The “Global Automotive Motor Market Size By Product Type, By Vehicle Type, By Application, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Automotive Motor Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., July 20, 2023 /PRNewswire/ — The Global Automotive Motor Market is projected to grow at a CAGR of 4.7% from 2021 to 2028, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 20.3 Billion in 2020 and is expected to reach USD 29.31 Billion by the end of the forecast period.
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Automotive Motor Market: Growth Driven by Rising Vehicle Production, Energy Efficiency Demands, and Electric Vehicle Adoption
The global Automotive Motor Market is set to witness substantial growth in the coming years, fueled by key market drivers and supported by the dominance of major players such as Siemens AG, Continental AG, Magna International, Valeo S.A., Nidec Corporation, Robert Bosch GmbH, Denso Corporation, Mitsubishi Electric Corporation, Mahle Group, and Borgwarner Inc.
Market Drivers:
The Automotive Motor Market serves as a fundamental device that converts electric energy into mechanical energy, utilizing magnetic and electric fields to generate rotational force. Its integration in automobiles has significantly enhanced efficiency and introduced compact motors in vehicular systems. These versatile motors find application in various automotive components, including engine cooling fans, power steering systems, window and seat cooling fans, among others.
The key drivers stimulating Automotive Motor Market growth are as follows:
- Increasing Vehicle Production: The surge in global automobile demand is expected to propel the need for automotive motors across various vehicle types.
- Energy Efficiency Demands: Rising environmental concerns have led to a heightened preference for energy-efficient vehicles, driving the adoption of electric motors.
- Safety and Technological Advancements: Consumers’ growing focus on safety features and enhanced driving experiences, coupled with ongoing technological advancements, will boost market demand.
- Electric Vehicle Adoption: The rising popularity of electric vehicles, driven by environmental safety concerns and stringent emission norms, will further drive the demand for automotive motors.
- Government Initiatives: Supportive government policies and schemes aimed at promoting electric vehicles act as catalysts for market growth.
Market Restraints:
Despite the promising growth outlook, the Automotive Motor Market may encounter certain challenges, including:
- Cost and Weight Reduction: Manufacturers face the challenge of reducing the cost and weight of automotive motors to meet customer demands and maintain market competitiveness.
Segment Analysis:
The Performance Motors segment is projected to achieve the highest compound annual growth rate (CAGR) during the forecasted period. These motors play a crucial role in vehicle driving operations. The increasing number of electronic components in vehicles fosters rapid innovations not only in telematics and on-board infotainment but also in vehicle handling, safety, service, reliability, and performance, thus driving the demand for performance motors in electric vehicles.
Regional Analysis:
The Asia Pacific region is poised to dominate the Automotive Motor Market, holding the largest market share. Contributing factors to this dominance include:
- Electric Vehicle Adoption: The region’s increasing adoption of electric vehicles and related technologies significantly contributes to market growth.
- High Demand for Passenger Cars: The Asia Pacific region experiences substantial demand for passenger cars, further driving the need for automotive motors.
- Engine Technology Developments: Ongoing advancements in engine technology within the region create new opportunities for motor integration.
The Automotive Motor Market is poised for robust growth, driven by increasing vehicle production, energy efficiency demands, safety considerations, and the rising popularity of electric vehicles. The Performance Motors segment holds significant growth potential due to the proliferation of electronic components in vehicles. Moreover, the Asia Pacific region emerges as the dominant market, supported by its adoption of electric vehicles and advancements in engine technology. As the market progresses, manufacturers should focus on innovation and cost reduction to meet evolving consumer demands and remain competitive in this dynamic landscape.
For more information, financial statements, product benchmarking, and SWOT analysis, on the Global Automotive Motor Market, please purchase Automotive Motor Market report at Verified Market Research.
Based on the research, Verified Market Research® has segmented the global Automotive Motor Market into Product Type, Vehicle Type, Application, And Geography.
- Automotive Motor Market, by Product Type
- Stepper Motors
- DC Brushless Motors
- DC Brushed Motors
- Automotive Motor Market, by Vehicle Type
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
- Electric Vehicle
- BEV
- HEV
- PHEV
- Automotive Motor Market, by Application
- Comfort Motors
- Performance Motors
- Safety Motors
- Automotive Motor Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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