Pune India, July 09, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Automotive Motors market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Automotive Motors market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the motor type, vehicle type, electric vehicle type, function, vehicle drive type, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Automotive Motors market are Robert Bosch GmbH, Denso, BorgWarner, ZF Group, Continental AG, Mitsubishi Electric Corporation, Johnson Electric Holdings Ltd., Nidec Corporation, MITSUBA Corporation, BorgWarner Inc., and others. To achieve a substantial market share in the worldwide Automotive Motors market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Robert Bosch is one of the most significant manufacturers and distributors present in the global Automotive Motors market.
Electric motor is an electrical machine which helps in conversion of electrical energy into mechanical energy. Such motors have become an essential part of a vehicle to smoothly perform operations involving continuous rotational motion. The electric motors used in automotive should have characteristics such as high power density, high starting torque, and enhanced efficiency. Also, there are increasing applications of speed or torque controlled motors in automotive due to the need for improved fuel economy along with the demand for vehicles with more convenience and comfort.
In present times, the continuous developments in technology has enabled rising focus of automobile manufacturers on implementation of automotive motors for different systems in the vehicle. These systems include power steering system, anti-lock braking system, and climate control system among others. In addition, automotive motor is the prominent part of ABS, ESC, and AEB systems. Furthermore, convenience and safety features are not only limited for premium vehicles but are also being provided in entry-level and mid-level vehicles. Hence, demand for convenience and safety features in vehicles has driven growth of the global automotive motor market.
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Scope of Automotive Motors Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Motor type, vehicle type, electric vehicle type, function, vehicle drive type, application, and regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Robert Bosch GmbH, Denso, BorgWarner, ZF Group, Continental AG, Mitsubishi Electric Corporation, Johnson Electric Holdings Ltd., Nidec Corporation, MITSUBA Corporation, and BorgWarner Inc. |
Segmentation Analysis
Brushless motors segment is expected to be the fastest growing segment in 2021.
The motor type segment includes brushed motors, brushless motors, and stepper motors. Brushless motors segment is expected to witness highest growth rate during the forecast period. This is mainly due to increasing usage of these motors in automotive applications as they develop high torque with good speed response. Also, they have become prominent choice for automotive applications that requires long-term continuous duty cycles. In addition, brushless motors are being used in main vehicle parts such as window elevators, fans, and HVAC motors. BLDC motors perform extremely well in aforementioned applications with higher durability.
Heavy commercial vehicle (HCV) segment is expected to be the fastest growing segment in 2021.
The vehicle type segment includes passenger car, light commercial vehicle, and heavy commercial vehicle. Heavy commercial vehicle (HCV) segment is expected to witness highest growth rate during the forecast period. Ongoing demand for transportation of heavy commodities such as steel, cement, and fertilizers due to rapid industrialization and infrastructure development has driven growth of HCV segment. On the other hand, development of electric trucks is projected to be opportunistic for growth of this segment. For instance, in June 2022, Scania, the Swedish commercial vehicle manufacturer launched a new line of battery-electric heavy duty trucks designed for regional operations. These heavy duty trucks are equipped with 624kWh battery packs with a range of about 350 kilometers.
Battery-powered Automotive (BEV) segment is expected to be the fastest growing segment in 2021.
The propulsion segment includes Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), and Fuel Cell Electric Vehicle (FCEV). However, Battery-powered Automotive (BEV) segment is expected to witness highest CAGR during the forecast period. BEV are mainly powered by rechargeable battery packs without any of the secondary source of power. Such vehicles can run much farther on a single charge than hybrid vehicles. Ongoing investments in the BEVs businesses is projected to be opportunistic for growth of this segment. For instance, in September 2021, Toyota, a Japanese multinational automotive manufacturer announced the investment of about $13.6 billion in battery tech in the upcoming decade..
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Automotive Motors include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region has registered highest value for the year 2021. Growth of this region is mainly driven by easy availability of convenient financing options along with the significant emphasis by the governments to ensure in-house automotive production. However, Asia-Pacific is projected to register higher growth rate during the forecast period of 2022-2029. This region is home to OEMs such as Honda Motor Co., Ltd., Toyota Industries Corporation, Hyundai Motor Company, and Nissan Motor Corporation.
Country Analysis
Germany
Germany automotive motors market size was valued at USD 2.49 billion in 2021 and is expected to reach USD 3.58 billion by 2029, at a CAGR of 4.9% from 2022 to 2029.
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. However, the huge investment in electric mobility in this country has boosted growth of the automotive motors market. For instance, according to the German Association of the Automotive Industry statement in 2019, car industry in this country was expected to invest about $68 billion on electric cars and automated driving by 2022.
Furthermore, according to the Capgemini “COVID -19 and the automotive consumer” study in 2020, interest in car ownership amongst under 35-year-olds is on the rise in the country. This trend of car ownership is creating demand for automotive motors.
China
China Automotive Motors market size was valued at USD 4.07 billion in 2021 and is expected to reach USD 5.82 billion by 2029, at a CAGR of 4.8% from 2022 to 2029.
China is the world’s largest light vehicle manufacturer. It is the major producer and consumer of electric motors with over 28% of the volume share in the global market in 2021. Growth of the market in this country is mainly driven by increased EV sales. For instance, according to the China Association of Automobile Manufacturers (CAAM), electric vehicle (EV) sales in China accounts for more than 50% of new EV sales.
Furthermore, the country has seen a growing demand for luxury electric cars in recent years as it is a vastly populous nation and attracts significant investments from worldwide carmakers.
India
India automotive motors market size was valued at USD 1.13 billion in 2021 and is expected to reach USD 1.68 billion by 2029, at a CAGR of 5.3% from 2022 to 2029.
India is one of the strongest growing economies in Asia. Huge demand for passenger vehicles in this country is the major factor contributing to the growth of the automotive motor market. For instance, passenger vehicle sales in the country has crossed the 3 million-unit mark in financial year of 2022, a 12% year-on-year uptick as compared with the 2021 figures.
In addition, the emerging popularity of electric vehicles in this country is expected to create lucrative growth opportunities for automotive motors market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as automotive, manufacturing, semiconductors, etc. The demand for Automotive Motors has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of automotive motors were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for Automotive Motors significantly decreased.
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