USD 29.84 Billion
Report ID: SQSG25A2017 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 122 | Figures: 68
Automotive Motor Market is valued at USD 29.84 Billion in 2021, and it is anticipated to attain a value of USD 43.61 Billion by 2028, at a CAGR of 5.5% over the prediction period (2022-2028).
Motors are an indispensable piece of a vehicle that assist with playing out its activity easily. Present in any vehicle activity includes ceaseless rotational movement. Motors are engaged with different uses of a vehicle, such as, seat cooling fans, power guiding motors, battery cooling fans, motor cooling fans, wiper framework, power window motors, and others, where comfort is as significant as the driving proficiency. Rising accentuation on enhancing plan and assembling processes for conveying better items with further developed effectiveness is expected to look good for the item interest. The automotive motor market is seeing gigantic development credited to the expansion in auto creation and the quantity of motors utilized in a specific vehicle.
US Automotive Motor Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 29.84 Billion
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The Global Automotive Motor Market is segmented based on product, vehicle type, sales channel, applications and region. Based on Product Automotive Motor Market is categorized into DC motors, Stepper motors, and Traction motors. DC motors are further divided into Brushed and Brushless motor. The vehicle type segment is bifurcated into Two-wheelers, Electric Two-wheelers, Passenger cars, Light commercial vehicles (LCVs), Heavy commercial vehicles (HCVs), Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV) and Hybrid Electric Vehicle (HEV). Based on sales channel, the automotive motor market is classified into OEM and Aftermarket. By application, the automotive motor market study is segmented into Performance, Safety and Comfort. Based on the region Automotive Motor Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Automotive Motor Market Analysis by Product
Brushed DC motor held the largest market share in 2021, credited to simple drive control model and minimal expense. They are not difficult to install and are utilized to give high power and speed to the vehicle making them ideal for different automotive usage. Automotive functions including windshield wipers, cooling fan, power windows, etc utilize brushed DC motor.
The traction motor is expected to observe the quickest development over the forecast period. They are primarily utilized in Hybrid Electric Vehicles (HEV) and Battery Electric Vehicles (BEV) due to its high effectiveness and low power utilization. The rising acceptance in electric automobiles projected to spike the demand by 2028.
Automotive Motor Market Analysis by Vehicle Type
The electric vehicle section is supposed to observe the swiftest growth over the estimated period. Electric vehicles hold huge potential to further develop nearby air quality, diminish fossil fuel byproducts, and increase energy security. The business has moved its concentration toward crossover and electric vehicles because of the rising concerns of fossil fuel byproducts from traditional fuel-driven cars and other transportation modes. Therefore, it is expected to drive the segment development in the upcoming years.
Automotive Motor Market Analysis by Sales Channel
Based on the sales channel, the automotive motor market has been classified into OEMs and aftermarket. The OEM division has represented a significant market size in 2021. Nonetheless, aftermarket arose as a predominant section in 2021 and is assessed to observe the swiftest CAGR over the estimated period. The motors require replacement after a specific period due to their elongated usage and for better vehicular optimization that is driving the automotive motor market growth.
Automotive Motor Market Analysis by Application
The comfort application section represented the largest market share in 2021. The rising interest for passenger vehicles for transportation, the demand for the comfort of travelers and drivers has likewise expanded. High level car hardware, such as, electronically customizable seats utilize these motors. The motor is coordinated with a microcontroller platform that utilizes a high level algorithm to diminish the tiring effect on the driver as well as the traveler. Moreover, in electric powered steering frameworks, the motor is coordinated with a microcontroller platform to change the steering wheel placement.
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Asia Pacific represented the biggest revenue share in 2021 and is assessed to display the quickest CAGR over the estimate period. This is attributed to the developing vehicle manufacturing in developing nations, such as India, China, and Japan.
North America is estimated to arise as the second-biggest region by 2028. The solid presence of automobile manufacturers in the U.S. and Canada is one of the key property driving the North American market.
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Automotive Motor Market Driver
Automotive Motor Market Restraint
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The Automotive motor Market is highly competitive, with the existence of large number of firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Nidec Corporation, Johnson Electric Holdings Ltd., Robert Bosch GmbH, Denso Corporation, Continental AG, and Mitsubishi Electric Corporation among several others who are driving the market.
Automotive Motor Market Top Player’s Company Profiles
Automotive Motor 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 analysis, better living standards and improved disposable income has augmented the demand of premium cars across the globe. Functions such as safety innovations were first presented in the premium and luxury car segments, and this surge in sale would perform as a push for the automotive motors industry. However, increased cost and weight of the total system are expected to hinder the market development.
|Market size value in 2021||USD 29.84 Billion|
|Market size value in 2028||USD 43.61 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||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
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For the Global Automotive Motor 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 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Motor Market:
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Product ID: SQSG25A2017