Increasingly stringent safety regulations by governments of various countries and rising production of lighter vehicles to drive automotive motor market
According to TechSci Research report, “Global Automotive Motor Market By Vehicle Type, By Product Type, By Application, By Demand Category, Competition, Forecast & Opportunities, 2025”, the global automotive motor market stood at $ 31 billion in 2019 and is anticipated to grow at an impressive rate of 13% until 2025 driven by increasing demand for energy efficient vehicles and increasing safety regulations. Moreover, increase in production of light vehicles, rising vehicle fleet size, growing demand for technologically advanced luxury and premium cars with high end safety features are expected to boost demand for automotive motors during forecast period. Additionally, stringent emission norms and supportive government policies & schemes for the promotion of electric vehicles, especially on account of rising problems of air pollution and climate change, is further expected to fuel the market growth in the coming years. Besides, growing demand for active safety system in the vehicles like electronic stability control (ESC), antilock braking system (ABS) is further expected to positively impact the market growth through 2025.
Browse over 99 market data Figures spread through 115 Pages and an in-depth TOC on “Global Automotive Motor Market”
Global automotive motor market can be segmented based on demand category, by product type, by application, by vehicle type and by region. In terms of product type, the market is segmented into DC brushed motor, Brush less DC motor (BLDC), Steeper motor. DC brushed motor segment is dominating the automotive motor market predominantly due to its low price. It is widely used in the vehicles equipped with IC engines. Although BLDC motors are costlier than DC motors, but the demand for BLDC motors is increasing due to their very low maintenance cost, especially in high end premium passenger cars, electric and hybrid vehicles. As the production of green energy vehicles is increasing globally, demand for BLDC motors is also being generated largely by the OEM sector.
By application, the global automotive motor market is segmented into performance motors, comfort motors, and safety motors. The market is dominated by performance motor as these types of motors are widely used for traction purposes. The demand for this type of motor is largely generated by the OEM segment as production of vehicles is increasing across the globe. Also due to prolonged use of vehicles and increase in vehicle fleet across the globe, demand for performance motor in aftermarket segment is also rising. Demand for comfort motors is also expected to grow during the forecast period due to increasingly stringent safety regulations imposed by governments of different countries and rising consumer preference towards premium light vehicles equipped with technologically advanced comfort systems. By vehicle type, the market is segmented into passenger cars, commercial vehicles, and two-wheelers. Passenger car vehicle segment is dominating the market due to rise in demand for personal transportation and increase in production across the globe. This trend is expected to continue over the course of next five years.
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By region, the global automotive motor market is segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Asia-Pacific region is dominating the global automotive motor market due to the presence of several OEMs, large fleet of vehicles and increasing production of vehicles. Denso Corporation, Mitsubishi Electric Corporation, Continental AG, Valeo S.A., Siemens AG and Robert Bosch GmbH are among the leading players operating in Global Automotive Motor market. “APAC has dominated the global automotive motor market in 2019, due to the presence of several car manufacturers generating large OEM demand and continuously increasing in production of vehicles across the region. During the forecast period, demand from aftermarket segment is anticipated to increase as the production of vehicles has declined across the globe due to spread of COVID-19.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive Motor Market By Vehicle Type, By Product Type, By Application, By Demand Category, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Automotive Motor market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global automotive motor market.
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