The global Automotive Motors Market is estimated to be valued at US$ 29.98 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive motors are used in electric vehicles, hybrid vehicles and internal combustion engine vehicles. Automotive motors provide efficient power to various vehicle components such as power windows, seats, climate control systems etc. there is an increasing demand of efficient motors with high power output and low carbon emissions.
Market key trends:
One of the key trends in the automotive motors market is increasing adoption of electric vehicles. Several governments across the globe are supporting electric mobility by offering subsidies and tax exemptions on electric vehicles. Additionally, increasing petrol and diesel prices are also encouraging consumers to opt for electric vehicles. Leading automakers are heavily investing in electric vehicle production to cater to the growing demand. For instance, General Motors announced a plan to launch 30 new electric vehicle models by 2025 with an investment of $27 billion in EV and autonomous vehicles. This rising electric vehicle adoption is creating significant growth opportunities for automotive motors market.
Market key trends:
The automotive motors market has been witnessing increased electrification in the vehicle motors. With the focus on reducing emissions, there is a growing demand for electric vehicles (EVs) which utilizes electric motors for propulsion. This has pushed the demand for various types of automotive motors like AC motors and brushless DC motors which are highly efficient and produce minimal noise and heat. Furthermore, advancement in motor technologies has improved the performance in terms of power density, energy efficiency and reliability. Newer high-performance electric motors with more power and torque density are enabling better driving experiences in EVs.
SWOT Analysis
Strength: High growth potential due to stringent emission norms and EV adoption. Growing research and development adds better features to automotive motors.
Weakness: High costs associated with manufacturing of efficient electric motors. Dependence on rare earth materials increases price volatility.
Opportunity: Collaboration with automakers to develop customized motors as per vehicle requirements. Growing fleet electrification and focus on connected vehicles open new areas.
Threats: Established ICE vehicle market poses threat to adoption of EVs. Disruptions in rare earth material supply impacts electric motor production.
Key Takeaways
The global automotive motors market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing vehicle electrification and stringent emission norms. The market size for 2023 is estimated to be US$ 29.98 Bn.
Regional analysis: Asia Pacific dominates the global market due to presence of developing countries like China and India coupled with large production hubs of automakers. China is the largest manufacturer of automotive in the world and is forecast to see fastest gains in automotive motors market share through 2030.
Key players operating in the automotive motors market are Siemens AG, Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International, Mitsubishi Electric Corporation, Valeo S.A., Mahle Group, Nidec Corporation, and Borgwarner Inc. These players are focusing on developing efficient motors through continuous innovation and collaboration.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.