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.
Market players and the governments are pushing the plan for rolling out EVs and hybrid vehicles on road. The government of various nations has set targets to increase EV fleet which is providing a significant opportunity to the market. For instance, Norway is planning to phase out conventional cars by 2025, followed by France and the UK in 2040 and 2035 respectively. Moreover, in October 2017, Germany’s Bundesrat passed a resolution to ban IC engine-based vehicles by 2030. Thus, this is likely to enhance the growth of the automotive motors market in the near future.
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Market Coverage
- Market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
- Segment Covered- By Type, By Vehicle Type, By Distribution Channel
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
- Competitive Landscape- Continental AG, Johnson Electric Holdings Ltd., Mitsubishi Electric Corp., Robert Bosch GmbH, and Siemens AG
Automotive Motor Market – Segmentation
By Type
- Brushless DC Motor & Stepper Motor
- Brushed DC Motor
- Others
By Vehicle Type
- Passenger Vehicles
Commercial Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Others (Buses & Coaches)
Electric Vehicles
- Battery Electric Vehicles (BEVs)
- Plug-in Electric Vehicles (PEVs)
- Hybrid Electric Vehicles (HEVs)
By Distribution Channel
- OEM
- Aftermarket
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Automotive Motor Market – Segmentation by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- ABB Ltd.
- Borgwarner Inc.
- Brose Fahrzeugteile SE & Co. KG
- Buhler Motor GmbH
- BYD Auto Co., Ltd.
- Continental AG
- Denso Corp.
- Inmotion Technologies AB
- Johnson Electric Holdings Ltd.
- Mabuchi Motors Co. Ltd
- Magna International Inc.
- Magneti Marelli S.p.A.
- Mahle GmbH
- Mitsuba Corp.
- Mitsubishi Electric Corp.
- Nidec Corp.
- Ricardo Plc
- Robert Bosch GmbH
- Siemens AG
- Tesla Inc.
- Toshiba Corp.
- Valeo SA
- Yamaha Motor Co.
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