Automotive Motor Market Projected to Reach USD 59.32 Billion, at a CAGR of 51% by 2032 - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Automotive Motor Market High Demand for Safety and Convenience Features to Drive the Global Market
New York, US, June 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Motor Market Information by Product Type, Vehicle Type, Sales Channel, Application, and Region - Forecast till 2032”, Automotive Motor Market Could thrive at a rate of 51.00% between 2023 and 2032. The market size will be reaching around USD 59.32 Billion by the end of the year 2032.
Automotive Motor Market Overview
Automotive motors serve as indispensable components within vehicles, performing the crucial task of transforming electrical energy into mechanical energy. Their versatility empowers a wide range of functions, including powering essential systems such as air conditioning, power steering, window controls, and seat adjustments. By fulfilling these pivotal roles, automotive motors play a vital part in facilitating the seamless operation of vehicles and elevating the overall driving experience. These motors are meticulously engineered to deliver exceptional performance, efficiency, and reliability. They are finely tuned to operate optimally, ensuring that each function they power operates smoothly and efficiently. Whether it's the precise control of air conditioning to maintain a comfortable cabin environment or the effortless maneuvering provided by power steering, automotive motors enhance the performance and functionality of modern vehicles.
The uses and applications of automotive motors extend across different vehicle types, including passenger cars, commercial vehicles, and electric vehicles. They are also employed in hybrid vehicles and electric powertrains. Automotive motors enable precise control over vehicle functions, improving safety, comfort, and energy efficiency. With the growing demand for electric and hybrid vehicles, the automotive motor market is witnessing significant growth and technological advancements.
The affluent companies in the Automotive Motor industry include
Robert Bosch
Johnson Electric Holdings Limited
Continental
Nidec
Denso
Mitsubishi
Siemens
Magna
Valeo
BorgWarner
Among others.
February 2022
Renault Group, Valeo, and Valeo Siemens e-Automotive have joined forces in France to engage in a collaborative effort aimed at developing and manufacturing an advanced electric motor for the automotive industry.
COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the automotive industry, including the automotive motor market. During the pandemic, automotive production and sales plummeted, disrupting the supply chain and leading to a decline in motor demand. However, as economies recover and restrictions ease, the automotive industry is gradually rebounding. The increased focus on sustainability and the growing adoption of electric vehicles post-pandemic are expected to drive the demand for automotive motors.
Report Scope:
Report Metrics
Details
Market Size 2032
2032: USD 59.317 billion
CAGR during 2023-2032
51% CAGR
Base Year
2022
Forecast
2023-2032
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product Type, Vehicle Type, Sales Channel, Application, and Region
Key Market Opportunities
Growing demand for luxury vehicles presents a growth opportunity
Key Market Dynamics
The growth of the worldwide automotive industry and the introduction of electric vehicles (EVs) have a High demand for safety and convenience features.
Browse In-depth Market Research Report (110 Pages) onAutomotive Motor Market:
The rising demand for electric vehicles is a major driver for the automotive motor market. Governments worldwide are promoting eco-friendly transportation, leading to increased investments in electric vehicle infrastructure. Automotive motors are crucial components in electric powertrains, creating a significant market opportunity.
Continuous innovation in automotive motor technology is driving market growth. Manufacturers are focusing on developing compact, lightweight, and efficient motors to enhance vehicle performance and fuel efficiency. Advancements in motor control systems and materials are also contributing to market expansion.
Automotive motors play a key role in enhancing vehicle safety and comfort features. The growing consumer demand for advanced safety systems, such as collision avoidance and lane-keeping assistance, drives the demand for motors that power these functionalities. Additionally, rising expectations for superior comfort features like automated seat adjustments and HVAC systems fuel the market growth.
Market Restraints:
The automotive motor market faces certain restraints. One of the key challenges is the high cost associated with advanced motor technologies, which can limit their adoption, especially in cost-sensitive markets. Additionally, the availability of alternative propulsion technologies, such as hydrogen fuel cells, poses a potential threat to the growth of electric vehicle adoption and, subsequently, the automotive motor market.
By Product Type, the segment includes DC Brushed Motor, BLDC Motor, and Stepper Motor.
By Vehicle Type
By Vehicle Type, the segment includes Passenger, Light Commercial Vehicles, and Heavy Commercial Vehicle.
By Sales Channel
By Sales Channel, the segment includes OEM and Aftermarket.
By Application
By Application, the segment includes Performance Motors, Comfort Motors, and Safety Motors.
Regional Insights
The North American automotive motor market is witnessing steady growth, driven by the presence of major automobile manufacturers and the increasing demand for electric vehicles. The region is experiencing significant investments in research and development for advanced motor technologies and is expected to dominate the market in the coming years.
Europe is a prominent player in the automotive motor market, with a strong emphasis on electric mobility and stringent emission regulations. The region's focus on sustainable transportation and its well-established automotive industry contributes to the growth of the market. The presence of leading motor manufacturers and favorable government initiatives further drive market expansion.
The Asia Pacific region is a thriving market for automotive motors due to the presence of emerging economies like China and India. The region's growing middle-class population, rising disposable income, and government support for electric vehicle adoption are key factors driving the market. Additionally, advancements in manufacturing capabilities and technological expertise make Asia Pacific a crucial market for automotive motor players.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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