The global automotive motors market size was estimated at USD 29.2 billion in 2021 and it is expected to reach around USD 41.66 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 4.03% during the forecast period 2022 to 2030.
Motors are the most important part of any vehicle which helps in performing the various operations in a smooth manner. It is very significant for the constant rotational motion in the vehicles. motors are used in different types of applications of the vehicles. It is used in the fans of the seat cooling, motors of the power steering motors of the power window, wiper system and the fans utilized in cooling the engine. Due to the outbreak of the COVID-19 pandemic there was a negative impact on the automotive market.
The manufacturing of the vehicles had stopped. due to the lack of the skilled labor the growth of the market was hampered. There are many factors that have led to the growth of the market like the increase in the need for low emissions, increased purchasing power which has created more demand for comfort and safety features. ABS and ESC are some of the safety systems which will create more demand for the electric motors.
In many developed nations like the United States there has been a growth in the demand for the safety and convenience in vehicles. The demand for comfort has also increased due to which the market is expected to grow well in the coming years. Luxury, comfort and safety are some of the factors that will lead to the growth of the market in the coming years. Introduction of the advanced infotainment and the adoption of these systems on a large scale will also lead to the growth of the market in the coming years. Central controllers and telematics will lead to the growth of the market during the forecast period.
The use of the electronic components in the vehicles has also increased to a great extent and the adoption of the software has also increased due to which the market is expected to grow well in the coming years. The demand for electric vehicles is one of the factors that will lead to the growth of the market in the coming year. As the amount of pollution has increased in various nations across the globe the demand for the electric vehicles has also increased as they help in reducing the amount of the missions in the environment. As fossil fuels cannot be renewed their depletion is another factor that will lead to the growth of the market during the forecast period. As though electric vehicles are introduced in the market and their sales are also increasing the demand for the automotive motors will also grow in the coming years.
Report Scope of the Automotive Motors Market
|Market Size in 2022||
USD 30.38 Billion
|Market Size by 2030||
USD 41.66 Billion
|Growth Rate from 2022 to 2030||CAGR of 4.03%|
|Forecast Period||2022 to 2030|
|Segments Covered||Application, Vehicle Type, Technology, Function, Motor Type and Geography|
Continental AG, Nidec Corporation, Robert Bosch GmbH, Johnson Electric Holdings Ltd., Denso Corporation, Mitsubishi Electric Corporation. Siemens AG, Borgwarner Inc., Mitsuba Corporation, Magna International, Valeo S.A., Mahle Group, REIL Electricals India Limited, PMP Auto Components Pvt. Ltd., SAIC Motor Corporation Limited
What are the market drivers in the automotive motors market?
What are the challenges of the automotive motors market?
Growing demand for the electric vehicles
Increase in the number of initiatives taken by the government
On the basis of type of motor, the segment of brushless motors has emerged as the largest market due to the increasing demand among the potential consumers. The increasing demand of these varieties among the automotive industries has boosted the demand for such applications with a view to provide maximum torque along with a decent speed which attracts the potential consumers.
The durability of such motors is experience to be better as compared to the other varieties available in the market. Most of the functions belonging to the vehicle or managed with the help of these motors.
Vehicle Type Insights
The passenger car segment is expected to have the largest market share in the coming year. This segment had a greater share in the past in terms of revenue and it will continue to grow well in the coming years period rapid globalization is one of the reasons that will lead to an increase in the demand for the passenger cars. As the disposable income of various consumers across the world have increased there has been no increase in the demand for these passenger cars. Increasing demand for the fuel-efficient vehicles will also lead to a growth in the market. Constant research and development in the field have provided advanced technologies that will help in the growth of the market in the coming years.
On the basis of application, power antenna motor segment is expected to have the largest market share in the coming years. These antennas are used in the cars for the radio. Electric and manual operation of the power antennas will lead to the growth of the market in the coming years. Round coil, electric components, gear assembly, DC motor, connections are their different things that are required in the making of the power antenna. But many of these antennas are not provided in the cars as the radio used for entertainment or other purpose is not required to that extent as it was required previously. Connected systems and smart systems has provided better safety as well as comfort to the consumers do to which the market will grow well in the coming years.
Automotive Motors Market Share, By Region, 2021 (%)
|Regions||Revenue Share in 2021 (%)|
On the basis of geography, the region of North America has emerged as the largest market due to the increasing demand of advanced technologies and vehicles among the people. The rapid acceptance to technological development in this sector has boosted the demand for better performance and economy. The rapidly increasing demand for advanced features in the high-end vehicles has also emerged as a major growth factor for the market in this particular region. Increasing demand for a premium experience while driving a motor vehicle has increased the demand for better engines and motors that produce minimum amount of noise and give out maximum power.
The Asia Pacific region has emerged as a significant market for the growth of the automotive motor vehicles due to the increasing demand of better engines and performance pertaining to the rapidly increasing disposable income available with the people. The region of Europe has also recorded a significant growth over the period of years owing to the increasing demand for advanced facilities.
Key market players
Segments covered in the report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
By Vehicle Type
By Motor Type
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client