Motor Lamination Market To Generate USD 32 Billion Revenue by 2030
- Published: October 2023
The motor lamination market size is expected to advance at a CAGR of 4.9% during 2024–2030, to reach USD 32.0 billion by 2030. This is ascribed to the growing adoption of HVAC systems, electric motors, and electric vehicles.
Government Initiatives for Adoption of Electric Vehicles
Governments are playing a major role in the adoption of electric vehicles by mandating emission reduction and setting targets for the installation of charging infrastructure and the use of EVs. One such policy is India’s PLI scheme, launched in 2021, for duty reduction and the creation of special e-mobility zones. Along with this, the government is increasing its focus on charging infrastructure and involving both public and private companies for its setup.
For instance, in June 2022, the Canadian government announced a funding of CAD 45 million for 6,000 EV chargers. Similarly, in the U.S., California’s Executive Order B-48-18 includes a proposal to invest USD 900 million for deploying 250,000 charging points by 2025. These huge investments and targets set by countries are boosting electric vehicle manufacturing, which will, in turn, drive the demand for motor lamination.
Growing Construction Industry also Boosts Motor Lamination Demand
The population is increasing across the globe, which is significantly contributing to urbanization and, hence, driving construction activities, especially in Canada, Australia, the U.S., India, and China. This is the major reason real estate companies are spending heftily on large building projects, such as apartments, hotels, offices, civic infrastructure, and retail stores.
In addition, governments all over the world are providing funds for infrastructure development, which will further help in the growth of the market. For instance, in October 2022, infrastructure spending stood at a seasonally adjusted annual rate of USD 1,794.9 billion, which is around 9.2%, as per government sites.
Additionally, during the first 10 months of the same year, this spending amounted to USD 1,507.8 billion, 10.8% more than the USD 1,360.8 billion during the same period in 2021. In the same way, the construction output in India will grow every year till 2025 with an average of 7.1%. With the rising construction activities, there will be high requirement for motors and, in turn, for the associated lamination. This is because motors are used in almost every kind of construction machine as well as the elevators required for transporting workers to the upper floors of buildings.
Market in North America Is Growing Significantly
The market in North America is growing significantly because of the increasing adoption of electric vehicles, growing construction industry, and rapid industrialization. Within the continent, the growth in the demand for motor lamination in the U.S. is more significant, attributed to the rising rate of urbanization and growing construction activities. Further, as per government reports, the sale of electric vehicles increased by 55% in 2022, reaching a share of 8% of the total automotive sales.
The most-significant motor lamination market players are Tempel, EuroGroup Laminations S.p.A., Polaris Laser Laminations LLC, Sinotech Inc., LCS Company, Lake Air Companies, R.Bourgeois, and Alinabal Inc.