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“The growth of the automotive motors market can be attributed to significant R&D investments in electric and hybrid vehicles and more automatic comfort features in upcoming vehicles.”
The global automotive motors market size is projected to grow from USD 20,321 million in 2020 to USD 25,719 million by 2025, at a CAGR of 4.8%. The advent of fuel efficient technology will have a significant impact on hybrid electric and battery electric vehicles, which, in turn, will drive the automotive motors market.
The focus of automobile manufacturers has shifted from fuel efficiency, performance, driver safety, and stability of the vehicle to additional features such as vehicle connectivity and electrification of functions. This change in focus has created a massive opportunity for traction, induction, and brushless motors. Increasing consumer focus on driving comfort will encourage OEMs to include more automotive motors for proper functioning. More automotive motors supporting all features in the mid and lower segment vehicles would boost the demand for during the forecast period. Such initiatives could pose a major revenue opportunity for automotive motors manufacturers.
The increasing electric power steering application would drive the automotive motors market in the forecast.”
Electric power steering motor accounts for the largest market. The growing adoption of these motors can be attributed to the demand for safety and convenience. Currently, safety and convenience features are not limited to premium vehicles but are also provided in mid-level and entry-level vehicles. Thus, the adoption of comfort systems such as power steering is fostering the requirement for automotive electric power steering motors. Apart from this, the penetration of electric power steering motors is not only limited to passenger cars but also increasing in commercial vehicles as well.
“Asia Pacific is expected to be the largest and the fastest-growing market during the forecast period”
The Asia Pacific region is projected to account for the largest share of the global automotive motors market during the forecast period. Implementing new technologies, setting up more manufacturing plants, and creating a value-added supply chain between the manufacturers and material providers have created a vast opportunity for growth of the automotive motors market in the region. Companies such as Aisin Seiki, Denso, Johnson Electric, Mitsubishi, Hitachi, and Mikuni have a dominant presence in the region. The automotive industry in Asia Pacific is expected to see significant growth in the next few years. The automotive motors market is expected to grow proportionally to the regional automotive market.
Moreover, the rising adoption of EVs in Asia Pacific is expected to drive the production of automotive motors. In Asia Pacific countries, attractive government incentives to popularize electromobility and increased investments by automakers are expected to drive the market.
“North America is expected to be the second-fastest market in the forecast period”
The North American automotive industry is one of the fastest-growing sectors globally. High adoption of LCVs and the electrification of automotive applications in the US market mainly influence the North American automotive industry. The political conditions in the US directly affect the North American auto sector. The leading market players such as Infineon, Cummins, Gates Corporation, and TI Automotive in the automotive motors market are based in the US. As the US is the largest market for premium cars in North America, it is also the largest market for advanced automotive motors. The OEMs in North America have focused on the development of fuel-efficient vehicles to meet federal fuel efficiency mandates. Furthermore, several OEMs are planning to set up new production facilities in Mexico and Canada, which, in turn, would drive the demand for automotive motors.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Level: Tier I - 31%, Tier II - 48%, and OEMs - 21%
- By Designation: Directors - 35%, C Level Executives- 40%, and Others - 25%
- By Region: North America - 30%, Europe - 50%, Asia Pacific - 15%, and RoW-5%
The automotive motors market comprises major companies such as Robert Bosch (Germany), Nidec Corporation (Japan), Continental (Germany), Johnson Electric (Hong Kong), and Denso Corporation (Japan).
The market study covers the automotive motors market size and future growth potential across different segments such as by motor type, function, vehicle type, electric vehicle type, EV motor type, application, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall automotive motors market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.