The global automotive motors market was valued at US$ 22.8 billion in 2017, and is projected to reach US$ 43.8 million by 2027, exhibiting a CAGR of 6.4% over the forecast period (2019-2027). According to Global Automotive Market Report "Automotive Motors Market by Product Type (Direct Current Brushed Motors, Direct Current Brushless Motors, and Stepper Motors), by Application (Performance Motors, Comfort Motors, and Safety Motors), by Vehicle Type (Passenger Cars, Two/Three Wheelers, and Commercial Vehicles), by Commercial Vehicles (Light Commercial Vehicles and Heavy Commercial vehicles), by Electric Vehicle Type ( Plug-in Hybrid Electric Vehicle, Hybrid Electric Vehicle, and Battery Electric Vehicle) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Rising demand for active safety systems, especially in passenger vehicles, is one of the primary growth factors for the global automotive motors market. Furthermore, government regulations regarding vehicular safety are driving automakers to integrate advanced systems in vehicles. Rising adoption of advanced emergency braking systems, anti-lock braking, and side & knee airbags are expected to increase demand for electric motors has augment the market growth. Increasing sales of automotive vehicles is the key underlying factor supporting market growth. According to Organisation Internationale des Constructeurs d'Automobiles, in 2018, 95.05 million units of vehicles were sold globally, up from 93.8 million in 2016.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 150 market data tables* and 90 figures* on “Global Vehicle-to-Everything (V2X)” - Global forecast to 2027
Key Trends and Analysis of the Global Automotive Motors Market:
- Brushless DC motors segment is projected to register the highest CAGR over the forecast period. This is attributed to automotive features such as high speed range, better heat dissipation, small size, high output power, and less-noise operation compare to brushed DC motors.
- Passenger cars segment held the dominant position in 2018, and is projected to retain its dominance throughout the forecast period. High sales of passenger cars and increasing safety concerns has led to rising demand for automotive motors in passengers cars. According to , it is projected that 76.55 million units of passenger cars vehicles will be sold by 2020.
- Asia Pacific held the dominant position in the global automotive motor market in 2018, and is expected to retain its dominance over the forecast period. Asia Pacific automotive motors market is also projected to exhibit the highest CAGR during 2019–2027. High volume sales in the Asia Pacific automotive industry are a key factors driving growth of the market. India, China, and Japan are the growth engines in the Asia Pacific market. According to Organisation Internationale des Constructeurs d'Automobiles, in 2018, 28, 4.4, and 5.2 million units of vehicles were sold in China, India, and Japan, respectively.
- North America is also expected to show a significant growth throughout the forecast period, owing to increasing demand for safe and efficient driving options, favorable government policies, and regulations in the region.
- Europe, Middle East, and Africa are also expected to show significant growth during the forecast period, owing to increasing demand for automobile vehicles in these regions.
- 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.