AUTO - Automotive Motors Market worth $28.7 billion by 2027
The report "Automotive Motors Market by EV Motor Type (Brushless, Brushed, Traction, Induction, Stepper), ICE Motor Type, Vehicle Type (PC, LCV, HCV), Electric Vehicle Type, Application, Function (Performance, Safety, Comfort) and Region - Global Forecast to 2027", published by MarketsandMarkets™, The global Automotive Motors Market for ICE vehicles is projected to grow from USD 23.0 billion in 2022 to USD 28.7 billion by 2027, at a CAGR of 4.5%.
Factors such as recovering sales of automobiles around the world, along with the increasing fuel prices, increasing demand for better fuel efficiency in automobiles and growing demand for low emission transport will boost the demand for use of automotive motors in ICE vehicles and EVs. The growing demand for safety and comfort features in automobiles along with government regulations for increased safety in automobiles will further boost demand for the Automotive Motors Market.
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Safety segment is estimated to account for the fastest-growing market during the forecast period
Safety motors are used in safety applications such as anti-lock braking systems (ABS) and electronic stability control (ESC). These include motors such as the adaptive front light motor, electronic stability control motor, ABS motor, brake assist motor, and electronic parking brake. The motors installed in the braking system help to increase the power of the brake and decrease the stopping distance. Developed countries, including the US, UK, and Germany, have mandated safety features such as ABS and ESC in passenger cars and LCVs. These mandates are currently driving the market for safety motors in vehicles. With the implementation of these safety regulations, the on-road accident fatality rates have dropped significantly in the last few years. The increasing stringency of safety regulations in Europe, the US, and Japan have accentuated the need for advanced safety features to enhance occupant safety. Such initiatives have opened many opportunities for safety motors in advanced emergency braking, distraction recognition, lane keep assist, and vulnerable road user detection. The European Commission adopted a proposal for passive and active safety improvements such as advanced emergency braking, emergency lane keeping systems, and improved car crash tests to reduce accident-related injuries and better protect vehicle occupants, pedestrians, and cyclists. Thus, safety motors play a vital role in developing these government mandates, which is an opportunity for overall market growth.
Performance Motors are estimated to account for the largest market during the forecast period
Performance motors are associated with the driving operations of vehicles. These comprise motors such as electric water pump motor, radiator cooling fan motor, electronic throttle valve control motor, electronic variable gear ratio motor, motor for electric variable valve timing, variable nozzle turbo motor, adjustable pedal motor, front wiper motor, starter motor, EGR motor, fuel pump motors, and electronic power steering. Innovation plays a key role in meeting these demands and expectations and is an important factor in this industry. Regulatory compliance is also a key factor for the current wave of automotive motor innovations. Another factor driving innovation is the increasing number of electronic components in vehicles. These components enable quicker innovations in telematics and on-board infotainment and vehicle handling, service, reliability, and performance, increasing the opportunity for performance motors in automobiles. The demand for automotive performance motors would be the largest in the Asia Pacific region due to most of these motors being core parts of automobiles and the sheer volume of automobile sales in this region. China will lead the market, with countries like India, Japan, and South Korea with significant demand for automotive performance motors for ICE vehicles. The automotive performance motor technologies provide cooling performance and reduce fuel consumption in automobiles along with some core usage like EGR, windshield wiper, etc. These factors would drive the automotive performance motors market during the forecast period.
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Rest of the world (RoW region) is expected to be the growing at a rapid pace market during the forecast period.
The Rest of the World (RoW) region considers Brazil, South Africa, and Others. These countries have a moderate level of automobile production due to the absence of large-scale manufacturing hubs. However, some countries such as Brazil and South Africa have witnessed significant growth in the automobile sector in the recent past. Vehicle manufacturers worldwide have started to recognize these untapped markets and are focusing on expanding their reach in these countries. OEMs have expanded into untapped markets in this region due to the potential for growth offered by the Brazilian and South African markets and the attractive export opportunities. The growth of the automotive market in the region can be attributed to the rise in demand for vehicles, the availability of cheap labor, and low production cost. Brazil is the largest automotive producer in the region; the country reported a 6% rise in production of passenger cars and a 22% rise in production of LCVs in 2021 compared to 2020. The region is also one of the fastest-growing in terms of penetration of automotive motors. This is due to a considerable part of automobiles in this region currently have basic features and lower use of motors compared to other regions. However, with growing disposable income levels and increased demand for comfort and safety, the demand for automotive motors will rise at a fast pace.
Key Market Players
The automotive motors market is dominated by established players such as Bosch (Germany), Denso (Japan), BorgWarner (US), ZF Group (Germany), and Continental AG (Germany).
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