New York, United States, Oct. 31, 2023 (GLOBE NEWSWIRE) -- For a vehicle to run smoothly, motors are an essential part of the vehicle's design. A continuous rotational motion is a fundamental part of any vehicle's operation. “The global automotive motors market size was valued at USD 32.55 billion in 2021. It is expected to reach USD 58.84 billion by 2030, growing at a CAGR of 6.8% during the forecast period (2022–2030),” by Straits Research P. Ltd.
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Key Drivers
Power steering, climate control, anti-lock braking systems, and similar systems are just a few examples. Consequently, the demand for motors in automobiles has increased, which has been a significant factor in the growth of this market. According to a recent report from IHS, the global automotive market has seen an increase in electronic components and software content. It's becoming increasingly common in today's market for vehicles with features that detect pedestrians and bicycle riders, such as automated high beam headlights, lane-departure warning systems (LDWS), and automatic emergency braking systems (AEBS). Many electric motors in vehicles are already powered by internal combustion engines (ICEs). Still, as the market for electric vehicles grows, there has been an explosion of new developments in automotive electric engines.
Growth Opportunities
Self-driving vehicles, or autonomous vehicles, are powered by electric motors and use artificial intelligence (A.I.), light detection and ranging (LiDAR), and RADAR sensing technology. High speeds, frequent braking, and rapid acceleration significantly fuel use. Autonomous vehicles have a lower environmental impact than traditional vehicles because they use a smaller battery capacity and consume less gas. Consumer interest in IoT-enabled connected cars is a major factor in the market's growth, innovative city development, and successful traffic congestion management. In addition, the key players in the global automotive motors market expect that the growth of the automotive sector, consumer demand for luxury vehicles, and government regulations will create a slew of new opportunities.
Regional Analysis
Asia-Pacific is the highest revenue contributor growing at a CAGR of 6.9% during the forecast period. The automotive and motor industry in the Asia-Pacific region is governed by government policies that promote environmentally responsible manufacturing and investments. In addition, an increase in the number of vehicles and passenger cars registered in Asia and the Pacific creates lucrative opportunities for developing the market for automotive motors. In addition, the market's growth in the Asia-Pacific region is driven by an increase in the demand for technologically advanced vehicles among the general populace and an increase in the implementation of IoT in the automotive industry.
Europe is the second-largest contributor to the global automotive motors market and is estimated grow at a CAGR of 6.9% during the forecast period. The expansion of the market for automotive motors in Europe can be attributed, in part, to the development of new technologies as well as the growth of vehicle standards. In addition, the rapid rise in sales of premium cars encourages the development of more advanced vehicles in Europe, which drives the expansion of the automotive motors market in this region.
Key Highlights
- Asia-Pacific is the highest revenue contributor growing at a CAGR of 6.9% during the forecast period.
- Based on the type, the global automotive motors market has been categorized into D.C. brushed motors, brushless D.C. motors, stepper motors, and traction motors.
- Based on the application, the global Automotive Motors market has been categorized into the alternator, ETC, electric parking brake, sunroof motor, fuel pump motor, ECM, wiper motor, engine cooling fan, HVAC, VVT, EGR, starter motor, anti-lock brake system, EPS, and PLG. The ETC segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.5% during the forecast period.
Competitive Analysis
The key players in the global automotive motors market included BorgWarner Inc., Continental AG, DENSO CORPORATION, Johnson Electric Holdings Limited, Mitsuba Corporation, MABUCHI MOTOR CO., LTD., Nidec Corporation, Robert Bosch GmbH, Siemens AG, VALEO, Inteva Products, LLC, Magna International Inc, Marelli Europe S.P.A., Aptiv PLC, Buhler Motor, Meritor, Inc., PST Electronics Ltd, and U-SHIN ltd.
Market News
- May 2022- BorgWarner's Silicon Carbide Inverter Powers Two Performance Car Brands to Win in Range.
Global Automotive Motors Market: Segmentation
By Type
- D.C. Brushed Motors
- Brushless DC Motors
- Stepper Motors
- Traction Motors
By Vehicle Type
- Two-wheelers
- Electric Two-wheelers
- Passenger Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- BEV
By Function
- Performance
- Comfort & Convenience
- Safety & Security
By Technology
- PWM
- DTC54
By Application
- Alternator
- ETC
- Electric Parking Brake
- Sun Roof Motor
- Fuel Pump Motor
- Wiper Motor
- Engine Cooling Fan
- HVAC
- Starter Motor
- Anti-lock Brake System
- EPS
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/automotive-motors-market/segmentation
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