According to the latest report by IMARC Group, titled "Automotive Motors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global automotive motors market reached a value of US$ 35.7 Billion in 2021. Automotive motors refer to combustion machines that are generally used for providing motive power to vehicles. They are fuel-consuming machines that are usually equipped with automobiles to facilitate continuous rotational motion. They function by converting the electrical energy provided by the engine unit into mechanical energy. Along with this, they are incorporated in seat cooling fans, power window motors, alternators, sunroofs, wiper systems, exhaust gas recirculation (EGR), power steering motors and anti-lock brake systems. They are widely utilized for numerous applications due to their affordability and high thermal efficiency.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Motors Market Trends:
The global market is primarily driven by significant growth in the automotive sector. Coupled with the rising need for enhanced convenience and safety features in vehicles, this is providing a boost to the demand for automotive motors. Additionally, the rapid electrification of automobiles and the increasing adoption of electric vehicles (EVs) due to an enhanced focus on sustainable development among the masses are further catalyzing the product demand. In line with this, numerous leading players are heavily investing in launching lightweight and energy-efficient vehicles, which, in turn, is providing an impetus to the market. Along with this, continual technological advancements and the widespread product integration with advanced technologies are favorably impacting the market. Other factors, including the inflating disposable income levels of individuals, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 49.4 Billion by 2027, exhibiting a CAGR of 5.20% during 2022-2027.
- On the basis of the motor type, the market has been segmented into brushed DC motor, brushless DC motor, stepper motor and traction motor.
- Based on the vehicle type, the market has been segregated into electric vehicle (BEV AND PHEV) and non-electric vehicle (passenger, LCV AND HCV).
- On the basis of the sales channel, the market has been classified into original equipment manufacturer (OEM) and aftermarket.
- Based on the application, the market has been categorized into safety, comfort and performance.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include BorgWarner Inc., Brose Fahrzeugteile SE & Co. KG, Bühler Motor GmbH, Continental AG, Johnson Electric Holdings Limited, Mabuchi Motor Co. Ltd., MAHLE GmbH, MITSUBA Corporation, Mitsubishi Electric Corporation, Nidec Corporation, Ricardo PLC, Robert Bosch GmbH, Siemens AG and Valeo.
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