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Automotive Motors Market by Product, Application, Region – 2022
[169 Pages Report] Automotive Motors Market report categorizes the global market by Product (DC Brushed, BLDC Motors, Stepper), Vehicle (PC,LCV,HCV), Application (Performance Motors, Comfort Motors, Safety Motors), EV (BEV,PHEV,HEV), Traction Motor by EV (BEV,PHEV,HEV) and Region
The automotive industry is currently under immense pressure to adapt to technological advances and changing end-user preferences. Presently, with continuous developments in technology, automobile manufacturers are focusing on manufacturing efficient automotive motors for various systems. The rising demand for safety features and convenience, along with the growing production volume of vehicles are the key factors that will drive the automotive motors market. The automotive motors market, by value, is projected to grow at a CAGR of 6.02% during the forecast period, to reach USD 34.48 Billion by 2022. The global automotive motors market is segmented by region, product type, application type, vehicle type, and electric vehicle type.
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The global automotive motors market, by product type, is estimated to be dominated by DC brushed motors, followed by DC brushless motors and Stepper motors. DC brushed motors are estimated to have the largest share of the automotive motors market in the next five years. Factors such as simple usage and low cost will drive the demand for DC brushed motors.
In terms of growth, the market for DC brushless motors is estimated to grow at the highest rate, followed by DC brushed motors and stepper motors. On the basis of application type, the global automotive motors market is segmented into performance motors, comfort motors, and safety motors. The market for comfort motors is projected to grow at the highest CAGR during the forecast period.
The global automotive motors market, by vehicle type, is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is estimated to account for the largest share of the automotive motors market in 2017, followed by light commercial vehicles (LCV) and heavy commercial vehicles (HCV).
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On the basis of electric vehicle type, the automotive motors market is segmented into Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), and Battery Electric Vehicle (BEV). HEV is estimated to account for the largest share of the automotive motors market among the electric vehicle types and is expected to remain predominant during the forecast period. Also, in terms of growth, PHEV is projected to grow at the highest CAGR, followed by BEV and HEV, respectively. Increasing government support for green vehicles is propelling the demand for electric vehicles, which, in turn, is increasing the demand for automotive motors.
Asia-Pacific is estimated to account for the largest share, by value and volume, of the automotive motors market in 2017. In terms of growth, the Asia-Pacific market is projected to grow at the highest CAGR. Developing economies such as China and India are expected to play a major role on the backdrop of increasing vehicle production. Also, increasing installation of upgraded technology features such as anti-lock braking system (ABS) and start-stop systems is likely to add to the demand for automotive motors.
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The ecosystem of the automotive motors market consists of manufacturers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Nidec Corporation (Japan), Johnson Electric Holdings Ltd. (Hong Kong), and Denso Corporation (Japan), and research institutes such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (EAMA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA).
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