The Automotive Motor Market stood at around $ 31 billion in 2019 and is projected to grow at a CAGR of 13% during 2020 – 2025.
The market is driven by rising demand for energy efficient vehicles and increasing safety regulations.
Additionally, stringent emission norms and supportive government policies & schemes for the promotion of electric vehicles, especially on account of rising concerns about air pollution and climate change, is further expected to fuel the market growth during forecast period.
Besides, growing demand for active safety system in the vehicles like electronic stability control (ESC) and antilock braking system (ABS) is further expected to foster the market growth through 2025.
Ongoing technological advancements and new product launches by the major players are also expected to positively influence the market.
However, the need to reduce cost and weight of these motors can restrict growth over next few years.
Moreover, strict regulatory norms by different governments around the globe for environmental protection and safety is further impeding the market growth.
The Global Automotive Motor Market is segmented based on vehicle type, product type, application, electric vehicle type, demand category, company, and region.
Based on the vehicle type, the market has been categorized into passenger cars, commercial vehicles and two wheelers.
The passenger cars segment is expected to dominate the market on account of the increasing sales and production of passenger cars.
Based on product type, the market can be fragmented into DC brushed, BLDC motors and stepper.
The DC brushed segment is expected to dominate the market on account of their increasing adoption in the early phase of electrification.
Regionally, the automotive motor market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa.
Asia-Pacific is expected to dominate the overall automotive motor market owing to the presence of major players operating in the region.
Major players operating in the automotive motor market include Continental AG, Robert Bosch GmbH, Siemens AG, Denso Corporation, Mitsubishi Electric Corporation, Magna International, Valeo S.A., Nidec Corporation, Borgwarner Inc., Mitsuba Corporation, Johnson Electric Holdings Limited, and Mahle GmbH, among others. Leading companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions. For instance, in December 2019, Mitsubishi Electric Company signed an alliance with Nissan Motor and Renault SA to form a new joint venture company, which will be focused on research and development of advanced automotive technologies.
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