The global automotive motor market size is projected to reach USD 49.07 billion by 2025 and registering CAGR of 6.7% over the forecast period from 2019 to 2025, according to new report of Million Insights. Automotive industry is gaining traction due to technological advancement to cater to rapidly changing consumer preferences. Automotive OEMs are focusing on developing efficient motors. Moreover, rising need for energy efficient vehicles is fuelling the demand for highly efficient and better performance motor. In addition, stringent government rules for fuel emission have resulted in developing lightweight automobile components without losing structural strength and performance of components.
Growing adoption of electric vehicles coupled with growth of automotive industry is projected to drive the automotive motor demand over the forecast period. These motors are widely used for internal/external comfort control systems, sunroof systems, safety systems, powertrain systems and car chassis. Currently they are used for automated doors, wipers, adjustable mirrors, massage seats and sunroof systems, thereby increasing usage of motors for various applications will drive the market growth across the globe.
The adoption of electric vehicles is increasing in order to curb several problems like environmental pollution, global warming and oil dependency, thereby expected to augment the product demand in the near future. Governments across the globe have implemented several policies to adopt electric vehicles. Advent of new technologies for the production of electric vehicles and increasing focus on producing low fuel consumption vehicles will surge the production of electric vehicles which is expected to propel the demand for automotive motors. Enhancement in manufacturing batteries and upcoming regulations of the Internal Combustion Engine (ICE) vehicles will further boost the demand for electric vehicles. Electric vehicle manufacturers prefer to adopt electric motors due to higher efficiency, quick response, low cost and maintenance.
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Further key findings from the report suggest:
• Brushed DC motor is expected hold the largest automotive motors market share in terms of revenue by 2025 due to its several benefits like low cost and easy usage.
• Rising demand for electric vehicles is projected to drive the demand for traction motor segment over the forecast period.
• Safety motor segment is projected to have significant growth over the forecast period due to implementation of stringent initiatives for integration of safety systems in vehicles.
• Comfort segment is anticipated to grow at the fastest CAGR from 2019 to 2025, as it helps to increase riding capacity.
• Passenger vehicle segment held the largest market share, in 2018 and expected to retain its position over the forecast period due to rising demand for passenger vehicles across the globe.
• In 2018, Asia Pacific dominated the global market and accounted for over 35% market share in terms of revenue. This high revenue market share is attributed to the increasing vehicle production in developing countries coupled with rising demand for safety features in vehicles.
• Nidec Corporation, Mitsubishi Electric Corporation, Johnson Electric Holdings Ltd., and Denso Corporation have gained major market share, in 2018 and implemented merger & acquisition strategy to expand their geographical presence.
Million Insights has segmented the global automotive motor market on the basis of motor type, sales channel, application, vehicle type and region:
Automotive Motor Type Outlook (Revenue, USD Billion, 2015 - 2025)
• Brushed DC Motor
• Brushless DC Motor
• Stepper Motor
• Traction Motor
Automotive Motor Sales Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Automotive Motor Application Outlook (Revenue, USD Billion, 2015 - 2025)
Automotive Motor Vehicle Type Outlook (Revenue, USD Billion, 2015 - 2025)
• Electric Vehicle
• Non-Electric Vehicle
Automotive Motor Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa