The new brushless DC motors market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Brushless DC Motors Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Growing Use of BLDC Motors in the Automotive Sector,” says a senior analyst for the Industrials industry at Technavio.
The growing use of BLDC motors in the automotive sector will be a significant factor driving the growth of the brushless DC motors market. BLDC motors are used in multiple subsystems of automobiles, including electronic power steering, HVAC systems, and oil pumps. These motors are preferred over DC motors because of their high torque and energy efficiency and low noise and wear and tear. BLDC motors also enhance the overall fuel efficiency of vehicles. Moreover, the demand for alternative fuel cars such as electric vehicles is also increasing. The use of energy-efficient BLDC motors in drivetrains will help in increasing the range of electric vehicles. Hence, with the growing demand for passenger cars and electric vehicles, the need for brushless DC motors will also increase.
As the markets recover, Technavio expects the brushless DC motors market size to grow by USD 38.83 billion during the period 2020-2024.
Brushless DC Motors Market Segment Highlights for 2020
- The brushless DC motors market is expected to post a year-over-year growth rate of 12.69%.
- BLDC motors are used for various industrial applications such as regulating the flow of refrigerant in HVAC systems, producing mechanical motions in CNC machines, and actuating industrial robots.
- The rising need for energy-efficient motors and minimizing the electricity bills and production costs in industries will fuel the demand for brushless DC motors for industrial applications.
- However, market growth in this segment will be slower than the growth of the market in the consumer durables, automotive, and healthcare segments.
- 64% of the growth will originate from the APAC region.
- The increasing production of electric vehicles and the growth of the automobile, computers, medical devices, and consumer durable sectors are influencing brushless DC motors market growth in this region.
- China and Japan are the key markets for brushless DC motors in APAC. Market growth in this region will be faster than the growth of the market in other geographies.
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- The brushless DC motors market size is expected to accelerate at a CAGR of almost 13% during the forecast period.
- The brushless DC motors market is segmented by Product (Less than 750 W power rating, 750 W to 3 kW power rating, More than 75 kW power rating, and 3 kW to 75 kW power rating), End-user (Industrial, Consumer durables, Automotive, Aerospace and defense, and Healthcare), and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Allied Motion Technologies Inc., AMETEK Inc., Buhler Motor GmbH, Faulhaber, Johnson Electric, Maxon Motor AG, MinebeaMitsumi, Moog Inc., Nidec Corporation, and Oriental Motor Co. Ltd.
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