Electric Motor Core Market Size and Trends

The electric motor core market size is estimated to be valued at US$ 30.23 Bn in 2023 and is expected to reach US$ 52.71 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030.

The electric motor core market is segmented into material, motor type, end-use industry, and region. By material, the silicon steel segment held the largest market share of over 40% in 2022 due to its high magnetic permeability and low coercivity. Silicon steels are extensively used for manufacturing stators and rotors.

Electric Motor Core Market Trends:

Development of dedicated motors designed for EVs/HEVs: Leading electric motor manufacturers are launching high efficiency, high-performance, dedicated motors that are designed exclusively for electric vehicles and hybrid electric vehicles. Companies like Tesla, Nidec, Hitachi Metals, and others. have dedicated EV motor manufacturing lines. These motors are designed to deliver maximum power density, torque density, efficiency, reliability and vehicle range. Customized core designs, advanced materials, optimized cooling systems are some features. The trend of developing dedicated motors for EVs will shape technology innovation in this market.
Focus on enhancing energy efficiency: There is an increased focus on enhancing the energy efficiency of electric motors to align with sustainability targets and reduce energy consumption. Motor companies are innovating with new materials, designs and manufacturing techniques to develop super premium efficiency IE5/IE6 models according to IEC (International Electrotechnical Commission) standards. For instance, ultrasonic welding of core laminations minimizes losses. The development of high efficiency motor technologies will drive advances in electric motor core design.
Adoption of alternative core materials: Usage of alternative lightweight materials like cobalt and aluminum alloys is increasing for making motor cores, especially for high-performance applications. Cobalt iron laminations reduce core losses at high frequencies. Aluminum’s lightness aids torque density improvement. Companies like Equipmake design, develop and manufacture electric powertrain solutions use aluminum for core of EV traction motors. The shift from traditional silicon steels to cobalt/aluminum alloys for niche applications is an emerging trend in this market.
Advancements in electrical steel through Metglas: Metglas alloys and amorphous metal technology by Hitachi Metals manufacturer of steel and steel product are facilitating improvements in magnetic properties of core laminations. Metglas is an iron-boron-silicon alloy which offers very low coercivity and iron losses. Cores made using Metglas alloys improve motor efficiency. Development of such advanced electrical steel solutions will enhance performance and efficiency of electric motor cores.