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Motor Lamination Market worth $27.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 11, 2023 /PRNewswire/ -- Motor Lamination Market is estimated to grow from USD 21.9 billion in 2022 to reach USD 27.6 billion by 2027 at a CAGR of 4.7% over the forecast period, according to a new report by MarketsandMarkets™. 

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Browse and in-depth TOC on "Motor Lamination Market" 

349 – Tables
48 – Figures       
271 – Pages

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The growing demand for fuel-efficient and safe vehicles will require addition of accessories primarily driven by motor which will subsequently propels the motor lamination market. Growing demand for premium vehicles, particularly in developing countries, further drives the demand for motors and lamination stacks. Several developments in lamination technologies by improved material and manufacturing technology/process with improved performance would further fuel the lamination stacks market.

Cold Rolled Non-Oriented (CRNO) is estimated to be the largest material segment for the motor laminations

The key factor driving the growth of the CRNO materials used for motor laminations is the distinct operational features of the materials, which help increase the motor's efficiency. They are widely used as iron core materials in rotating machines ranging in size from large power generators to small precision electric motors. They are also suitable for the iron core of small-size motor laminations, which are widely used in Europe and other parts of the world. Another benefit is that the CRNO material can be made available in various ranges and grades to meet the specific operational efficiency and quality standards demanded by motor manufacturers. The demand for motor laminations made of CRNO steels is expected to increase during the forecast period due to rising applications and demand for motors for various mechanizations and technological advancements. CRNO holds the largest market share as it is the most economical material for motor laminations. However, considering the growing popularity of high-grade special steels with suitable eddy loss characteristics, the CRNO market share may show promising growth in the coming years. Asia Pacific is the largest CRNO market as it holds the largest market share. Also, growing sales of electric vehicles, particularly in China, are expected to boost the motor lamination market.

The comfort segment is estimated to be the fastest-growing motor lamination application s

A vehicle is equipped with approximately 20-30 motors in developing and developed countries. The required applications are expected to increase with the rising demand for comfort features and stringency in safety regulations. With the increase in the number of motors per vehicle, the demand for motor lamination will also increase in the coming years. With the increasing adoption of ADAS features such as adaptive cruise control and innovations in cooperative adaptive cruise control (C-ACC), the demand for comfort application motors is expected to grow significantly. Alternatively, developments in automated driving with features such as autopilot and remote operation would also drive the demand for comfort application motors. Passenger cars are expected to have the largest share of motor laminations in comfort applications.

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Asia Pacific region is expected to be the largest market during the forecast period

Asia Pacific region is one of the largest market for the ICE and electric vehicles with around 54% of the market share globally, owing to many key factors such as competitively low manufacturing cost, easy availability of raw materials and other factors of production like labour & capital, facilitative government policies like 'Make in India' etc. Because of these factors, the region has become an export hub for the world in terms of vehicle production with advanced performance and comfort features. The increasing demand for comfort features such as sunroof, power windows, powered seats, air conditioners, adaptive front lights, ACC, etc. has been the key factor in driving demands for motors and subsequently motor lamination stacks in the region substantially. The growing safety regulatory provisions has also been significant in demand for motors and lamination stacks in the Asia Pacific region. The rising sales of Light Commercial Vehicles and Heavy Commercial Vehicles are also equipped with some of comfort features like AC, power windows, power steering etc. is also adding to increase motor applications and demand for lamination stacks.

Key Market Players

The Motor Lamination Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers and suppliers of the Motor Lamination Market are Tempel (US), Pitti Engineering Ltd (India), Alinabal, Inc (US), EuroGroup Laminations S.p.A. (Italy), R. Bourgeois (France), and LCS Company (US).

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SOURCE MarketsandMarkets