Motors are an integral part of vehicle components such as seat cooling fans, engine cooling fans, power steering motors, battery cooling fans, and power window motors. Growing consumer inclination towards such advanced features in vehicles is creating a conducive environment for the growth of the automotive motor market. Moreover, increasing the sales volume of vehicles is expected to augment the market growth.
Furthermore, the growing adoption of electric vehicles is expected to drive the growth of the automotive motor market. In emerging economies such as India and China, electric vehicles are steadily becoming popular as an alternative to conventional gasoline-powered vehicles, owing to the former’s fuel-efficient and low-carbon emission properties. The performance of an electric car depends majorly on its motors and battery. Presently, brushed DC motors, brushless DC motors, AC induction motors, permanent magnet synchronous motors (PMSM), and switched reluctance motors (SRM) are the types of motors used for electric vehicles. These motors convert electric energy into mechanical energy (or vice versa) for propulsion of the vehicle, to enable regenerative braking or for charging batteries. Furthermore, increasing demand for electric vehicles globally is expected to positively affect the automotive motor market growth over the forecast period
The global automotive motor market was valued at US$ 22,500 Mn in 2021.
Market Opportunity
High demand for Luxury vehicles presents the growth opportunity
Rapid requirements for advancements in several fields, such as artificial intelligence and machine learning have consequently directed the changes in autonomous vehicles. The growth in R & D of the electrification of vehicles is one of the emerging trends in the luxury vehicle industry. This impact is likely to expand the growth of the automotive motor market. Furthermore, the rapid changes in various features in the motor vehicles, such as personal voice assistance, automatic driving assistance, and retina recognition, are also likely to promote the sales of luxury vehicles.
Rise in the Popularity of Electric vehicles
With the rising environmental concerns due to increasing Co2 emissions, WHO is tightening emission rules and imposing various regulations. Thus, the demand for sustainable and eco-friendly transportation, such as Electronic vehicles, is increasing. Due to the various features and advancements in the technology of electric vehicles, most of buyers are shifting their views toward buying of Electric vehicles. An increase in the prices of fuel is also another reason for the rising demand for Electric Vehicles.
Market Restraint:
Disturbance in the supply chain
Supply chains are under huge pressure to counter supply variability halting from huge price inflation and severe material scarcity.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 22,500 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 5.5 % | 2030 Value Projection: | US$ 29,300 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Siemens AG, Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International, Mitsubishi Electric Corporation, Valeo S.A., Mahle Group, Nidec Corporation, and Borgwarner Inc. |
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| Restraints & Challenges: |
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Global Automotive Motor Market - Impact of Coronavirus (Covid-19) Pandemic:
Covid-19 had a significant impact on practically every business because of the numerous regulations the government set on the production of automobiles. As a result, the majority of businesses experienced sharp fluctuations in revenue.
Additionally this pandemic has also caused disruptions in the automotive supply chain and a downward trend in the market for automobile motors. The automotive motor market, however, is anticipated to rebound in the coming years, according to CMI analysis.
Competitive Scenario
Some of the major players in the global automotive motors market are Siemens AG, Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International, Mitsubishi Electric Corporation, Valeo S.A., Mahle Group, Nidec Corporation, and Borgwarner Inc.
Recent Developments:
Forecasted Asia Pacific is expected to hold a dominant position in the Global Automotive Motor Market in 2030
Statistics:
Asia Pacific held a dominant position in the Global Automotive Motor market in 2021, owing to increasing demand for vehicles in emerging economies such as India and China.
Figure 1: Global Automotive Motor Market Share (%), By Region, 2021
Asia Pacific Global Automotive Motor Market is expected to be one of the prominent regions in the global market and witness high growth during the forecast period. This is owing to the increasing demand for vehicles in emerging economies such as South Korea, India, and China. Moreover, rapid industrialization, high disposable income, and high growth in the electronics, automotive, and medical industries. It is expected to boost regional market growth.
Figure 2: Global Automotive Motor Market (US$ Mn) Analysis and Forecast, 2017 – 2030
The Global Automotive Motor Market was valued at US$ 23,000 Mn in 2022 and is expected to reach US$ 29,300 Mn by 2030, growing at a CAGR of 5.5% between 2022 and 2030.
Automotive motors are electric systems integrated in various automotive components such as airbags, ABS, and power windows, which help enhance vehicle performance, improve safety and increase comfort. Rampant growth of the global automotive sector, especially the electric vehicle segment, along with stringent government regulations pertaining to vehicle safety are augmenting the market growth. Majorly three types of motors are used in automotive which are direct current brushed motors, direct current brushless motors, and stepper motors.
The global Automotive Motors Market was valued for US$ 22,500 Mn in 2021.
Market Dynamics
The recent past has witnessed rising adoption of electric vehicles as they are an eco-friendly option, and are cost-effective. Such vehicles integrate a higher number of automotive motors and thus, growing demand for such motors is expected to fuel the growth of the automotive motors market. According to the International Energy Agency (IEA) report In the Paris Agreement, it was stated that 600 million electric vehicles will be on roads by 2040, which will aid in bringing global warming to below 2°C”.
Moreover, as the pollution has increased in various nations globally, the demand for the electric vehicles has also increased as they help in reducing the amount of the emissions in the environment. The depletion of fossil fuels is another factor that will lead to the growth of the market during the forecast period as fossil fuels cannot be renewed. Since, electric vehicles are introduced & it’s sales is also increasing in the market, the demand for the automotive motors will also grow in the coming years.
Key features of the study:
Detailed Segmentation
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