According to a report, “Automotive Motor Market Size, Share & Trends Analysis Report By Motor Type (Brushed DC, Traction), By Application, By Sales Channel (OEM, Aftermarket), By Vehicle Type, By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global automotive motor market size is expected to reach USD 49.07 billion by 2025, registering a CAGR of 6.7% over the forecast period, according to a new report published by Grand View Research, Inc. Automotive industry is currently going through technological advancements to cater to the changing consumer preferences. Automotive manufacturers emphasize on producing efficient motors. Furthermore, rising need for fuel-efficient vehicles is fueling the need for automotive motors with better performance and higher efficiency. Rising demand for fuel efficient vehicles along with stringent environmental norms is also resulting in development of lightweight raw materials without having to compromise the structural strength of the components.
Electric vehicles have taken the market by storm and demands for these vehicles are observed to rise with every passing year. Growing adoption of electric vehicles coupled with the increasing automobile production is anticipated to drive the automotive motors market in the forthcoming years. Automotive motors are widely used in car chassis, powertrain systems, internal/external comfort control systems, and safety systems. Currently, these motors are also being implemented in automated doors, wipers, sunroof systems, massage seats, and adjustable mirrors of vehicles. Also, multiple problems associated with the automotive industry such as oil dependency, global warming, and environmental pollution are going to be solved with e-vehicles and this will significantly boost the demand for automotive motors.
Multiple advancements in products to facilitate usage in e-vehicles and ICE vehicles under the scope of regulations by major key players are set to fuel the market growth rate for the coming years. Some of the key players include Mitsubishi Electric Corporation, Nidec Corporation, Johnson Electric Holdings Ltd., Robert Bosch GmbH, and Denso Corporation.
Automotive Motor Market Report Highlights
Regional expansion is one of the best strategies adopted by market players to maintain their stronghold on the market. For instance, in November 2020, Nidec Corp announced that it will spend 200 billion yen ($1.9 billion) on a new plant in Serbia to build motors for electric vehicles as it seeks to win more business from automakers turning away from internal combustion engines
Mergers & acquisitions form a major part of expansion strategies of key players. For example, in January 2019, Robert Bosch announced that it bought out partner Daimler’s stake in EM-Motive, a joint venture set up to make motors for electric and hybrid cars.
On the basis of motor type, brushed DC motor segment is expected to account for the highest automotive motor market share in terms of revenue over the forecast period ascribed to the factors, such as simple usage and low cost
Increasing demand for electrification of vehicles over the last few years is estimated to catapult the traction motors segment during the forecast period
On the basis of application type, safety motors segment is anticipated to witness significant growth by 2025 owing to the increasing stringency of government rules and regulations regarding incorporation of safety systems in vehicles
Comfort application segment is expected to witness the fastest growth over the next six years as comfort motor increased riding capability
On the basis of vehicle type, passenger vehicles segment is likely to emerge as a dominant segment over the forecast period owing to the rising production volumes of passenger vehicles across the globe
On the basis of region, Asia Pacific dominated the market with more than 35% revenue share in 2018, owing to increasing vehicle production in developing countries of China, India, and Japan along with the rising demand for advanced safety features such as seat belt reminders, anti-lock braking systems and so on
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Automotive Motor Market Segmentation
Grand View Research has segmented the global automotive motor market based on motor type, sales channel, application, vehicle type and region:
Automotive Motor Type Outlook (Revenue, USD Million, 2015 – 2025)
Brushed DC Motor
Brushless DC Motor
Automotive Motor Sales Channel Outlook (Revenue, USD Million, 2015 – 2025)
Automotive Motor Application Outlook (Revenue, USD Million, 2015 – 2025)
Automotive Motor Vehicle Type Outlook (Revenue, USD Million, 2015 – 2025)
Automotive Motor Regional Outlook (Revenue, USD Million, 2015 – 2025)
Middle East & Africa
List of Key Players of Automotive Motor Market
• Nidec Corporation
• Johnson Electric Holdings Ltd.
• Robert Bosch GmbH
• Denso Corporation
• Continental AG
• Mitsubishi Electric Corporation
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