iCrowd Newswire – Jul 14, 2020
The global Automotive Motor Market is expected to exhibit a solid 6.5% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global Automotive Motor Market is mainly driven by the growing demand for safety and infotainment features in passenger vehicles.
Leading players in the global Automotive Motor Market include REIL Electricals India Limited, SAIC Motor Corporation Limited, PMP Auto Components Pvt. Ltd., Mahle Group, Mitsuba Corporation, Borgwarner Inc., Valeo S.A., Magna International, Siemens AG, Mitsubishi Electric Corporation, Denso Corporation, Nidec Corporation, Continental AG, Johnson Electric Holdings Ltd., and Robert Bosch GmbH.
In August 2019, Nidec announced plans to for a joint venture with GAC (Guangzhou Automobile Company) Components Co. Ltd. for the production and development of automotive traction motors.
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The Automotive Motor Market is segmented based on product, application, vehicle type, and electric vehicle type.
By product, the market is segmented based on DC brushed, BLDC motors, and stepper. The DC brushed motor segment is likely to dominate the global Automotive Motor Market over the forecast period due to their easy installation and low cost.
By application, the market is segmented into performance motors, comfort motors, and safety motors. Performance motors are likely to be the major generator for the Automotive Motor Market over the forecast period due to the growing demand for performance motors for increasing the overall performance of vehicles.
By vehicle type, the global Automotive Motor Market is segmented into passenger and commercial vehicles. The passenger vehicles segment is likely to dominate the global Automotive Motor Market over the forecast period due to the increasing demand for enhanced performance from passenger cars.
By electric vehicle type, the global Automotive Motor Market is segmented into battery electric vehicles, plug in hybrid electric vehicles, and hybrid electric vehicles.
The global Automotive Motor Market is likely to be dominated by Asia Pacific over the forecast period due to the growing demand for gizmos such as HVAC units, entertainment units, and movable, flexible seats. The growing automotive industry in Asia Pacific has driven the Automotive Motor Market and is likely to remain a major driver for the global Automotive Motor Market over the forecast period. The rising demand for safety items such as airbags, rear view cameras, and ABS is likely to further drive the demand for a strong electric power source in automobiles, thus driving the demand from the Automotive Motor Market Revenue. The growing government support to mandatory installation of the aforesaid safety features in new vehicles is also likely to be a major driver for the Automotive Motor Market in the region, as without the regulatory compulsion, many auto manufacturers in Asia Pacific would focus on making the cars as cheap as possible, leaving out essential safety gear such as airbags and ABS in the pursuit of lower costs. This is likely to give the automotive motor industry in Asia Pacific strong impetus over the forecast period, resulting in steady expansion of the market in the region.
Europe is also likely to be a major regional market for automotive motor products and technology due to the growing presence of the automotive industry in the region. European carmakers are majorly focused on widespread installation of safety features such as ABS and airbags, with this equipment coming as standard on most cars sold in the region. However, increasing government support to the mandatory installation of these features is also likely to drive the Automotive Motor Market in the region over the forecast period. The increasing demand for more capable infotainment units in automobiles in Europe is also likely to be a major driver for the global Automotive Motor Market Revenue. Meanwhile, the growing demand for electronic movability of car seats is likely to further drive the demand from the Automotive Motor Market over the forecast period.
North America is also likely to hold on to a major share in the global Automotive Motor Market over the forecast period due to the growing demand for safety features mentioned above. The strong presence of automotive electric motor developers in the U.S. and Canada is also likely to be a major driver for the Automotive Motor Market in North America over the forecast period. The U.S. is likely to dominate the North America market for automotive motors and remain a major player in the global market.
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Keywords: Automotive Motor Market