According to the research 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 Market Study Report, global coreless DC motor market size was worth USD 3.4 billion in 2020 and is expected to expand at a CAGR of 9.3% over 2021-2027, subsequently accumulating USD 7.1 billion by the end of the assessment period.
 

Surging demand for compact machine tools along with growing necessity of highly efficient and cost-effective machines are driving global coreless DC motor market growth, cites the study.
 

Notably, coreless DC motors are preferred over traditional DC motors as they are more efficient. They aid in the completion of processes in a more efficient and cog-free manner, and feature innovative and smart user-friendly designs.
 

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Growing adoption of IoT technologies and the transition of the automotive sector to electric vehicles are expected to accelerate the industry expansion over the anticipated period.
 

For the record, in May 2019, Ametek Inc. developed a new generation of coreless DC motors, the EC042B IDEA Motor Series which cater to various applications including aerospace systems, communications equipment, medical devices, and lab automation. New product launches and technological advancements will continue to expand the business landscape in the upcoming years.
 

Despite the positive outlook, low adoption of coreless DC motors as compared to DC motor is likely to hamper the industry remuneration over the study period.
 

Based on product landscape, global coreless DC motor market is split into disc and cylindrical. As per application spectrum, the industry segmentation comprises robotics, medical device & lab equipment, industrial motion control, and others.
 

Elaborating on the geographical ambit, North America, Asia Pacific, Latin America, and Europe are the key contributors to the overall market growth. Among these regions, North America industry is projected to record substantial growth over 2020-2027, owing to surging demand for more efficient motors by customers in the region.
 

Major players in global coreless DC motor market are ISL Products International Ltd., Hennkwell Ind. Co. Ltd., Haosheng Motor Co. Ltd., Faulhaber Group, Citizen Chiba Precision Co. Ltd., C.I. Takiron Corporation, Autotrol Corporation, Assun Motor Pte Ltd., Allied Motion Inc., and Adamant Namiki Precision Jewel Co. Ltd.