Automotive Motors Market
The Automotive Motors Market is predicted to grow at a robust CAGR during the forecast period (2020-2027).
The factors driving the growth of Automotive Motors Market includes rising sales of passenger vehicles, increasing demand for safety systems in automobiles such as Anti-Lock Braking Systems (ABS) and Electronic Stability Control (ESC) and growing emphasis on developing fuel-efficient vehicle. As per the report published by Statista, the passenger car sales globally, has significantly increased from 53.92 million units in 2020 to 56.4 million units in 2021, which is expected to boost the Automotive Motors Market share in the approaching years. Moreover, the increasing environmental concerns such as Global warming and climate change and Government’s policies to boost the production of Electric vehicles, are some of the additional factors augmenting the Automotive Motors Market size. For instance, the Canadian Government is investing USD 2.8 billion to accelerate the production of Electric vehicles in Canada.
However, the growth of Automotive Motors Market is hindered due to high cost for manufacturing light weighted vehicles.
The major players operating in the market are Johnson Electric Holdings Limited, NIDEC CORPORATION, Siemens, Robert Bosch GmbH, Valeo S.A, BorgWarner Inc., MAHLE GmbH, Mitsubishi Electric Corporation and Denso Corporation, Continental AG among others.
Application – Segment Analysis
Based on application, the performance segment is anticipated to grow at a significant CAGR during the forecast period attributed to increasing improvements in infotainments systems, vehicle handling and Bluetooth and GPS systems in automobiles.
Motor Type – Segment Analysis
Based on motor type, the brushless DC motor segment is expected to capture sizeable market share over the forecast period because the Brushless DC Motors provides high speed ranges, improved efficiency, and noiseless operations.
Region – Segment Analysis
Based on region, the Asia-Pacific region is predicted to expand at a higher CAGR during the forecast period. The increasing productions of automobiles, presence of the leading players such as Continental AG and Mitsubishi Electric Corporation, favorable Government policy for boosting the manufacturing of automobiles and rising disposable incomes, are some of the important factors propelling the market growth in Asia-Pacific.
Global Automotive Motors Market by Motor Type
- Brushed DC Motor
- Brushless DC Motor
- Stepper Motor
- Traction Motor
Global Automotive Motors Market by Application
Global Automotive Motors Market by Vehicle Type
- Electric Vehicle
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Automotive Motors Market by Sales Channel
Global Automotive Motors Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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