Global Automotive Motors Market Grows Steadily at a CAGR of 6.8%

Introduction

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. Power steering motors, seat cooling fans, battery cooling fans, power window motors, engine cooling fans, wiper system motors, and other motors are used in various vehicle applications. The market is expanding due to rising global vehicle production, increasing demand for comfort and safety features, and growing interest in electric vehicles. The increased weight and cost of the overall system are expected to act as a barrier to the market's expansion. Additional opportunities for market expansion are expected to arise as electric motors continue to increase, and the concept of autonomous vehicles emerges.

Market Dynamics

Demand for Convenience and Safety and Growing Electric Vehicle Demand Drives the Global Market

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. Consumers in developed economies also demand increasingly more convenient, safe, and comfortable automobiles. High-demand features include steering-mounted controls, heads-up displays, sophisticated infotainment systems, gesture control systems, telematics, and central controllers. Comfort, luxury, safety, and security are also desirable features. According to a recent report from IHS, the global automotive market has seen an increase in electronic components and software content. They all work together to provide today's drivers with the most advanced telematics and infotainment systems. 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). Demand for automobile motors is expected to be boosted by these factors.

The number of people concerned about the potentially devastating effects of climate change and the alarming pollution levels recorded in the world's major cities has continued to rise, creating a significant demand for electric vehicles in recent years. Due to the recent increases in the price of gasoline and diesel, there has been an increase in the number of people looking for fuel-efficient vehicles. As fossil fuel reserves deplete and businesses seek to maximize profits from their oil reserves, demand for the commodity is increasing even faster. The need for fuel-efficient advanced technologies is a direct result of these factors, and the increased demand for electric vehicles and the resulting demand for automotive motors is a direct result. Traction motors are the most common type of motor in most electric vehicles. Electric vehicle sales are growing, helping the automotive motor manufacturing sector grow. 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.

Growing Demand for Driverless Cars Create Tremendous 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. These technologies track an area of 60 meters around the car to build a 3D active map of the surroundings. Because of the vehicle's design, it can move from one location to another without the assistance of a human operator. 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. Because of its environmental friendliness, this has additional advantages. 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. Further fueling the expansion of the market are the numerous technological breakthroughs connected to the automotive industry that has been made possible by initiatives taken by the government, such as investments in research and development related to automotive production.

Europe is the second-largest contributor to the global automotive motors market and is estimated to reach around USD 8022.5 million 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

• The global automotive motors market was valued at USD 32.55 million in 2021. It is expected to reach USD 58.84 million by 2030, growing at a CAGR of 6.8% during the forecast period (2022–2030).
• 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. The D.C. brushed motors segment is the highest contributor to the market, growing at a CAGR of 5.4% during the forecast period.
• Based on the vehicle type, the global automotive motors market has been categorized into two-wheelers, electric two-wheelers, passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), BEVs, PHEVs, and HEV. The passenger cars segment is the highest contributor to the market and is estimated to reach USD 20,958.9 million by 2030, at a CAGR of 5.1% during the forecast period.
• Based on the function, the global automotive motors market has been categorized into performance, comfort and convenience, and safety and security. The comfort and convenience segment is the highest contributor to the market and is estimated to reach USD 21541.08 million by 2030, at a CAGR of 5.5% during the forecast period.
• Based on the technology, the global automotive motors market has been categorized into PWM and DTC. The PWM segment is the highest contributor to the market and is estimated to reach USD 34,561.4 million by 2030, at a CAGR of 6.3% during the forecast period.
• 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 reach USD 5,452.4 million by 2030, at a CAGR of 4.5% during the forecast period.
• Asia-Pacific is the highest revenue contributor growing at a CAGR of 6.9% during the forecast period.

Competitive Players

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
• U-SHIN ltd.

Recent Developments

Market News

• May 2022- BorgWarner's Silicon Carbide Inverter Powers Two Performance Car Brands to Win in Range.

Segmentation

Global Automotive Motors Market: Segmentation

By Type

• D.C. Brushed Motors
• Brushless D.C. 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