Global Automotive Motors Market was valued at US$ 28.12 Billion in 2022, and is projected to reach US$ 47.08 Billion by 2030, exhibiting a CAGR of 6.6% over the forecast period (2022-2030). According to Global Automotive Motors Market Report, " 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 (Light Commercial Vehicles and Heavy Commercial vehicles)), By Electric Vehicle (Plug-in Hybrid Electric Vehicle, Hybrid Electric Vehicle, and Battery Electric Vehicle), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East& 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 supporting automakers to integrate advanced systems in vehicles. Over the past few years, the demand for advanced features such as power steering system, ABS (Anti-lock Braking System), and climate control system, has increased. These safety and security features further increase the reliability and safety rating of the automotive vehicles. Rising adoption of advanced emergency brake systems, anti-lock braking, and side & knee airbags are expected to boost demand for electric motors.
Global Automotive Motor Market- Drivers
Increasing sales of automobiles
Increasing sales of automobiles is expected to drive the global automotive motor market growth. Also, rising investment by various countries such as China, India, and others in automotive industry specifically in electric vehicles is driving the market growth. For instance, according to Indian Brand Equity, in 2021, the Indian government has increased their budget of FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) by 78% in the 2023 union budget. Furthermore, according to Coherent Market Insights, there is a positive growth in registration of vehicle of 35.9% India in year 2021-22.
Global Automotive Motor Market- Restraints
Fluctuating Price of Automotive Motor Components
The raw materials that are required for manufacturing of motors and the accessory equipment that are required for the functioning of the motors have variable prices according to the quality and availability, and this hampers the global automotive motor market growth.
Global Automotive Motor Market- Key Developments
In 2022, Continental AG, a manufacturer specialized in brake systems, automotive safety, and interior electronics, launched new sensors to protect the battery of Electric Vehicles (EVs)Continental’s sensor portfolio is extended by designing new sensors specifically for electric vehicles. Continental AG launched two new sensors for electric vehicles (EVs): the Current Sensor Module (CSM) and the Battery Impact Detection (BID) system. Current Sensor Module (CSM) is a compact modular sensor design that provides current and temperature information to keep the battery safe, and to ensure long-term durability.
In February 2021, BorgWarner Inc. announced that the company had acquired AKASOL AG, a Germany-based company, to expand its automotive segment revenue. With this acquisition, the company is focused on providing advanced drivetrain systems for global power Technology Company.
In April, Nidec Corporation announced that Nidec’s Traction motor system, E-Axle 100kW Model ‘Ni100Ex’ was induced in an electric vehicle Aion Y*, a new model of Guangzhou Automobile Group, an electric vehicle manufacturing company.
Global Automotive Motor Market- Impact of COVID-19
The COVID-19 pandemic had a severe effect on businesses across the globe. The automotive and transportation industry have been impacted by the COVID-19 pandemic. Global automotive motor market has also been affected as the manufacturing plants were shut down due to the lockdown imposed by governments all over the world. Lack of labor were available to avoid mass-gathering has affected the market growth. Many manufacturers closed their production activities due to the restrictions imposed by the governments all over the world. The pandemic has led to a decline in global vehicle sales, as economic uncertainty and social distancing measures have reduced consumer demand for cars. This has led to a reduction in demand for automotive motors. For instance, according to International Energy Agency (IEA), the total car sales globally in 2020 was 73 Million which was 17.04% decrease as compared to 2019.
Despite the overall decline in vehicle sales, the pandemic has accelerated the shift towards electric vehicles, which has driven demand for automotive motors used in electric powertrains. The pandemic has led to an increased demand for contactless technology in cars, such as voice-activated controls and touchless interfaces. This has driven demand for motor technology that can power these systems.
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Key Trends and Analysis of the Global Automotive Motor market:
- Passenger cars segment held a dominant position in 2021 and is projected to retain its dominance throughout the forecast period. Rising sales of passenger cars, adoption of fuel-efficient vehicles, and increasing safety concerns leads to rising demand for automotive motor in passenger cars. The governments of various countries have imposed emission norms on automotive manufacturers for development of emission free vehicles.
- Asia Pacific held a dominant position in the global automotive motor market in 2021 and is expected to maintain its dominance during the forecast period, owing to increasing demand for vehicles in emerging economies such as India, China, and Japan. The Chinese government stated that by year of 2035, Electric vehicles (EVs) are expected to account for 50% of all new car sales.
- North America automotive motor market is projected to exhibit the highest CAGR during 2022–2030. The U.S. government provides various tax benefits to encourage the purchase of electric vehicles (EVs). This is expected to increase the demand for electric vehicles in the U.S.
- 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 motor 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.
