The global automotive motor market size is expected to reach USD 49.07 billion by 2025, registering a CAGR of 6.7% over the forecast period, according to a new report published by Grand View Research, Inc. Automotive industry is currently going through technological advancements to cater to the changing consumer preferences. Automotive manufacturers emphasize on producing efficient motors. Furthermore, rising need for fuel-efficient vehicles is fueling the need for automotive motors with better performance and higher efficiency. Rising demand for fuel efficient vehicles along with stringent environmental norms is also resulting in development of lightweight raw materials without having to compromise the structural strength of the components.
Rising
preference for electric vehicles coupled with the increasing automobile
production is anticipated to drive the automotive motors market in the
forthcoming years. Automotive motors are widely used in car chassis, powertrain
systems, internal/external comfort control systems, and safety systems.
Currently, these motors are also being implemented in automated doors, wipers,
sunroof systems, massage seats, and adjustable mirrors of vehicles. Increasing
demand for vehicles with these advancements is expected to fuel the market
growth.
Rising
adoption of electric vehicles to alleviate problems, such as oil dependency,
global warming, and environmental pollution is expected to bode well for the
market growth. Various governments have initiated and implemented policies to
encourage the production and adoption of electric vehicles. Factors, such as
developments in electric vehicle production technology and rising emphasis on
renewable energy are expected to drive the demand for electric vehicles.
Increasing government support for green vehicles is projected to further propel
the demand. Improving battery technology and forthcoming regulation of Internal
Combustion Engine (ICE) vehicles are boosting the outlook for electric
vehicles. Rising popularity of electric vehicles is anticipated spur many
innovations in automotive electric motors. Electric car manufacturers prefer
using automotive motors in vehicles owing to low maintenance, higher
efficiency, high operating speed, and quick response.
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Automotive Motor
Market Report Highlights
- Brushed DC motor segment is
expected to account for the highest automotive motor market share in terms
of revenue over the forecast period ascribed to the factors, such as
simple usage and low cost
- Increasing demand for
electrification of vehicles over the last few years is estimated to
catapult the traction motors segment during the forecast period
- Safety motors segment is
anticipated to witness significant growth by 2025 owing to the increasing
stringency of government rules and regulations regarding incorporation of
safety systems in vehicles
- Comfort application segment
is expected to witness the fastest growth over the next six years as
comfort motor increased riding capability
- Passenger vehicles segment
is likely to emerge as a dominant segment over the forecast period owing
to the rising production volumes of passenger vehicles across the globe
- Asia Pacific dominated the
market with more than 35% revenue share in 2018, owing to increasing
vehicle production in developing countries of China, India, and Japan
along with the rising demand for advanced safety features such as seat
belt reminders, anti-lock braking systems and so on
- Key players such as
Mitsubishi Electric Corporation, Nidec Corporation, Johnson Electric
Holdings Ltd., Robert Bosch GmbH, Denso Corporation dominated the market
in 2018 with their emphasis on expanding market presence through mergers
and acquisitions
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Automotive Motor
Market Segmentation
Grand View Research has segmented
the global automotive motor market based on motor type, sales channel,
application, vehicle type and region:
Automotive Motor
Type Outlook (Revenue, USD Million, 2015 - 2025)
- Brushed DC Motor
- Brushless DC Motor
- Stepper Motor
- Traction Motor
Automotive Motor
Sales Channel Outlook (Revenue, USD Million, 2015 - 2025)
- OEM
- Aftermarket
Automotive Motor
Application Outlook (Revenue, USD Million, 2015 - 2025)
- Safety
- Comfort
- Performance
Automotive Motor
Vehicle Type Outlook (Revenue, USD Million, 2015 - 2025)
- Electric Vehicle
- BEV
- PHEV
- Non-Electric Vehicle
- Passenger
- LCV
- HCV
Automotive Motor Regional
Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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