India Coreless DC Motors Market Forecast 2024-2028
The India Coreless DC Motors Market size is forecast to increase by USD 665.32 million, at a CAGR of 4.62% between 2023 and 2028. The growth rate of the market depends on several factors, such as the advantages of coreless DC motors over cored DC motors, the increased need to reduce the size of machine tools, and the advances in coreless DC motor design. Our report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
Citizen Watch Co. Ltd., via its subsidiary Citizen Chiba Precision Co. Ltd., provides coreless DC motors like the NC 1325 and NC 1539. Meanwhile, ITOCHU Corp., through its subsidiary C.I. Takiron, also offers coreless DC motors. These motors are essential components in various applications, including healthcare technology, for their compact size and efficient operation.
Market Forecasting and Size
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Market Dynamic
Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the Coreless DC Motors Market in India.
Driver-Advantages of coreless DC motors over cored DC motors
The small and compact design of coreless DC motors finds use in handling and dispensing equipment. Coreless DC motors also have low electrical noise and are lightweight, which makes them preferable in medical equipment. They also find use in small pumps, which are used for various industrial processes such as gel dryers, automotive systems filling, and vacuum metallurgy. The benefits of small and compact design, lightweight, and low electrical noise, among others, give coreless DC motors an edge over cored DC motors in an industrial setting. Conventional DC motors have an iron core permanent magnet and are designed to have teeth to power the winding motion, which leads to torque ripple.
Moreover, the teeth of the iron core ensure precision during the start and stop functionalities in robotic applications and result in vibration and noise. On the other hand, the design of coreless DC motors eliminates the magnet teeth, thereby reducing vibration and noise, and preventing clogging to ensure the smooth functioning of DC motors at varying speeds. This is expected to drive the demand and sales of coreless DC motors during the forecast period.
Trends- Increasing need for customized coreless DC motors
End-users are constantly trying to enhance the available resources to reduce the overall capital expenditure (CAPEX) and operating expense (OPEX) involved in industrial applications. The use of energy-efficient motors has gained traction in the recent past. The growing need to reduce industrial machinery size and optimally utilize floor space has compelled vendors to provide customized products. As coreless DC motors feature a modular design, they provide vendors with the ease of customization. Vendors are trying to reduce the size of motors without compromising on the specified performance requirement.
In addition, many vendors are providing customization options such as planetary gearheads for integration with motors, application-specific motors, and drive systems. The additional option of optical encoders is also provided by vendors, as optical encoders provide accurate positions, feedback, and velocity of the motor shaft, which ensures efficient motor control. The gradually rising preference for these parameters has increased the demand for coreless DC motors, and the growing customization of motors is expected to foster the growth of the coreless DC motors market in India during the forecast period.
Challenge- Fluctuating raw material prices
The scarcity of raw materials has emerged as a major challenge for the coreless DC motors market in India. Rare-earth metals such as neodymium, iron, and boron are used in making permanent magnet motors. These magnets are very useful for motors, and they are twice as strong as a typical ferrite-based magnet. However, rare-earth metals are difficult to mine and fabricate into components. These metals are found in limited quantities at a given place. Therefore, any fluctuation in their price impacts the cost of these magnets and consequently the price of permanent magnet motors. China supplies over 90% of the rare-earth magnets across the world. The first quarter of 2023 observed a rise in the prices of rare-earth metals due to an increase in their demand from the industrial segment along with an imbalance in the demand and supply of rare-earth metals.
A rise in the prices of copper has led to a major shift from copper to a much lighter metal, aluminum, by manufacturers. As most coreless DC motors require electromagnetic forces to drive the motor, there is an increasing need for copper. Presently, an alternative to copper is not available for replacing the copper wiring in coreless DC motors. Due to fluctuations in the prices of raw materials, manufacturers are finding it difficult to prevent the rise in the overall cost of motors. This will hinder the growth of the coreless DC motors market in India during the forecast period.
Market Segmentation by Product, End-user, and Power Output
Product Segment Analysis
The cylindrical coreless DC motors segment will account for a major share of the market's growth during the forecast period.? Cylindrical coreless DC motors are used in industrial applications where a distributed winding is essential and functionality of 1,000 revolutions per minute (RPMs) and above is desired. The rotor frame is made of laminations with slots to hold the windings. The rotor is generally made from solid cylindrical forging and machines out the pole bodies and pole tips. The field windings are edge-wound copper strips with dimensionally stable insulation material bonded between the turns. Cylindrical rotors can be rapidly adapted to support a variety of detailed customer applications and starting methods.
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The cylindrical coreless DC motors segment was valued at USD 1,435.04 million in 2018. The growing need for conducting cost-efficient operations and an increasing number of high torque applications across industries are expected to drive the growth of the Coreless DC Motors Market in India during the forecast period. The growth of industries, such as the power and automotive industries, and the increasing need for plant maintenance in the power industry under the cylindrical coreless DC motors segment will drive the growth of the coreless DC motors in India during the forecast period.
Who are the Major Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Baumuller Nurnberg GmbH: The company offers coreless DC motors namely DC disc motors GDM.
We also have detailed analyses of the market's competitive landscape and offer information on 08 market companies, including:
Citizen Watch Co. Ltd., ITOCHU Corp., maxon motor AG, Nidec Corp., Regal Rexnord Corp., Shanghai MOONS Electric Co. Ltd., and Shenzhen Topband Co. Ltd.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Segment Overview
The market analysis and report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
- Product Outlook
- Cylindrical coreless DC motors
- Disc coreless DC motors
- End-User Outlook
- Industrial
- Consumer durables
- Automotive
- Aerospace and defense
- Others
- Region Outlook
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- APAC
- China
- India
- South America
- Chile
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- North America
Market Analyst Overview
The coreless DC motors market in India is witnessing significant growth driven by factors such as urbanization, industrialization, and technological development. These motors offer high-efficiency rates, thanks to their copper coils and the absence of an iron core. They find applications in drones, medical gadgets, optical equipment, and miniature pumps, among others. With the rise in disposable income, there's an increased demand for customized coreless DC motors. However, challenges such as overheating and maintenance costs persist.
Moreover, to tap into the market opportunities, domestic players need to optimize their value chain and comply with trade regulations. Import-export analysis and production analysis are crucial for identifying revenue pockets and enhancing market share. Overall, the market shows untapped potential, especially for those focusing on industrial safety and catering to end-use industries.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
147 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.62% |
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Market growth 2024-2028 |
USD 665.32 million |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
3.98 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Baumuller Nurnberg GmbH, Citizen Watch Co. Ltd., ITOCHU Corp., maxon motor AG, Nidec Corp., Regal Rexnord Corp., Shanghai MOONS Electric Co. Ltd., and Shenzhen Topband Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Coreless DC Motors Market Report In India?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the market between 2024 and 2028
- Precise estimation of the size of the market growth and trends and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
- Market growth and forecasting across India
- A thorough market analysis and report of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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