USD 4.65 billion
Report ID: SQMIG25AG2019 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 61 | Figures: 77
Automotive Motor Drivers Market size was valued at USD 4.65 billion in 2021 and is poised to grow from USD 5.03 billion in 2022 to USD 8.67 billion by 2030, at a CAGR of 8.1% during the forecast period (2023-2030).
The fact that motors guarantee a vehicle's smooth running makes them a crucial part of it. It is a natural part of any vehicle's operation that requires a constant circular motion. A number of reasons, such as a growth in global vehicle production, a high demand for safety and convenience features, and a rise in the desire for electric vehicles, are propelling the market's expansion. It is projected that the total system's higher weight and expense will restrict market growth. Additionally, there will likely be several prospects for market expansion due to the rise of applications that use electric motors and the introduction of the autonomous vehicle concept. Internal combustion engines, high-speed motors, and other devices all employ motors in automobiles. High-speed motors are two times as efficient as internal combustion engines, which are commonly seen in automobiles. Performance motors, comfort motors, and safety motors are just a few of the many uses that the motor in cars can be put to. Concerning factors include the rising cost of EVs and the developing infrastructure for charging. Since 2021, there has been unrest in the global automotive sector.
US Automotive Motor Drivers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.65 billion
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Global Automotive Motor Drivers Market is segmented on the basis of application, voltage rating and region. By application, the market is segmented into electric vehicle, hybrid vehicle, commercial vehicle. By voltage rating, the market is segmented into low voltage and high voltage. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Automotive Motor Drivers Market Analysis by Voltage Rating
The low voltage segment of the global Automotive motor driver market includes drivers that operate at a voltage rating of less than 1000V. The low voltage segment is expected to dominate the market due to the increasing demand for electric and hybrid vehicles. This segment is expected to grow at a CAGR of 8.2% during the forecast period.
The high voltage segment of the global Automotive motor driver market includes drivers that operate at a voltage rating of more than 1000V. The high voltage segment is expected to witness significant growth due to the increasing adoption of electric and hybrid vehicles. This segment is expected to grow at a CAGR of 9.1% during the forecast period.
Global Automotive Motor Drivers Market Analysis by Vehicle Type
The hybrid vehicle application segment includes motor drivers used in various components of hybrid vehicles such as electric motors, generators, and battery management systems. This segment is expected to witness significant growth due to the increasing demand for hybrid vehicles and the growing government initiatives to promote hybrid vehicle adoption.The electric vehicle application segment includes motor drivers used in various components of electric vehicles such as electric motors, battery management systems, and charging systems. This segment is expected to witness significant growth due to the increasing demand for electric vehicles and the growing government initiatives to promote electric vehicle adoption.
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The dominant segment in this region is the infotainment application, with a CAGR of 10.2% during the forecast period. The Asia Pacific region is expected to have the largest market share due to the growing automotive industry, increasing disposable income, and government initiatives to promote the adoption of electric vehicles.
The fastest-growing segment in this region is the safety and security application, with a CAGR of 9.2% during the forecast period. Europe is expected to have a considerable market share due to the presence of major automotive manufacturers and the increasing adoption of electric vehicles in the region.
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Global Automotive Motor Drivers Market Drivers
Increasing Desire for Convenience and Comfort to Open New Options
Global Automotive Motor Drivers Market Restraints
Industry Slowdown in the Automobile Sector might Pose as a Threat
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The market has become extremely competitive as a result of the numerous domestic and foreign players that are present there. The expansion of the industry is hampered by fierce rivalry, quick technological advancements, and regulations. The market's current manufacturers exhibit a high degree of competition. According to the results of our analysis, industry participants have utilised a variety of tactics and cutting-edge R&D methodologies to grow their companies and maintain their positions in the worldwide Automotive Motors market.
Top Player’s Company Profiles in Global Automotive Motor Drivers Market
Global Automotive Motor Drivers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global automotive motor driver market is a dynamic and rapidly evolving market that is driven by technological advancements, changing consumer preferences, and evolving government regulations. The market is characterized by a high level of competition, with many major players offering a range of solutions for various applications such as power windows, power seats, and other comfort and convenience features in automobiles. The shift towards electric and hybrid vehicles is driving the demand for advanced motor driver technologies that can efficiently and reliably control the motors used in these vehicles. Motor drivers are increasingly being integrated with other vehicle systems such as sensors, cameras, and control units to enable more efficient and intelligent operation of the vehicle. Smart motor drivers are being developed that can monitor and analyse the performance of motors in real-time, enabling predictive maintenance and reducing downtime.
|Market size value in 2021
|USD 4.65 billion
|Market size value in 2030
|USD 8.67 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Automotive Motor Drivers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Motor Drivers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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