Automotive micro motor market is anticipated to grow at a CAGR of 6.2% during the forecast period (2023-2030). The market’s growth is attributed to rising demand and production of EV around the globe. The move to EVs is a significant driver for the automotive micro motor market. Small motors are used in electric automobiles for services such as power windows, windshield wipers, and electric power steering, among others. According to the International Energy Agency (IEA), in July 2022, vehicles with internal combustion accounted for more than 50.0% of total fuel consumption and 36.3 gigatons of carbon emissions. Whereas the EVs, which do not emit exhaust emissions while in service, are more environment friendly compared to traditional automobiles. Hence, there has been an increase in the production of EVs over the past few years. In 2021, sales of hybrid and other EVs globally totaled 6.8 million, representing a 108% increase from 2020.
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The global automotive motors market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific region is estimated to grow significantly during the forecast period. The regional growth of the market is accredited to several campaigns, initiatives, and government subsidies encouraging the adoption of an electric vehicle. Economies such as China, India, Japan, and South Korea are fueling the industry growth of the regional market. Additionally, initiatives such as EV30@30 are also driving the rapid adoption of EVs across the major economies of Asia-Pacific. Further, the European region is also likely to witness a significant growth rate over the forecast period attributing to the high expenditure by the government as well as private organizations for the adoption of electric vehicles. The region has a well-developed infrastructure and has witnessed the huge adoption of advanced products for comfort and convenience, thereby, this drives the growth of the market over the forecast period.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Automotive Micro Motor Market Report Segment
By Power Consumption
- Less than 11 V
- 12 V – 24 V
- 25 V – 48 V
- More than 48 V
By Motor type
- Direct Current (DC)
- Alternating Current (AC)
By Technology
- Brushed Micromotor
- Brushless Micromotor
By End-User
- Industrial
- Automotive & Aerospace
- Healthcare
- Others(Government and Defense Agencies, Electric Vehicle (EV) and Hybrid Vehicle Manufacturers)
Global Automotive Micro Motor Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive micro motor market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.
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