The significant impacting factors in the growth of the automotive motors market include high demand for safety and convenience features, rise in requirement of electric vehicles, and stringent safety regulations set by government for automotive industry. Further, decrease in global vehicle production, increase in trend of shared mobility, wide number of applications employing the use of electric motors, and concept of autonomous cars have strong impact on the market.
The automotive motors market size was valued at $ 47203.12 Million in 2022, and is projected to reach $ 77,499.4 Million by 2032, registering a CAGR of 5.08% from 2023 to 2032. The market for automotive motors is being driven by several factors, including the growing global vehicle production, a high demand for safety and convenience features, and the increasing popularity of electric vehicles. However, the increased weight and cost of these motor systems are hampering the market growth.
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Segment Review:
Based on application, the HVAC segment held the highest market share in 2022, accounting half of the global automotive motors revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 4.95% from 2023 to 2032, owing to manufacturers use of HVAC technology in vehicles to improve the vehicle’s indoor air quality as well as to provide comfortable environment inside the vehicle.
Based on vehicle type, the two wheelers segment held the highest market share in 2022, accounting for one-third of the global automotive motors market, however others segment is estimated to lead the market segment during the forecast period. Two wheelers are generally less costly when compared with other vehicle types and serve as an economical option. In addition, two-wheelers serve various riding purposes, which include daily commuting, off-road riding, long-distance travelling, cruising, and others, thereby driving the market growth.
By type, the lighting control segment accounted for nearly one-third of the global smart home devices market share in 2022 and is expected to rule the market by 2032, owing to offer users the ability to adjust color temperatures, brightness levels, and even create personalized lighting scenes to suit various moods and activities which propels the market growth significantly. The smart kitchen segment would also display the fastest CAGR of 23.5% throughout the forecast period, owing to offer users to control ovens, refrigerators, and other devices through natural language commands.
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Regional Insights:
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for half of the global automotive motors market revenue. The market is significantly influenced by factors such as advanced technology, increased investments in research and development projects, and the rising living standards of people in the region. For instance, the government of China views its automotive industry, including the auto parts sector as one of the main industries in the country. China continues to be the world’s largest vehicle market with highest number of ICE and electric vehicles produced across the globe. The Chinese Central Government estimates that China’s automobile output is expected to reach 30 million units by 2020 and 35 million by 2025. Made in China 2025 is an effort to transition the nation’s industry from low-cost mass production to more value-added advanced manufacturing.
Key Industry Players:
The key players profiled in the automotive motors market share include Key players operating in the global automotive motors market are BorgWarner Inc., Bühler Motor GmbH, Continental AG, Denso Corporation, Inteva Products, LLC, Johnson Electric Holdings Limited., Magna International Inc., Marelli Holdings Co., Ltd., Robert Bosch GmbH, and Valeo, among others.
