Automotive Motor Market to Grow at 13% through 2025
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.
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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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