The global automotive motors market is projected to grow at a significant CAGR of around 8.5% during the forecast period. The key factors that drive the global automotive motors market include the increased need for safety features and convenience. The automotive motors are highly utilized for applications such as the HVAC system, electric power steering, power windows, and side mirrors among others. Thus, with the increase in the demand for these applications, the market is projected to witness an upsurge over the forecast period. Further, the increased demand for the vehicles is directly proportional to the sales of automotive motors, thus, this in turn will drive the growth of the global automotive motors market. Moreover, the rapid advancements in vehicles along with their electrification also drives the growth of the market. However, the higher costs and fluctuating prices of motors are likely to challenge the market growth. Besides, a negative impact of COVID-19 on the automotive industry and so the automotive motor market is also witnessed in 2020 all across the globe, which is also restricting market growth.
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The global automotive motors market has been segmented into type, vehicle type, and distribution channel. Based on the type, the market has been sectioned as brushless dc motor & stepper motor, brushed dc motor, ac induction motor, and others. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and electric vehicles. Commercial vehicles segment is further sub-segmented into light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and others. Whereas, the electric vehicles segment is further sub-segmented into battery electric vehicles (BEVs), plug-in electric vehicles (PEVs), and hybrid electric vehicles (HEVs). Based on the distribution channel, the market is segmented as OEM and aftermarket.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- 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 Motor Market – Segmentation
By Type
- Brushless DC Motor & Stepper Motor
- Brushed DC Motor
- Others
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
o Light Commercial Vehicles (LCVs)
o Heavy Commercial Vehicles (HCVs)
o Others (Buses & Coaches)
- Electric Vehicles
o Battery Electric Vehicles (BEVs)
o Plug-in Electric Vehicles (PEVs)
o Hybrid Electric Vehicles (HEVs)
By Distribution Channel
- OEM
- Aftermarket
Global Automotive Motor Market – Segmentation by Region
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East Africa
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive motors market. Based on the availability of data, information related to pipeline products, 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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