Electric Spindles Market Size, Share, Growth, And Industry Analysis, By Type (Rolling Motor Spindles, Air Bearing Motor Spindles, Liquid Journal Motor Spindles, Others), By Application (Printed Circuit Board, Consumer Electronics, Machinery Manufacturing, Automotive and Aerospace, Others), Regional Insights, and Forecast To 2031

Updated On: 29 April 2024

Electric Spindles Market Report Overview

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global electric spindles market size was USD 1463 million in 2022 and market is projected to touch 2471.71 Million By 2031, exhibiting a CAGR of 6% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with the Electric Spindles market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

An electromechanical assembly known as an electric spindle consists of a motor, a spindle shaft with bearings, and a tool holder of some sort. It could also include cooling features. Due to its simplification, improvement of accuracy, and reduction in machine space, electric spindles have become more and more common in high-speed machining and precision milling equipment. Additionally, they enable brand-new machining processes including large-scale material removal and lathe milling. Use of induction motors is one of the drawbacks of electric spindles. The spindle shaft becomes heated from the high rotor losses and expands under severe load. Axial expansion can frequently introduce up to 50 m of tool offset. The bearings also receive shaft heat, which significantly shortens their lifespan.

Industry growth has been aided by technological developments like multi-axis arms and robots as well as the expansion of the manufacturing sector. In addition, the increased emphasis on increasing productivity and decreasing downtime is fueling market expansion. The growth of the electric vehicle market in North America over the forecast period is anticipated to be fueled by the presence of reputable automakers like General Motors, Nissan, Tesla, and Ford, as well as by suitable infrastructure for producing electric vehicles and high disposable income. This is likely to boost demand growth over the anticipated timeframe.

COVID-19 Impact: COVID-19 reduced the demand for vehicles hence negatively affected the market growth

Lockdowns and other limitations imposed by the governments of major nations led to a company closure as a result of COVID-19. Due to the epidemic, auto manufacture had also been stopped. In turn, this has an impact on the demand for vehicle wheel spindles. Due to the lack of raw materials needed to manufacture the wheel spindle, the production process was also delayed.  Additionally, social segregation rules and other limitations made it difficult to get the labor needed for production. The electric car market benefited from COVID-19 as sales rose over the previous year. Thus, the vehicle wheel spindle market is a developing one that is predicted to expand even after the pandemic.

Latest Trends

"Rising demand for electric vehicles fuel the market expansion"

The demand for electric vehicles has grown in response to the rising popularity of alternative fuel vehicles. Additionally, governments all over the world have developed and put into effect favorable policies that encourage the use of electric cars in an effort to reduce the use of crude oil, vehicle emissions, and air pollution. Additionally, government restrictions that are strict have forced automakers to create and market electric vehicles in order to lessen their negative environmental effect.

Electric Spindles Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into rolling motor spindles, air bearing motor spindles, liquid journal motor spindles, others. Rolling motor spindles is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into printed circuit board, consumer electronics, machinery manufacturing, automotive and aerospace, others. Printed circuit board will be the dominating segment.

Driving Factors

"Rise in the rate of vehicle manufacturing propel the market growth"

The market's expansion is anticipated to be fueled by a rise in the rate of vehicle manufacturing, aftermarket repair & replacement, and vehicle sales. In addition, increased demand for driverless vehicles, electric and hybrid vehicles, and research and development on electric wheel spindles may all contribute to market growth. The necessity to improve production facilities and processes, the rapid development of many industrial facilities, and the increasing trend towards automation in a range of industries are all contributing to the rise in demand for these items. The need for Computer Numeric Control (CNC) motor spindles has been rising as a result of the rise of 3D printing applications, as well as for foam cutting, glass cutting, and wood routing. The increased demand for these spindles may be due to a number of benefits they provide, including fast cutting speeds, short cycle times, and improved industrial efficiency. These are a few of the major reasons boosting this market's revenue growth, and the upward trend is anticipated to last throughout the projected period.

"Widespread usage of motor spindles because of a number of benefits propel the market growth"

Due to its numerous benefits, motor spindles are likely to find more industrial applications throughout the course of the forecast period, supporting market expansion. The main attributes of motor spindles include their small and compact size, great dependability, low levels of wobbling and vibration, low levels of heat and noise production, and low power requirements. These spindles have a maximum speed range of about 60,000 RPM, which speeds up and improves production procedures.

Restraining Factors

"Certain drawbacks to using motor spindles limit the market expansion"

The global market for motor spindles is anticipated to see slow growth in the near future due to a few drawbacks. Due to the tight and compressed construction of the motor housing, one of the primary drawbacks of motor spindles is the limited availability of power and torque. Other barriers to market expansion include the low speed of larger motor spindles and their expensive maintenance expenses. However, product longevity and the low replacement rate in passenger cars are anticipated to restrain market expansion.

Electric Spindles Market Regional Insights

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"Asia Pacific is predicted to be the leading region during forecast period "

In 2022, the Asia Pacific market accounted for 55.0% of worldwide machine tool sales. The Asian economy has grown as a result of quick urbanization, increasing public investment, and rising consumer expenditure, which has fueled infrastructure growth in the building sector. The main nations propelling the growth of the oil & gas, automotive, aviation, and building & construction sectors in this area are emerging economies like China, India, and Japan. There is profitable growth potential for sectors as a result of the competition between the Chinese capital markets and a few other Asian nations, which has in turn improved the market environment for investments.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Guangzhou Haozhi Industrial (China)
• Celera Motion (U.S.)
• Fischer Precise (U.S.)
• Posa-spindle (Taiwan)
• Nakanishi (Japan)
• Jiangsu Xingchen Group (China)
• Parfaite Tool (Taiwan)
• IBAG Group (Switzerland)
• Siemens (Germany)
• GMN (Germany)
• Wuxi Bohua Electromechanical (China)
• Kessler (U.S.)
• Shenzhen Sufeng Science and Technology (China)
• Royal-spindles (Taiwan)
• ZYS International (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.