According to the report titled, ‘Global Coreless DC Motor Market Size study, by Product (Cylindrical and Disc), By Applications (Industrial motion control, medical device and lab equipment, Robotics and Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global coreless DC motor market was valued at USD 3.4 billion is 2020 and is expected to register an annual growth rate of 9.3% during 2021-2027 during the study period, thereby accumulating USD 7.1 billion by 2027.
 

As per the report findings, the progression of global coreless DC motor market can be credited to the surging demand for efficient and cost-effective machines, technological advancements in this business space, and increasing demand for compact machine tools.
 

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Additionally, rising adoption of IoT technologies and growing inclination of automotive manufacturers towards producing electric vehicles are expected to spur the overall market expansion. In May 2019 for instance, Ametek Inc. unveiled a new series of coreless DC motors called the EC042B IDEA Motor Series under Hayden Kerk Pittman.
 

For those unaware, coreless DC motors are considered to be more efficient than conventional motors. These machines help to complete the required operations smoothly, cog freely and are also available in user-friendly, unique, and smart designs.
 

On the contrary, lack of awareness regarding coreless DC motors is likely to hamper the remuneration scope of global coreless DC motor market.
 

Speaking of the geographical ambit, regions like Latin America, Europe, North America, and Asia Pacific are considered to understand the dynamics of the business sphere. Among these, Asia Pacific currently holds a significant market share owing to rapid developments in the industrial appliances sector.
 

Meanwhile, North America market is anticipated to record notable gains during 2021-2027, accreditable to escalating consumer demand for high efficiency motors.
 

Key players like ISL Products International Ltd, Hennkwell Ind. Co. Ltd., Haosheng Motor Co. Ltd., Dr. Fritz Faulhaber GmbH & Co. KG, Citizen Chiba Precision Co. Ltd., C.I. TAKIRON Corporation, Autotrol Corporation, Assun Motor Pte Ltd., Allied Motion Technologies Inc., and Adamant Namiki Precision Jewel Co. are profiled in global coreless DC motor market report.