It is projected that by 2029, the global resolver sensors market size will reach USD 1.291 billion, with a compound annual growth rate (CAGR) of 15.83% in the coming years.
Key Driving Factors:
**D1:** The rapid development of downstream applications in electric vehicles provides strong momentum for the development of rotary transformers. With technological advancements, industries such as automotive, rail transportation, and machinery are gradually moving towards electrification and even intelligence. Electrification is the foundation of intelligence, and the electric drive system is the core of achieving electrification, providing power and control for the basic equipment of electrification. The drive motor, usually operating in high-temperature, high-humidity, and strong vibration environments, is the power generation device of the electric drive system. The position and speed information during the operation of the drive motor are critical core indicators of its operation status. This information needs to be reliably, frequently, and accurately transmitted to the controller to achieve precise control of the drive motor. The sensor, being the only component that transmits position and speed information of the drive motor, is a key core component of the drive motor. Rotary transformers, due to their strong environmental adaptability, high reliability, and high sensing accuracy, are widely used in electrification fields with complex conditions and high precision requirements.
**D2:** Compared to rotary encoders, rotary transformers can be used in harsh environments with higher stability, potentially capturing some market share in the future. The growth of alternative markets will contribute to the expansion of market size.
**D3:** Single-motor vehicles are generally equipped with one rotary transformer, while dual-motor and multi-motor vehicles are equipped with two or more rotary transformers. With the increasing penetration of dual-motor and multi-motor electric vehicles, the future market will exceed the growth rate of electric vehicle sales.
**D4:** Continuous government policy support brings stable growth momentum to the market. Many countries have set deadlines for phasing out fuel vehicles, indicating a huge growth space for the electric vehicle market in the future.
Driven by low-carbon initiatives, major countries around the world have made commitments to peak carbon emissions and achieve carbon neutrality. Electrification of the transportation sector is a significant measure for countries to reduce carbon emissions. Europe has formulated the world's strictest carbon emission standards. The United States has also introduced a series of electric vehicle subsidy policies and support bills related to new energy vehicles. Major countries, including China, also regard the new energy vehicle industry as a key driver of economic growth, increasing subsidies and investment guidance for new energy vehicles and related infrastructure.
Key Challenges:
**C1:** Some new entrants have insufficient technical levels, leading to uneven product quality, resulting in relatively poor customer service experience and affecting the healthy development of the industry.
**C2:** Low price transparency of products from large companies and high customer purchase thresholds are not conducive to the long-term healthy development of the industry.
**C3:** If the macroeconomy weakens or falls short of expectations, it will lead to weak demand, forcing companies to increase expenditure policies, thereby affecting corporate profits.
**C4:** Currently, there are many product imports and exports, and exchange rate fluctuations had a significant impact on the market in 2022, especially in Japan and Europe. Large exchange rate fluctuations have reduced the gross profit margins of some companies.
**C5:** With continuous technological advancements in the new energy vehicle field, if effective response strategies are not timely implemented in areas such as new product research and development, market demand changes, raw material price increases, and intensified market competition, the company's product gross profit margin may decrease, affecting profitability.
**C6:** Rotary transformers are mainly used in electric drive systems for new energy vehicles and also in industrial servos, industrial machinery, rail transportation, aerospace, and other electric drive systems. These fields have extremely high requirements for product precision, reliability, and consistency, with rapid technological development. If the speed of technological upgrades and the effectiveness of technological innovations do not meet expectations, it will adversely affect future business development.
Globally, major manufacturers of rotary transformers include Tamagawa Seiki, MinebeaMitsumi, Shanghai Winsun Electric Motor Technology Co., Ltd., Hengstler, and Moog, with the top five manufacturers accounting for approximately 71.96% of the market share. Currently, the core global manufacturers are mainly located in Japan, China, Europe, and the United States.
In terms of product types, brushless rotary transformers are dominant, accounting for approximately 99.45% of the market share.
By application, the automotive sector is the largest downstream market for rotary transformers, accounting for 69.25% of the market share.
