Switch Reluctance Motor Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, by Operating Power, by End-User : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics 

The global switch reluctance motor market share is growing due to several factors such as growing adoption of hybrid and electric vehicles, increasing advancement in motor technology. However, the high cost of motors restrains the growth of the market. In addition, the rising application of switch reluctance motors provides lucrative growth opportunities for the market's development during the forecast period. 

Furthermore, switched reluctance motors have a wide range of applications, including automotive, aerospace, and industrial automation. Their ability to function efficiently in tough environments and adjust to changing load circumstances makes them suitable for a variety of electromechanical systems. Switch reluctance motors feature a strong and simple design with no permanent magnets, making them mechanically tough and dependable. The absence of magnets also lowers the cost and avoids concerns about magnet demagnetization, which contributes to the durability of switch reluctance motors. 

Value Chain Analysis of Switch Reluctance Motor Market 

A switch reluctance motor (SRM) value chain analyses all stages of production and distribution to discover potential for adding value, lowering costs, and gaining a competitive advantage. The value chain for SRMs is separated into several main components, innovations, and strategic partnerships.  

Design and Engineering - The reluctance motor operates by moving a magnetically salient rotor to a position of minimum magnetic reluctance. Advances in magnetic materials and machine design have enabled the switched reluctance motor (SRM) to penetrate the variable speed drive market. Its simple brushless construction makes it inexpensive and reliable. The unipolar current in phase windings results in a straightforward, reliable power converter. Researchers are now developing SRMs with one- or two-phase windings for low-cost, high-volume markets such as domestic appliances, HVAC systems, and automotive auxiliaries. 

Manufacturing Process - Motor manufacturing procedures can be broken down into various modules, including stator and rotor iron core processing, motor components metal processing, motor axes metal processing, winding equipped stator manufacturing, cage rotor manufacturing, and motor assembly and test. 

Distribution and Logistics - The distribution and logistics of Switch Reluctance Motors (SRMs) involve a streamlined process to ensure efficient delivery from manufacturers to end users. Once assembled and quality-checked, SRMs are stored in strategically located warehouses to maintain optimal inventory levels. 

Marketing and Sales -    

Sales Teams: Engaging sales teams to promote switch reluctance motors to potential buyers and close deals. 

Marketing Campaigns: Running marketing campaigns to create awareness and generate demand in target markets. 

Using such channels, switch reluctance motor?manufacturers may efficiently access a wide range of customers, ensuring that their products are available to both industrial users and consumers. 

Market Segmentation 

The switch reluctance motor market is segmented into by product type, operating power, end-user and region. On the basis of product type, the market is divided into single phase, double phase and multiphase. On the basis of operating power, the market is classified into less than 100 KW, 100-500 KW, and above 500 KW. On the basis of end-user, it is bifurcated into automotive, industrial and others. Region wise, the switch reluctance motor industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Regional/Country Market Outlook 

Asia Pacific region is the largest market for switch reluctance motor market size, owing to the growing automotive industries in China, Japan, and India. Several factors have contributed to Asia Pacific's dominance in the global switch reluctance motor market growth. The Asia Pacific area has played a significant role in the electric motor sector. The regions dominance can be attributed to its extensive manufacturing activity, strong emphasis on technological developments, and quick increase in electric vehicle (EV) production. If SRMs find use in EVs, Asia-Pacific might become a major shareholder because to its leadership in the electric mobility market. 

Competitive Landscape 

The major players operating in the switch reluctance motor market include Enedym Inc., Infineon Technologies AG, Nidec SR Drives Ltd., E. KRETZSCHMAR, Domel, d.o.o., Maccon, Renesas Electronics Corporation, Ramco Electric Motors, Regal Beloit Corporation, Turnide, and Advanced Electric Machines (AEM) . 

Other players in switch reluctance motor market includes Nidec Corporation, Ametek, Vincotech, and so on. 

Industry Trends: 

• In 2022, total vehicle sales reached 73.8 million, with electric cars accounting for 14.2% of those sales.  

• In 2024, India witnessed a total of 1, 40, 611 registered electric vehicles, marking a slight decline from the 2023 figure of 1, 44, 640.  

• In 2024, the Indian government approved a new USD 500-million-worth Electric Vehicle (EV) Policy, offering range of incentives with the intention of drawing investments from global EV companies and positioning India as a prime manufacturing hub for state-of-the-art EVs.   

• According to a study by the Victoria Transport Policy Institute (VTPI) , more than 70% of fully autonomous vehicles will be used for ridesharing, with only 30% likely to be privately owned.

Key Sources Referred 

• India Briefing 

• Harvard Business Review 

• Invest India Organization 

• International Organization of Motor Vehicle Manufacturers 

• Society of Indian Automobile Manufacturers 

• ANSI Organization 

• U.S. Department of Transportation  

• National Aeronautics and Space Administration 

• International Transport Forum 

• Maryland Department of Natural Resources 

Key Benefits for Stakeholders 

• This report provides a quantitative analysis of the switch reluctance motor market segments, current trends, estimations, and dynamics of the switch reluctance motor market analysis from 2023 to 2032 to identify the prevailing switch reluctance motor market opportunity. 

• Market research is offered along with information related to key drivers, restraints, and opportunities. 

• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 

• In-depth analysis of the switch reluctance motor market segmentation assists to determine the prevailing market opportunities. 

• Major countries in each region are mapped according to their revenue contribution to the global switch reluctance motor market forecast statistics. 

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 

• The report includes the analysis of the regional as well as global switch reluctance motor market trends, key players, market segments, application areas, and market growth strategies.