Micro Motors Market Review From 2018 To 2023 Research Report
Posted: Mar 02, 2019
Market Research Future (MRFR) has published a research report about the global micro motors market that predicts growth for this market during the forecast period between 2016 and 2022. The key factor driving the global micro motors market growth is increasing demand from the automotive industry. The second factor contributing to the market growth is rapid integration of high-quality micro motor various industries due to recent technological developments which have resulted in increasing demand in the micromotors market. The rise of the new market is also leading to the global micro motors market growth.
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The global micro motors market has been segmented on the basis of application, power consumption, technology, and lastly, region. The application-based segmentation segments this market into automotive, industrial automation, medical equipment, and others. As per power consumption, the market has been segmented into micro motors consuming power less than 11 volts, 12 volt - 24 volt, 25 volt - 48 volt, and above 48 volts. Based on technology, the market has been segmented into the brushed and brushless.
The regional segmentation of the global micro motors market segments the market into the regional markets known North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, the Asia Pacific region is expected to dominate the global market due to the rapid increase in the construction and mining activities in this region. Other factors leading to market growth in this region are growing healthcare centers and increasing disposable income of users. Priority country-specific markets in this region are China, India, and Japan, followed by the remaining Asia Pacific countries.
Europe and North America are expected to form a big chunk of the global market together due to the technological development and presence of many key market players in these regions. In Europe, the vital country-specific markets are France, Germany, Italy, and the United Kingdom (UK), followed by the remaining countries in Europe. German Multinational Design Company Puma has introduced Puma Fi trainers, with micromotor based laces that get tightened on their own. The maximum revenue-generating country-specific markets in North America are the USA, Canada, and Mexico.
The RoW segment covers South America and the Middle East & Africa (MEA) region. In South America, the market is growing slowly due to slow economic growth in this region. The most important country-specific markets in South America are Argentina and Brazil, followed by the remaining countries in South America. In the MEA region, the market is growing due to the demand for vehicles. However, the market is limited in this region due to lack of necessary infrastructure, lack of technology, lack of awareness, and lack of education. In the MEA region, the major country-specific markets are Saudi Arabia, South Africa, Qatar, and the UAE, followed by the remaining countries in the MEA region.
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At Market Research Future (Mrfr), we enable our customers to unravel thec omplexity of various industries through our Cooked Research Report (Crr), Half-Cooked Research Reports (Hcrr).