Automotive Motors Market is predicted to reach USD 59.317 billion at a CAGR of 51% during the forecast period

Automotive Motors Market is predicted to reach USD 59.317 billion at a CAGR of 51% during the forecast period

Pune, India, Oct 2023, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Automotive Motors Market.


Global Automotive Motors Market


The automotive motor is designed to convert one type of energy into mechanical energy. They are an integral part of vehicle components because of their wide use in engine cooling fans, power steering, battery cooling, and other systems. The electric motor in automotive converts electrical energy into mechanical energy and pneumatic motors uses compressed air. The motors in automotive are used in internal combustion engines, high-speed motors, and others. In comparison to internal combustion engines with high-speed motors, which are used in the automotive, high-speed motor are double efficient as internal combustion. The motor in vehicles has wide applications, which include performance motors, comfort motors, and safety motors.


Automotive Motors


Market Synopsis


According to the MRFR analysis, the Global Automotive Motors Market size is projected to reach USD 59.317 billion by 2032 at a CAGR of 51%.


The global automotive motors market is segmented based on product type, vehicle type, sales channel, application, and region. Based on type the market is segmented into DC Brushed Motor, BLDC Motor, and Stepper Motor. Based on vehicle type the market is segmented into Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle. Based on sales channel the market is segmented into OEM and Aftermarket. Based on application, the market is segmented into Performance Motors, Safety Motors, and Comfort Motors. The impact of the COVID-19 pandemic on car production has hampered the growth of the global Automotive Motors Market since manufacturing facilities have been shut down and the supply chain has been disrupted in several regions of the world. Many motor manufacturers struggled to maintain the demand amid COVID restrictions. However, the automotive motors market is recovering and expected to grow at a rapid rate over the forecast period.


Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Automotive Motor Market Research Report


Automotive Motors Market Competitive LandscapeBrowse In-depth Details [Table of Content, List of Figures, List of Tables] of Recreational Vehicle Market Research Report


The presence of a large number of domestic and international participants in automotive motors market has made the market highly competitive. Intense competition, rapid advances in technology, and regulations are key factors that confront the market growth. A substantial level of rivalry is observed among the existing manufacturers in the automotive motors market. Our analysis revealed that market players had adopted different strategies and innovative research and development techniques to expand their business and secure their position in the global Automotive motors market. In recent years, strategic movements by major players included approvals, which have been used as market penetration strategies and a means to reduce competition.


Robert Bosch, Johnson Electric Holdings Limited, Continental, Nidec, Denso, Mitsubishi, Siemens, Magna, Valeo, BorgWarner are the major players in the automotive motors market.


Segmentation:


Automotive Motors Market Based on Product Type:



  • Brushed DC motor: Brushed DC motor held the largest market share in 2021, ascribed to low cost and simple drive control model. They are easy to install and are used to provide high speed and power to the vehicle making them ideal for various automotive applications. Systems including power windows, cooling fans, windshield wipers, and so on make use of brushed DC motors. Brush DC motors comprise six diverse components such as armature, commutator, axle, magnets, stator, and brushes. The Brush DC Motor provides continuous and steady current with the help of rings to control a magnetic drive that functions the motor's armature.

  • BLDC Motor: The benefits of brushless DC (BLDC) motors are clear, and they are used in many applications within vehicles and elsewhere. However, while more powerful, lighter and more efficient they remain more expensive and require more complex control than brushed DC motors. Brushless DC motors are 80 to 90% more efficient than conventional brushed motors. As electrical vehicles are battery-powered and require energy-efficient motors to ensure less energy consumption, it is expected to act as an opportunity for the growth of the automotive motors market. Brushless DC motors are more cost-effective, when we take into consideration the need to periodically replace brushes in Brushed DC Motors (due to wear and tear). Smaller size, lesser noise, enhanced heat dissipation and higher speed also make BLDC Motor a preferred choice for automotive applications.

  • Stepper Motor: Stepper motor is an electromechanical device that converts electrical energy into mechanical output. It is a brushless DC motor that divides a full rotation into number of equal steps; moreover, it is used in the odometer of the vehicle. The global automotive motors market for stepper motor is expected to expand at a steady pace during the forecast period owing to its limited application in vehicles. Moreover, automotive stepper motors are utilized in gauges installed in vehicles; however, a rise in the adoption of digital gauges is likely to decrease the demand for automotive stepper motor.


Automotive Motors Market Based on Vehicle Type:



  • Passenger Car: Passenger cars hold the largest share in the Automotive Motors Market on account of features and quality- rich exteriors. With the increasing sales of both economical and luxury passenger cars, the preference for advanced and comfortable car design has also increased. Currently, OEMs are offering convenience features, such as ventilated seats, touchscreen infotainment systems, ambient lighting, and several other features, in mid- variant models, which were earlier available only in the top-end variants. An increase in disposable income has led to an increase in the demand for passenger cars. With the advancement and technological innovations in automotive, the buyer’s perspective has inclined more towards luxury and comfort.

  • Light Commercial Vehicle: Light commercial vehicle (LCV) is a motor vehicle with at least four wheels and is used for the carriage of goods. The Light Commercial Vehicle (LCV) market includes light commercial-use vehicles such as trucks, vans, pickup trucks, and utility vehicles, as well as light-duty personal-use vehicles. LCVs have a specific mass given in tons (metric tons) and the rising industrialization and improved logistics have ultimately led to the demand for commercial vehicles. This limit depends on national and professional definitions and varies between 3.5 and 7 tons. LCVs have a wider application in different industries, and due to this increased application across different industries, the demand for efficient and powerful light commercial vehicles has increased. Numerous companies have introduced their products across different parts of the globe, which has created a positive impact on the growth of the global automotive motors market.

  • Heavy Commercial Vehicle: Heavy Commercial Vehicles have been one of the best trucks. Industry owners widely use heavy trucks for various applications. An HCV is defined as a vehicle with more than 40 tons GVW. Heavy-duty commercial trucks are used to transport heavy commodities such as steel cement, fertilizers, etc. Hence, a heavy commercial vehicle is the high volume & value segment of the automotive industry. The HCV segment ranges between 18.5T to 55T GVW, comprising haulage, multi-axle, tipper, and a tractor-trailer. The heavy-duty trucks are used in diverse applications such as long-haul distribution, bulk cargo transportation, close container, flat-bed trailer, mining & construction tippers, and tractor-trailer for over-dimension cargo movement. With the world manufacturing units being shut down due to the COVID-19 pandemic, production was stopped.


Automotive Motors Market Based on Sales Channel:



  • OEM: Automotive OEMs are those manufacturers, organizations, and developers, focused on the manufacturing of components or devices utilized in vehicles. The components or devices that are produced by these manufacturers are of the finest quality and use the highest levels of raw materials. These parts are used in the making of vehicles during the assembly and manufacturing of the vehicle. The OEM segment is dominating the Automotive Motors Market as the ratio of buying new vehicles is more than that of the replacement of wear and tear of the motor in used cars. The demand for passenger cars, as well as commercial vehicles in developing countries like India and China, is relatively increasing, so passenger safety and comfort have become the topmost priority of every automotive OEM. These factors have given a boost to the Automotive Motors Market.

  • Aftermarket: Based on the aftermarket, the passenger vehicle segment dominated the automotive motors market; however, the commercial vehicle segment is projected to expand during the forecast period, owing to an increase in penetration of motors in commercial vehicles. The life of motors is less in commercial vehicles, as these vehicles are used to carry heavier loads and are driven on rough terrain. This, in turn, propels the demand for motors in the aftermarket.


Automotive Motors Market Based on Application:



  • Performance Motors: The performance motor improves the overall efficiency of the vehicle, comfort motor provides increased riding capability, which increases the demand for the vehicles in the future. This increasing growth of performance motors is directly proportional to vehicle production across the globe and its demand is estimated to remain healthy in the global automotive motors market. The rising demand for luxury high-performance cars is one of the key drivers supporting the high-performance motor market growth. Luxury high-performance cars are preferred by end-users in developed countries as these offer better protection, advanced technologies, and increased comfort in comparison to non-luxury counterparts.

  • Comfort Motors: Automotive motors are used in electric vehicles, hybrid vehicles, and cars among other types of vehicles. With the rising demand for passenger vehicles for transportation, the demand for the comfort of passengers and drivers has also increased. Advanced automotive equipment, such as electronically adjustable seats use these motors. The motor is integrated with a microcontroller platform that uses an advanced algorithm to decrease the impact on the driver as well as the passenger. Similarly, in electric power steering systems, the motor is integrated with a microcontroller platform to adjust the steering wheel position

  • Safety Motors: Sophisticated safety mechanisms, such as the anti-lock braking system employ automotive motors to provide an estimation of the wheel speed and road identification using wavelet signal processing methods. Manufacturers of automobile parts strive to improve the comfort and safety offered by vehicles while focusing on maintaining production costs. Automotive motors offer numerous advantages, such as compact size, low price, and the ability to integrate with microcontrollers to execute complex algorithms, widening the scope of application.


Automotive Motors Market Based on region:



  • North America: The United States is one of the largest automotive industries in the world. Until 2019, the new vehicle sales across the country had increased significantly. However, during 2019, factors, such as a slowdown in the economy, high non-housing debt, diminished retail spending, and rising defaults led to a decrease in vehicle sales across the country. North America is expected to emerge as the second-largest region by 2025. The strong presence of manufacturers in Canada and the U.S. is one of the key factors driving the regional market. The United States is likely to hold a significant market share in the region followed by Canada and Mexico. The country is home to major automotive OEMs and is also influenced positively by the large supportive infrastructure and electric vehicle policies of the government in the country.

  • Europe: The automotive sector is one of the key industries in Europe. As per the European Commission, there are approximately 180 automobile facilities across the EU, and the automobile industry is the largest investor in R&D. Europe is a hub for automotive giants and premium vehicles. The major drivers for the automotive motors market in Europe are the high focus on emission norms, rising demand for electric and luxury vehicles, as well as decreasing display prices, high production volume, and integration with software technologies. Europe is a key automotive motors market due to the high penetration of motors among vehicles in the region.

  • Asia-Pacific: The Asia-Pacific accounted for the largest market share in terms of revenue in 2021 and is estimated to exhibit the fastest growth over the forecast period. This is ascribed to the growing vehicle production in emerging economies, such as China, India, and Japan. The Asia-Pacific region accounts for the largest share of the global Automotive Motors Market due to the presence of major automotive manufacturers, such as Hyundai-Kia, Suzuki, Mitsubishi, Tata Motors Limited, Lexus, and Toyota. The Asia Pacific is likely to dominate the global market due to progress in economic conditions, increasing vehicle production, and rising investments by leading industry players in the region.

  • Middle East and Africa: UAE is one of the major markets for supercars owing that major supercar makers launch their cars in this country which come with the best performance and luxurious interiors and exteriors. Moreover, automakers are constantly introducing their luxurious cars in the country. Whereas the Dubai government has a very ambitious plan to reduce carbon emissions. It plans to replace half of the taxis with hybrid ones by 2021. Under that Hyundai Motor Co. announced that it has won an order to supply 1,232 Sonata Hybrid taxis in Dubai, United Arab Emirates (UAE), and the Middle East.

  • South America: The automotive industry in South America was dominated by countries, such as Brazil, Argentina, and Columbia. Local vehicle production in the country has decreased in the past few years. However, the high percentage of vehicle imports in the county is expected to represent significant growth for imported parts and accessories. Furthermore, the growth of the automotive industry in Chile can be attributed to the presence of major automotive parts and component manufacturers. Additionally, Chile accounted for nearly 30% of the auto parts exports to the US in 2021. Together, these factors create opportunities for automotive motor manufacturers to strengthen their geographical presence in the country.

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