Automotive Servo Motor Market to be dominated by Passenger Car Segment through 2026
Increasing demand for high-performance motors and booming
automotive industry is driving the growth in Global Automotive Servo Motor
Market in the forecast period, 2022-2026.
According
to TechSci Research report, “Automotive Servo Motor Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Motor Type (AC, DC), By Vehicle Type
(Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle), By Demand Category (OEM vs Replacement), and By Region”,
the global automotive
servo motor market is anticipated to grow at a significant CAGR for the
forecast period, 2022-2026. The rise in demand for high-speed automobiles
across the globe is driving the demand for servo motors as they are precise and
allow the automobile to change the speed rapidly in a convenient way. The
development of advanced technology and the high demand for energy-efficient
technologies in automobiles to maximize fuel efficiency are expected to fuel
the demand for automotive servo motors. The increased demand for integration of
ease to use and motion control components in automobiles to provide improved
customer service is expected to accelerate the global automotive servo motor
market growth. Servo motors used as a motion control component in automobiles
to provide faster and quick reversing and improved performance is fueling the
market demand.
However, fluctuations in the price of raw materials
and availability of substitute motors may restrain the global automotive servo
motor market growth for the forecast period.
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Automotive Servo Motor Market"
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The global automotive servo motor market
is segmented on the basis of motor type, vehicle type, demand category,
regional distribution, and company.
On the basis of motor type, the global
automotive servo motor market is divided into AC and DC. The AC segment is
expected to hold a significant market share during the forecast period,
2022-2026. When combined with drives, the AC servo motor forms the closed-loop control
system, which uses positive feedback to control the speed, motion and find the
final position. The AC servo motor offers several advantages, including
improved stability and performance along with low sensitivity to the variation
in parameters. AC servo motors are considered cost-effective as they require no
maintenance costs and are smaller and lighter in weight.
On the basis of vehicle type, the global
automotive servo motor market is divided into passenger car, light commercial
vehicle, and medium & heavy commercial vehicle. The passenger car segment
is expected to account for a major market share for the next five years. Servo
motors are used in automobiles to control their speed. When the gas pedal is
hit in a passenger car, electric signals are sent to the attached ECU in the
automobile. The ECU then processes the information and sends the information to
the attached servo motor, which adjusts the engine speed.
On the basis of regional analysis,
Asia-pacific is expected to witness the fastest incremental growth during the
forecast period. The growing disposable income of the consumers and the rapid
industrialization in the developing countries are driving the demand for servo
motors in the region. The rise in the leading authorities' initiatives to boost
the domestic manufacturing of semiconductor devices used in the manufacturing
of automotive electronic devices is contributing to the market demand. The
flourishing automotive industry and the growing investments to boost automobile
manufacturing are expected to fuel the market demand for the next five years.
Improvement in the economic conditions of the developing economies and the
growing demand for technologically advanced automobiles is expected to foster
the global automotive servo motor market demand.
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“The growing demand for electric
vehicles around the globe owing to the rise in consumer awareness, and the stringent
emission standards is expected to create lucrative opportunities for the global
automotive servo motor market. The use of servo motors helps electric vehicles
to attain the required speed and mileage. Governments of various developing
economies are providing subsidies and income tax rebates to the electric
vehicle manufacturers and launching initiatives for the development of the
charging infrastructure, which is expected to contribute to the growth of
automotive servo motor market till 2026” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based Global management consulting
firm.
“Automotive Servo Motor
Market - Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2016-2026, Segmented By Motor Type
(AC, DC), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium
& Heavy Commercial Vehicle), By Demand Category (OEM vs Replacement), and
By Region”, has evaluated the future
growth potential of global automotive servo motor 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 servo motor market.
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