Automotive Motor Market will be Thriving at a CAGR of 6.55% Between 2020 and 2027- Report by Market Research Future (MRFR)
New York, US, April 26, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Motor Market” information by Product, by Vehicle Type, by Electric Vehicle Type, by Application and Region – Forecast to 2027″ market size to grow at a compound annual growth rate of 6.55% by 2027.
An automotive motor is a device that helps in converting the electric energy into mechanical energy with the use of a magnetic field generated by the motor along with an electric field generated by the current-carrying conductor to produce force in the rotation form of the shaft.
The use of electric motors in automobiles helps in enhancing efficiency while introducing compact motors within the vehicular system. These motors find applications in the power steering and window, seat cooling fans, engine cooling fans, and more.
Dominant Key Players on Automotive Motor Market Covered are:
- Robert Bosch GmbH (Germany)
- Johnson Electric Holdings Ltd. (Hong Kong)
- Continental AG (Germany)
- Nidec Corporation (Japan)
- Denso Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Siemens AG (Germany)
- Magna International (Canada)
- Valeo S.A. (France)
- Borgwarner Inc. (U.S.)
- Mitsuba Corporation (Japan)
- Mahle Group (Germany)
- PMP Auto Components Pvt. Ltd. (India)
- SAIC Motor Corporation Limited (China)
- REIL Electricals India Limited (India)
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Market USP Exclusively Encompassed:
Automotive safety norms have evolved drastically in emerging regions owing to strict legislations for passive as well as active safety systems, which mandate the use of safety systems in various types of cars, especially passenger cars. This significantly bolsters the installation rate of safety systems like ESC and ABS per vehicle, and therefore, raising the need for electric motors.
Safety features are elevated by ESC, ABS, and brake assist motors platforms, providing significant power density as well as reliability for all the vehicles, such as electric car and hybrid braking systems.
Owing to rigid environmental norms along with the heightened preference for vehicles with a higher fuel efficiency, automotive developers are opting for lighter components to bring down the weight, which can help cater to the demand for lower emissions as well as better mileage. Tier II developers and suppliers are coming up with low-weight raw materials via technological advances without compromising with the structural strength of these components. But owing to intense competition with respect to pricing, motor developers are not able to focus entirely on the customers’ need.
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Segmentation of Market Covered in the Research:
The Automotive Motor market has been considered for product, application, vehicle type, as well as electric vehicle type.
Major products covered in the study are BLDC motors, stepper and DC brushed. DC brushed segment can expect to dominate the worldwide market in the future since these are easy to install and come at a low cost compared to other products. DC brushed motors work via a direct current power source. These are commonly used to provide high power and speed to the vehicle.
The top applications of automotive motors include comfort motors, safety motors, and performance motors. Performance motors segment will be in the lead in the years to come, given the high focus of the renowned automotive manufacturers on elevating the overall performance of their vehicles. The better performance of the vehicle due to the use of the electric motor results in augmented fuel efficiency, leading to a higher demand for vehicles in the next few years.
Depending on vehicle type, the global market caters to passenger car as well as commercial vehicles. The passenger car segment will be heading the worldwide market in the future owing to the surge in the production of passenger cars in developing countries. The high production rate will enhance the need for a higher installation of automotive motors.
Electric vehicle types considered in the report are PHEV, BEV, and HEV.
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Asia Pacific can anticipate being the market leader in the years to come, given the large-scale production of commercial and passenger vehicles in the emerging nations. The strong growth is also in response to fast-emerging countries like China, Japan and India, with high production by the OEMs. There are numerous government regulations that mandate safety features in vehicles including ABS, airbags, and others. The rising safety feature components need installation of automotive motor, which is bound to augment the market growth rate in the future.
North America, divided into Canada, Mexico and the US, will record substantial growth between 2020 and 2027. The market expansion in the region is the result of the surging use of EVs which raises the production rate of automotive motors. In the region, attractive incentives by the government to popularize electromobility and high investments by the auto developers can fuel the market demand. Other than this, strict emission norms, availability of several hybrid models along with the rising preference for premium EVs will mean significant revenue generation in the coming years.
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COVID-19 Impact on the Global Automotive Motor Market
The automotive motor market has been seeing a major decline since the outbreak of the COVID-19 pandemic. The pandemic has had an adverse effect on various businesses worldwide, particularly in regions like Europe and North America.
The transportation and automotive industry have been seriously impacted by the pandemic, given the adverse circumstances and economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of automotive motors across most of the major end-use industries.
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