Electric Motor Core Market Size & Growth Report to 2030

The global electric motor core market size was valued at around USD 30 billion in 2023 and projected to grow at a significant CAGR of over 8% during the forecast period from 2024 to 2030. The market is witnessing robust growth, driven by the rising demand for energy-efficient and high-performance motors across industries such as automotive, industrial machinery, and household appliances. The increasing adoption of electric vehicles (EVs) is a major factor propelling the market, as motor cores play a vital role in improving the efficiency and performance of EV powertrains. Additionally, advancements in motor core materials, such as silicon steel and lamination technology, are enhancing magnetic properties, reducing energy loss, and enabling the production of lighter and more efficient motors. Emerging economies in Asia-Pacific, including China and India, are leading the market expansion due to rapid industrialization and growing automotive manufacturing.

Energy efficiency regulations and a global focus on sustainability have further bolstered the adoption of electric motors with optimized cores. Industries are increasingly automating processes, creating a surge in demand for electric motor cores in robotics, HVAC systems, and industrial automation applications. North America and Europe also hold significant market shares, with strong automotive sectors and a commitment to transitioning to renewable energy. As technology evolves, manufacturers are focusing on innovative motor core designs to meet the growing need for compact, lightweight, and highly efficient motors, positioning the market for sustained growth in the coming years.

Market Snapshot:

Market Drivers:

The global electric motor core market is primarily driven by the rapid adoption of electric vehicles (EVs) worldwide. As governments enforce stringent carbon emission regulations and incentivize the adoption of clean energy vehicles, the demand for highly efficient electric motors has surged. The motor core, being a critical component, enhances the performance, energy efficiency, and power density of EV motors, making it indispensable in the automotive sector. A recent report from the International Energy Agency (IEA) highlights that global EV sales surpassed 14 million units in 2023, a nearly 35% increase from the previous year. This growth is expected to significantly boost the demand for motor cores tailored for EV applications, particularly in Asia-Pacific, where China dominates EV production and adoption.

Another key driver is the increasing focus on industrial automation and renewable energy integration. The rising adoption of robotics and automated machinery in industries such as manufacturing, aerospace, and logistics has amplified the need for precision electric motors, which rely on advanced motor cores for optimal performance. Additionally, the growing deployment of wind and solar power systems has created demand for electric motors used in energy storage and grid management, further fueling the market. Innovations in material science, such as the development of silicon steel with improved magnetic properties, are also driving efficiency improvements in motor cores, positioning the market to capitalize on the global shift toward energy-efficient technologies.

Market Trends:

Advanced Materials Development: The electric motor core market is witnessing significant advancements in material science. High-grade silicon steel, amorphous metals, and cobalt alloys are being increasingly used due to their superior magnetic properties, which minimize energy losses and enhance efficiency. These materials help reduce heat generation, leading to longer motor life and better performance. Additionally, lightweight materials are being explored for applications such as electric vehicles (EVs) and aerospace, where reducing motor weight is critical for improving energy efficiency and operational performance.

3D Printing and Additive Manufacturing: The adoption of 3D printing and additive manufacturing techniques is revolutionizing the production of motor cores. These advanced processes allow manufacturers to create complex and lightweight designs that were previously difficult or impossible to produce using traditional methods. By enabling customization and improving precision, 3D printing enhances the functionality and efficiency of motor cores. This is particularly valuable for industries such as automotive and industrial automation, where performance optimization is essential.

Focus on Sustainability and Energy Efficiency: With the global push toward reducing carbon emissions and energy consumption, there is a growing demand for sustainable and energy-efficient motor cores. Governments and regulatory bodies are enforcing stricter environmental policies, compelling manufacturers to develop eco-friendly motor core solutions. Optimized motor cores play a crucial role in minimizing energy losses, which is vital for reducing the overall carbon footprint in industries ranging from manufacturing to transportation.

Smart Technology Integration: The integration of smart technologies in motor cores is becoming a key trend. IoT-enabled motor cores equipped with sensors and advanced monitoring systems are now being developed to track performance in real time. These smart motor cores allow for predictive maintenance, reducing downtime and operational costs. Industries like HVAC systems, robotics, and industrial automation are increasingly adopting this technology to boost productivity and operational reliability.

Rising Demand from the EV Sector: The rapid growth of the electric vehicle (EV) market is one of the primary drivers for the electric motor core market. As EV manufacturers strive to improve vehicle range and performance, lightweight and energy-efficient motor cores have become essential. Motor cores designed specifically for EVs help enhance power density and reduce energy consumption, addressing key challenges in EV design. The global shift toward EVs, especially in regions like Asia-Pacific and Europe, is creating substantial opportunities for innovation in motor core technologies.

Market Opportunities:

The global electric motor core market presents significant opportunities, particularly with the global shift toward electric mobility and energy-efficient technologies. As electric vehicles (EVs) continue to gain traction, the demand for high-performance motor cores is expanding. The automotive industry’s move toward cleaner, more efficient powertrains directly drives the need for advanced motor core technologies. According to the European Automobile Manufacturers’ Association (ACEA), the overall volume of EV sales in Europe for 2023 surpassed 1.5 million units, reflecting a substantial 37% increase compared to 2022. This growth presents a considerable opportunity for motor core manufacturers to develop efficient, lightweight motor cores that meet the performance demands of the expanding EV market.

In addition to the automotive sector, there are growing opportunities in the renewable energy and industrial automation sectors. As countries invest more in renewable energy sources, such as wind and solar power, the demand for electric motors with optimized cores is rising. These motors are integral to improving energy conversion efficiency in these systems. Furthermore, the rapid adoption of robotics and automated machinery in various industries presents a growing need for precise, high-performance motor cores. Manufacturers can capitalize on this trend by leveraging advanced materials and design innovations to meet the evolving needs of these industries, particularly as the world continues its push toward sustainability and smart technologies.

Market Restraints:

The electric motor core market faces several restraining factors that impact its growth. One key challenge is the high cost associated with the development and production of advanced motor core materials, such as high-grade silicon steel and rare earth metals. These materials, while essential for improving motor efficiency and performance, increase production costs, posing a barrier for manufacturers, especially in price-sensitive markets. Additionally, the complexity of manufacturing processes, including the precision required for high-performance motor cores, leads to increased lead times and higher operational costs. The lack of standardization across different industries for motor core specifications also creates challenges for manufacturers, limiting scalability. Furthermore, the reliance on the automotive sector for demand, particularly in electric vehicles, exposes the market to fluctuations in EV adoption rates and government policies, which change based on economic or regulatory conditions.

Market Insights:

The global electric motor core market is bifurcated into material, motor type, end-use industry, and geography. On the basis of material, the silicon steel category dominated the market in the benchmark year 2023. This material is widely preferred for its excellent magnetic properties, which significantly enhance the efficiency and performance of electric motors. Silicon steel reduces core losses, making it ideal for applications where energy efficiency is crucial, such as in electric vehicles (EVs), industrial motors, and renewable energy systems like wind turbines. Its ability to handle high frequencies and temperatures without significant energy loss makes it the preferred choice for both small and large-scale motors. The growing demand for energy-efficient and high-performance electric motors, especially driven by the electric vehicle revolution, further solidifies Silicon Steel’s dominance in the market.

Silicon Steel also benefits from economies of scale, as it is extensively used across multiple industries, making its production process more cost-effective. Its availability in different grades, such as non-oriented and oriented, allows manufacturers to tailor it for specific applications, enhancing its versatility. The push toward electric mobility and green technologies, alongside government regulations pushing for lower emissions, has resulted in increased adoption of silicon steel in electric motor cores. As the demand for electric motors in various sectors continues to rise, particularly in automotive and industrial applications, silicon steel is expected to remain the dominant material, driving further growth in the electric motor core market.

The electric motor core market research report presents the analysis of each segment from 2020 to 2030 considering 2023 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2024 to 2030.

Historical & Forecast Period

• 2020-22 – Historical Year
• 2023 – Base Year
• 2024-2030 – Forecast Period

Market Segmentation:

By Material:

• Silicon Steel
• Cold-Rolled Lamination Steel
• Cobalt
• Aluminum
• Others

By Motor Type:

• AC Motors
• DC Motors
• Hermetic Motors
• Others

By End-Use Industry:

• Automotive
• HVAC
• Industrial Machinery
• Aerospace & Transportation
• Household Appliances
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, the North America dominates the electric motor core market due to its advanced industrial base, strong demand for energy-efficient technologies, and significant adoption of automation across industries. The United States, in particular, drives the regional market with its emphasis on renewable energy, industrial automation, and stringent regulations promoting energy-efficient systems. Additionally, North America is home to several leading electric motor manufacturers and technology innovators, which further supports its dominance. The region’s investments in renewable energy projects are also boosting demand for electric motors, particularly in the wind energy sector. The U.S. Department of Energy (DOE) reports that the United States installed 6,474 megawatts (MW) of new land-based wind capacity in 2023, bringing the total installed wind capacity to nearly 150,500 MW—a 10% increase from 2022. This growth has significantly increased the demand for efficient motor cores used in wind turbines.

On the other hand, Asia-Pacific (APAC) is the fastest-growing region in the electric motor core market. This growth is fueled by rapid industrialization, increasing adoption of automation, and the region’s strong manufacturing ecosystem. Countries like China, Japan, and South Korea are at the forefront of industrial motor production, while nations like India and Southeast Asia are witnessing rising demand for energy-efficient appliances and automation systems. In 2023, China’s industrial output grew by 4.5%, driven by a surge in manufacturing automation and infrastructure projects, which has significantly increased the demand for electric motor cores. APAC’s cost-competitive production capabilities and access to raw materials give it an edge in terms of scalability and innovation. As the global push for renewable energy and electrification continues, APAC’s growth trajectory is expected to outpace other regions, driven by favorable policies, technological advancements, and rising consumer demand.

Competitive Landscape:

Some of the prominent market players operating in the global electric motor core market are Hitachi Metals, ABB, Siemens, WEG, Nidec, and Wolong. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Recent Developments:

• In March 2022, ABB, a leader in power and automation technologies, launched its new range of high-efficiency IE5+ SynRM motors. These motors deliver ultra-premium energy efficiency and are designed for applications in industries such as mining, metals, and pulp & paper.
• In January 2021, Siemens introduced the 1FW4 series of high-efficiency (IE5+) permanent magnet-excited synchronous reluctance motors, offering an output of up to 375 kW. These motors provide enhanced efficiency across the entire speed range.
• In October 2021, Regal Beloit Corporation acquired Section Eight Co., a NEMA motor manufacturer, to expand and strengthen its portfolio of general-purpose motors.

Key Companies:

• Hitachi Metals
• ABB
• Siemens
• WEG
• Nidec
• Wolong
• Jing-Jin Electric
• Toshiba
• Emerson Electric
• Hyosung
• Höganäs
• Voith

Key Questions Answered by Electric Motor Core Market Report

• Global electric motor core market forecasts from 2024-2030
• Regional market forecasts from 2024-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2024-2030 covering 15 major countries from the regions as mentioned above
• Electric motor core submarket forecasts from 2024-2030 covering the market by material, motor type, end-use industry, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level electric motor core markets from 2024-2030
• Competitive Landscape and market positioning of top 10 players operating in the market