Micro Motor Market Worth 35.59 Billion USD by 2020– ABB among Industry Leaders
The global micro motor market is expected to reach 35.59 billion US dollars in 2020, up from 28.26 billion in 2015 and growing at a mean annual growth rate (CAGR ) of around 5 percent, shows a MarketsandMarkets analysis.
According to the report, increasing demand from the automotive, medical equipment, industrial automation, and 3D printers among other industries, is driving growth in the micro motor market.
Automotive, industry automation and 3D printing applications are projected to grow faster than other applications considered. This is mainly because of an anticipated increase in the adoption of automation and 3D printing technology across industries as a growing number of companies seek to reduce turnaround times and increase efficiency.
Micro motors play a significant role in the automobile industry. Features such as fingertip rear & wing mirror controls, electronic climate control with vent movement, and even seat adjustment are growing in demand.
Asia-Pacific region is projected to have high demand for micro motors helped by an increasing population, growth in construction and mining activities, demand for comfort and luxury features in automotive, and an increase in the number of health care centers.
The micro motor market is dominated by a few globally established companies such as Mabuchi Motors (Japan), ABB Ltd (Switzerland), Mitsuba Corporation (Japan), Nidec Corporation (Japan), and Johnson Electric Holdings Ltd (China) among others.
For more information: http://www.marketsandmarkets.com/PressReleases/micro-motor.asp