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 auto components which provide motion and power to vehicles. They are used in various applications such as engines, windows, seats and other functions. Advantages of automotive motors include high torque, reliability and fuel efficiency.
Market key trends:
One of the key trends in the automotive motors market is growing demand for electrical vehicle components. With rising awareness about environmental pollution, consumers are shifting towards green vehicles which require extensive use of electric motors. Government support through subsidies and regulations favoring EVs has further boosted the sales of electric cars worldwide. Rapid expansion of charging infrastructure and advancements in battery technology are augmenting the growth of electric vehicles, thus positively impacting the automotive motors market.
Segment Analysis
The global automotive motors market is segmented by motor type, vehicle type, EV type, and region. Based on motor type, the electric motors segment dominated the market in 2022 and is expected to continue its dominance during the forecast period owing to stringent emission norms mandating lower emissions from vehicles. Electric motors help reduce vehicular emissions significantly compared to internal combustion engines.
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 stringency of emission norms mandating lower emissions from vehicles.
Regional analysis Asia Pacific was the largest regional market in 2022 and is projected to remain the same owing to the presence of developing economies like China and India with high vehicle production.
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. The global automotive motors market size in 2023 is estimated to be US$ 29.98 Bn.
The global automotive motors market is fragmented in nature with the presence of several global and regional players. Key players focus on adopting strategies such as new product developments, partnerships, regional expansion and mergers and acquisitions to strengthen their market position and cater to the increasing demand for automotive motors. For instance, in 2022, BorgWarner Inc. acquired Electus Distribution, a leading e-motor technologies company, to strengthen its commercial vehicle and performance vehicle electrification product portfolios.
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