfort, Safety), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The steel segment is expected to hold the largest share of the global motor lamination market during the forecast period.
Based on the material, the global motor lamination market is categorized into steel, nickel alloys, cobalt alloys, and others. Among these, the steel segment is expected to hold the largest share of the global motor lamination market during the forecast period. The steel segment's growth is being fueled by a growing emphasis on sustainability and stringent energy efficiency regulations, which force manufacturers to employ materials that increase motor performance. As companies prioritize energy efficiency and technical advancements, the steel segment will play an important role in shaping the future landscape of the motor lamination market.
The welding segment is expected to grow at the fastest CAGR during the forecast period.
Based on the technology, the global motor lamination market is categorized into welding, bonding, and others. Among these, the welding segment is expected to grow at the fastest CAGR during the forecast period. The growing demand for electric vehicles and renewable energy solutions drives the growth of the motor lamination market, with welding technologies leading the way in boosting manufacturing efficiency and quality. As the industry embraces automation and cutting-edge welding methods, the welding segment is likely to play a significant role in the motor lamination market's long-term expansion and evolution.
The light commercial vehicles segment is expected to hold a significant share of the global motor lamination market during the forecast period.
Based on the vehicle type, the global motor lamination market is categorized into passenger car, light commercial vehicles, truck, bus. Among these, the light commercial vehicles segment is expected to hold a significant share of the global motor lamination market during the forecast period. Motor laminations are key components in electric motors that improve efficiency and performance. As the LCV category grows fast due to economic activity and altering customer tastes, demand for motor laminations is expected to climb in lockstep. This trend is worsened by a greater focus on electric and hybrid vehicles in the LCV category, as manufacturers attempt to meet sustainability targets and stricter environmental regulations.
The comfort segment is predicted to dominate the global motor lamination market during the forecast period.
Based on the application, the global motor lamination market is categorized into performance, comfort, safety. Among these, the comfort segment is predicted to dominate the global motor lamination market during the forecast period. The comfort market is experiencing a surge in demand for specialized motor laminations that contribute to smoother and quieter performance, hence improving the overall driving experience. Consumers love comfort, and automakers are focusing on sustainable and electric transportation solutions, therefore the comfort sector is projected to be a major development driver in the motor lamination market.
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Asia Pacific is projected to hold the largest share of the global motor lamination market over the forecast period.
Asia Pacific is projected to hold the largest share of the global motor lamination market over the forecast period. County such as China have emerged as key export hubs for automobile manufacturing due to the availability of low-cost capital, raw materials, and a skilled labor force to match the demands of other regions. Almost all-important automation and performance, safety, and comfort improvements in automobiles are primarily powered by motors, meaning that demand for motor lamination will rise in parallel with demand for motors. Given all of this, it is apparent that the motor lamination market is expected to grow significantly throughout the forecast period.
Europe is expected to grow at the fastest CAGR growth of the global motor lamination market during the forecast period. The quest for sustainable energy solutions, as well as the continued expansion of manufacturing infrastructure in countries like as Germany and the United Kingdom, are driving the rapid growth of the European motor lamination market. As companies develop and prioritize environmentally friendly technologies, the demand for advanced motor laminations is expected to stay high, resulting in continuous growth in this competitive market segment.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global motor lamination market are Tempel, Pitti Engineering Ltd, Alinabal, Inc, EuroGroup Laminations S.p.A., Wingard & Co., Laser Technologies, Lawkim Motors Group, R. Bourgeois, LCS Company, and others.
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Recent Developments
- In March 2023, EuroGroup Laminations Spa reported first-quarter revenues of EUR229.8 million, up from EUR191.2 million the prior year. The rise was mostly owed to the EV and Automotive division, which had phenomenal development, more than doubling from the same period in 2022, with revenues rising from EUR55.9 million to EUR116.4 million.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global motor lamination market based on the below-mentioned segments:
Global Motor Lamination Market, By Material
- Steel
- Nickel Alloys
- Cobalt Alloys
- Others
Global Motor Lamination Market, By Technology
- Welding
- Bondin
- Others
Global Motor Lamination Market, By Vehicle Type
- Passenger Car
- Light Commercial Vehicles
- Truck
- Bus
Global Motor Lamination Market, By Application
- Performance
- Comfort
- Safety
Global Motor Lamination Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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