AUTOMOTIVE MOTORS MARKET ANALYSIS

Global Automotive Motors Market size was valued at US$ 28.12 Bn in 2022, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030.

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 advanced features in vehicles is expected to drive the global automotive motors market growth. Moreover, increasing sales volume of vehicles is expected to augment the market growth.

Furthermore, growing adoption of electric vehicles is expected to drive growth of the automotive motor market. In emerging economics such as India and China, electric vehicles are popular as an alternative to conventional gasoline-powered vehicles, owing to its fuel-efficient and low- carbon emission properties. The performance of an electric car depends majorly on its motors and battery. Brushed DC motor, brushless DC motor, AC induction motor, permanent magnet synchronous motor (PMSM), and switched reluctance motor (SRM) are the types of motors that are 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 global automotive motor market growth over the forecast period.

 Global Automotive Motors Market- Regional Analysis Asia Pacific held a dominant position in the global automotive motors market in 2021, followed by the North America and Europe region.

Figure 1. Global Automotive Motor Market Share (%), By Region, 2021

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Asia Pacific held a dominant position in the global automotive motors market in 2021, owing to increasing demand for vehicles in emerging economies such as India and China.

Asia Pacific region has registered strong growth in the automotive sales in the past decade. China, Japan, South Korea, India are among the top automotive manufacturing countries in the world with China as the leading country. According to International Organization of Motor Vehicle Manufacturers, the total automobile production in India in 2021 was 4,399,112 units, indicating increase of 30%, as compared to 2020 automobile production. Moreover, according to Coherent Market Insights Analysis, in November 2021, the automotive sales was around 2,786,000 in China. Additionally, the presence of major automotive motor producers such as Denso Corporation, Continental AG, Mitsubishi Electric Corporation, among others in the Asia Pacific region is another factor propelling the growth of the target market. Europe is expected to hold the second dominant position in global automotive motors market. Moreover, the vehicular emission standards and safety protocols for vehicles are very stringent in the European region. Popular automotive manufacturers such as BMW, Daimler, Renault, and Volkswagen among others are European companies. There is a huge demand for passenger cars and luxury motorbikes in the region. Moreover, the region is a significant market for electric vehicles owing to the growing consumer awareness and stringent policies with respect to vehicular emissions reduction.

Global Automotive Motor Market- Segmentation

Direct Current Brushless motors segment is expected to dominant the global automotive motors market during the forecast period.

The product type segment includes direct current brushed motors, direct current brushless motors, and stepper motors. A direct current brushless motor is an electronically commutated motor, which is used in electric vehicles, hybrid vehicles, and others. Moreover, increasing demand for electric vehicles is also expected to drive demand for direct current brushless motors in the automotive motors market. Direct current brushless motors are available in small, medium, and large sized motors. Amongst all the three types, demand for small sized direct current brushless motors is increasing. Furthermore, brushless direct current motor is mainly used in electric vehicles. Moreover, due to use of the brushless direct current motor, electric cars have become more proficient than traditional cars, as electric vehicles have less maintenance, and cleaner with zero emissions. The configuration of brushless DC motor allows the internal machine of the vehicle to be cooler and thermally resistant.

Figure 2. Global Automotive Motor Market Value (US$ Bn) Analysis and Forecast, 2021

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Global automotive motor market was valued at US$ 27.34 Billion in 2021 and is expected to reach US$ 47.08 Billion by 2030, exhibiting a CAGR of 6.6% between 2022 and 2030.

Global Automotive Motor Market- Key Competitors

Major players operating in the global automotive motor market include Siemens AG, Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International, Mitsubishi Electric Corporation, Valeo S.A., Mahle Group, Nidec Corporation, and Borgwarner Inc.

Global Automotive Motor Market- Recent Developments

1. In June 2022, Volkswagen, a Germany-based motor vehicle manufacturer, and Siemens, a technology company mainly focused on transport, infrastructure, and digital transformation, invested in Electrify America’s ambitious growth plan in the U.S. and Canada. Volkswagen group together with Siemens Company invested US$ 0.45 billion that will support Electrify America’s expansion plans. Siemens is the first external investor in Electrify America, LLC. The Siemens and Volkswagen Group support the ambitious growth plans of Electrify America, LLC. It is the largest public fast-charging network for electric vehicles in North America.
2. In May 2022, ZF Group, a technology company, launched the silicon carbide (SiC) inverter design, hairpin electric motor, electric powertrain and accessories (eWorX). Based on the most recent silicon carbide technologies, ZF's proprietary scalable and modular SiC inverter architecture offers customers the greatest degree of flexibility from 400V to 800V. Power semiconductors of the newest generation are combined with highly sophisticated software algorithms in this ZF inverter architecture.
3. In April 2022, BluE Nexus, Aisin, and Denso automotive company announced that all companies had jointly developed eAxles that will be adopted for the all-new Toyota mid-size electric SUV, bZ4X. The codeveloped e-Axles include 3 types: a 150kW specification for FWD (installed at the front of the vehicle) and two 80kW specifications for (front and rear) for 4WD vehicles. Top-class power consumption has also been achieved through optimizing the magnetic design of the motor, joining technology to shorten coil ends, use of low-viscosity oil, and loss reduction technologies such as the new RC-IGBT.
4. In September 2022, Robert Bosch GmbH, a multinational engineering and technology company, launched a new electric drive for light commercial vehicles.

Global Automotive Motor Market- Driver

Increasing demand for Electric Vehicles

Increasing global pollution levels has created a significant demand for electric vehicles. Increasing prices of petrol and diesel has increased demand for electrical vehicles. Rising popularity of electric vehicles brings many innovations in automotive electric motors. Increasing sales of electric vehicle drives growth of the automotive motor market. For instance, according to International Energy Agency, in 2021, the electric car sales share in China was 16%, which increased by 11% as compared to 2020. Moreover, electric car sales share in the U.S. was 5%, which increased by 3% as compared to 2020.

High Demand for Safety among Customers

Increasing demand for the latest innovations in cars such power steering, climate control, anti-lock braking, and others is expected to drive the market growth. Due to increase in motor applications in automobiles, this industry is expanding. Additionally, there is an increase in demand for cars with more convenience, safety, and comfort in developed economies like the U.S. Popular features include steering-mounted controls, heads-up displays, sophisticated infotainment systems, gesture control systems, telematics, and central controllers. These features provide benefits for comfort, luxury, safety, and security. The automotive industry has witnesses increase in the quantity of electronic parts and software used in cars around the world that offer the newest telematics and infotainment systems.

Global Automotive Motor Market- Restraint

Increased Weight and Cost Compared To Basic Models

Due to tough environmental norms and rising demand for vehicles with fuel efficiency, automotive suppliers are focusing on lighter components to reduce weight, which would help to meet the demand for lower emissions and better mileage. Tier II suppliers are developing low-weight raw materials through technological advancements without compromising the structural strength of the components. However, due to stiff competition in pricing, motor manufacturers find difficulties to satisfy customers. The tier I suppliers and Original Equipment Manufacturers (OEMs) focuses on improving vehicle efficiency and cost optimization of motors-related technologies. Nowadays, automobiles with more advanced features is in huge demand in the mid-priced and luxury segments. These have better features and uses more automotive motors than base car models.

Global Automotive Motor Market- Opportunity

High Demand for Luxury Vehicles

Increasing 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 promote the sales of luxury vehicles. For instance, in the year 2021, Audi, a luxury automotive car manufacturer, announced a five-year plan, under which the company is planning to launch 30 electrified vehicles, which includes 20 pure electric vehicles and 10 plug-in hybrid electric vehicles by the year 2025, globally

Global Automotive Motor Market- Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 had impacted almost all industries such as automotive, manufacturing, semiconductor, electronics, and others. Demand for automotive motor had declined during the COVID-19 lockdown period due to the regulations on social distancing. In 2020, the manufacturing units of automotive motors were closed. In addition, major automotive industries were also temporarily closed during the lockdown period. Hence, demand for automotive motors significantly decreased.

*Definition: A vehicle's motors are essential for smooth operation of the vehicle. Any vehicle operation that involves constant rotation contains it. Vehicle applications where comfort is just as crucial as driving efficiency include power steering, seat cooling fans, battery cooling fans, power window motors, engine cooling fans, wiper systems, and others.