Chicago, May 15, 2023 (GLOBE NEWSWIRE) -- Automotive Motors Market is projected to grow from USD 23.0 billion in 2022 to USD 28.7 billion by 2027, at a CAGR of 4.5%, according to a new report by MarketsandMarkets™.
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339 – Pages.
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| Report Attributes | Details |
| Market size value in 2022: | USD 23.0 Billion |
| Projected to reach 2027: | USD 28.7 Billion |
| CAGR: | 4.5% |
| Base Year Considered: | 2021 |
| Forecast Period: | 2022-2027 |
| Largest Market: | Asia Pacific |
| Region Covered: | North America, Europe, Asia Pacific and Rest of the World |
| Segments Covered: | Motor Type, EV Motor Type, Vehicle Type, Electric Vehicle Type, Function (ICE Vehicle), Function (Electric Vehicle), Application, and Region |
| Companies Covered: | Bosch (Germany), Denso (Japan), BorgWarner (US), ZF Group (Germany), Continental AG (Germany) among others. A total of 25 major company profiles were covered and provided. |
Factors such as rising demand for low emission ICE vehicles, increasing consumer spending on safety and comfort features in automobiles and the growing trend of electrificantion of automobiles along with the growing demand for premium vehicles will lead to a growth in the automotive motors market. The global recovery from the pandemic and will also be a major factor leading to a stable growth in demand for these motors.
Growing Demands for Performance, Safety, and Comfort in ICE and EV Vehicles Are Creating New Opportunities in the Automotive Motors Market.
Increase in demand for automotive motors for performance (emission reduction and fuel conservation in ICE vehicles), Safety (ABS, automatic brake motors, among others) and comfort (power windows, power steering, among others) along with the recovery in automobile sales from the pandemic will lead to a moderate growth in the Automotive Motors Market in the coming years. EVs will present new opportunities for this market due to the demand for traction motors in these vehicles. HEVs and PHEVs require additional sets of motors for both ICE systems as well as traction motor systems for performance. With a considerable part of EV sales being from the mid-tier and luxury segment, these vehicles come with advanced safety and comfort features. Thus, the penetration for automotive motors in EVs is much higher than in their ICE vehicle counterparts.
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Performance Motors are estimated to account for the largest market during the forecast period.
Performance motors are associated with the driving operations of vehicles. These comprise motors such as electric water pump motor, radiator cooling fan motor, electronic throttle valve control motor, electronic variable gear ratio motor, motor for electric variable valve timing, variable nozzle turbo motor, adjustable pedal motor, front wiper motor, starter motor, EGR motor, fuel pump motors, and electronic power steering. Innovation plays a key role in meeting these demands and expectations and is an important factor in this industry. Regulatory compliance is also a key factor for the current wave of automotive motor innovations. Another factor driving innovation is the increasing number of electronic components in vehicles. These components enable quicker innovations in telematics and on-board infotainment and vehicle handling, service, reliability, and performance, increasing the opportunity for performance motors in automobiles. The demand for automotive performance motors would be the largest in the Asia Pacific region due to most of these motors being core parts of automobiles and the sheer volume of automobile sales in this region. China will lead the market, with countries like India, Japan, and South Korea with significant demand for automotive performance motors for ICE vehicles. The automotive performance motor technologies provide cooling performance and reduce fuel consumption in automobiles along with some core usage like EGR, windshield wiper, etc. These factors would drive the automotive performance motors market during the forecast period.
Asia Pacific is expected to be the fastest-growing market in the forecast period.
The Asia Pacific region will hold the largest market size during the forecast period due to the high volume of automobile sales. China is estimated to be the largest market as it is the largest automobile manufacturer in the world. The production of luxury vehicles is increasing in the country. Many OEMs are opening their manufacturing plants in the country because of the low cost of production. The demand for premium vehicles is increasing in the country because of the rising per capita income and purchasing power. These factors are contributing to the growth of the Chinese automotive motors market. India is expected to be the fastest-growing market. The Indian automotive industry is developing, and the consumers in India are cost sensitive. The increasing focus of the government on industrialization and the willingness of OEMs to provide fuel-efficient vehicles would boost the Indian automotive motors market.
Key Market Players:
The Automotive Motors Market is dominated by established players such as Bosch (Germany), Denso (Japan), BorgWarner (US), ZF Group (Germany), and Continental AG (Germany).
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