From 2022 to 2029, the global automotive electric motor market is expected to grow at a 6.5% CAGR from 106.3 USD Billion in 2020 to 182.7 USD Billion in 2029.
The market's expansion can be attributed to rising global demand for electric vehicles (EVs) and hybrid vehicles. Furthermore, stringent emission standards imposed by regulatory authorities are driving up demand for electric motors in automobiles.
Automotive electric motors are embedded devices in automobiles that operate on the electro-magnetic induction principle, converting electrical energy into mechanical energy. The growing global adoption of electric vehicles is driving the automotive electric motors market. The electric motors embedded in the automotive provide certain benefits such as longer operating life, low maintenance for fluctuating voltages, and low energy consumption. Electric motors can be integrated with controls and gearing, making them more suitable for use in automobiles.
| ATTRIBUTE | DETAILS |
| Study period | 2020-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2020 |
| Unit | Value (USD Billion), (THOUSAND UNITS) |
| Segmentation | By Type, By Application, By Region |
| By Type |
|
| By Application |
|
| By Region |
|
The motor number is bound to rise with the rise of premium branded vehicles and the general trend for more comfort features in vehicles. Motors that are smaller, lighter, and more efficient, like most components, are in high demand. Brushless DC motors are increasingly being used in applications that require high efficiency, smoothness, and precise control.
Electric motors perform a variety of tasks that were previously performed by cranks, gears, and levers. Window-lifts, fuel pumps, mirror and headlamp adjusters, ABS, clutches, automated manual transmissions, parking brakes, and steering systems are examples of where they can be found. Although electric motors have long been used to power various vehicle components, new markets are emerging. Manufacturers anticipate that more DC electric motors will be used in automotive interiors in the future, as there is a general trend toward greater electrification.
Motors that run continuously, such as blowers, must also be highly efficient. Manufacturers report a growing demand for smaller, lighter motors to fit in the increasingly slim doors of modern vehicles. Manufacturers of wiper motors note that weight and size reductions, as well as improved exterior appearance, are priorities for windscreen washer systems. Brushless DC motor manufacturers are also attempting to develop smaller motors while maintaining power and speed.
Motors are essential vehicle components because they ensure that the vehicle operates smoothly. It is inherent in any vehicle process that involves continuous rotational motion. Power steering motors, seat cooling fans, battery cooling fans, power window motors, engine cooling fans, wiper system motors, and other applications all use motors. These motors are used in applications where passenger comfort is as important as the vehicle's ability to efficiently move the driver.
Several factors are driving the market's expansion, including an increase in vehicle production around the world, a high demand for safety and convenience features, and an increase in the demand for electric vehicles. The increased weight and cost of the overall system are expected to act as a barrier to market expansion. Furthermore, the proliferation of applications that use electric motors, as well as the introduction of the concept of autonomous vehicles, are expected to create numerous opportunities for market expansion.
COVID-19 is likely to reduce demand and profitability in the auto industry. The discovery of a new coronavirus strain at the end of 2019 has far-reaching consequences for the entire automotive industry. In the short term, demand for vehicles and, by extension, the parts that go into making them has dropped significantly, resulting in rapid declines in revenues and profits at most suppliers and OEMs.
The Automotive Electric motors market size crossed USD 106.3 billion in 2020 and will observe a CAGR of more than 6.2% up to 2029.
Asia-Pacific held more than 45% of the Automotive Electric motors market revenue share in 2021 and will witness expansion in the forecast period.
Consumers in developed economies have a growing demand for improved convenience, safety, and comfort levels in automobiles. Significant demand for electric vehicles has emerged in recent years as the number of people concerned about the potentially devastating effects of climate change and the alarming levels of pollution recorded in the world’s major cities continues to rise.
The automotive electric motors market key players include NIDEC Corporation, Mabuchi Motor, Mitsuba, ASMO, BorgWarner INC., Valeo, Denso Corporation, BOSCH, Mitsubichi Electric, Johnson Electric, Siemens AG, Continental AG, Toshiba Corporation.
The Passenger car application of system segment of Automotive Electric motors market is the leading segment.
The region's largest share is in Asia Pacific. Products manufactured in nations like China and South Korea that perform similarly and are inexpensively accessible to the general public have led to the product's increasing appeal. The market has expanded as a result of the material’s substantial uptake in nations like China, India, and Japan.
The automotive electric motors market is segmented based on Type, Application, and Region, Global trends and forecast.
By Type, the Automotive Electric Motor Market is segmented into Small automotive, Automotive Starter and generator, and NEV motor. Small automotive motors are used in a variety of applications, including power steering, power windows, sunroof actuators, and other motor-driven systems. Because of their small size, these motors are suitable for installation in automobile engine compartments. Automotive starters and generators are devices used to start an automobile's electric motor. It generates electrical energy by creating a magnetic field that rotates the armature inside the stator. The electrical energy is then transferred to the battery to be charged.
A Neighborhood Electric Vehicle (NEV) is a category in the United States for battery electric vehicles with a top speed of 25 miles per hour (40 km/h) and a maximum loaded weight of 3,000 lbs. (1,400 kg). A NEV battery pack is recharged by plugging it into a standard outlet, and because it is an all-electric vehicle, no tailpipe emissions are produced. Nevs do not emit greenhouse gases after they are manufactured if they are recharged using clean energy sources such as solar or wind power.
Passenger car applications dominates the global automotive electric motor market, accounting for more than 60% of total revenue. Because of rising demand for passenger cars in developing countries such as China, India, and Brazil, the segment is expected to maintain its dominance over the forecast period. Furthermore, rising passenger car sales in developed countries such as Germany and France are expected to boost segment growth during the forecast period.
Commercial vehicle application is expected to grow 2022 to 2029, owing to rising demand for commercial vehicles in developing countries such as China and India due to increased industrialization and improved infrastructure facilities, resulting in increased production units per capita, which will boost commercial vehicle sales, eventually leading to an increase in electric motors used across various applications such as trucks, buses, and construction equipment.
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The automotive electric motors market key players include NIDEC Corporation, Mabuchi Motor, Mitsuba, ASMO, BorgWarner INC., Valeo, Denso Corporation, BOSCH, Mitsubichi Electric, Johnson Electric, Siemens AG, Continental AG, Toshiba Corporation.
Recent Developments (April. 13, 2022) – DENSO Corporation announced it is providing key electrification components to Toyota and Subaru’s all-new, all-electric bZ4X and SOLTERRA, scheduled to be released in May 12, 2022 and mid-2022 respectively. DENSO products help the battery electric vehicle (BEV) go farther, charge faster, optimize battery use, and most importantly, perform better. 27 October, 2022: BorgWarner to Supply Electric Motors for E-Axles of European Commercial Vehicle OEM. BorgWarner electric motor will power e-axle for light duty commercial trucks. This e-axle is designed to equip new electric light commercial trucks ranging up to 7.5 tons as well as conversions of existing internal combustion engine powered fleets of city center delivery vehicles. Production is expected to begin early 2023. 13 September, 2022: BorgWarner Presents New Products for the Aftermarket at Automechanika Frankfurt 2022. Joint booth for BorgWarner’s aftermarket brands: BorgWarner Aftermarket and Delphi Technologies present new products and future market opportunities. Product highlights include Dual Clutch Modules and High Voltage Coolant Heater as well as light-weight bi-metallic brake discs and a repair program for Euro 6 heavy-duty vehicle diesel injectorsThe Automotive Electric Motor market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
Because of rising demand for automobiles in China and India, Asia Pacific is expected to have the highest CAGR of 7% from 2022 to 2029. It is expected to dominate the automotive electric motors market as a result of the region's manufacturing industries, including automotive manufacturers. Furthermore, favourable government regulations aimed at encouraging the use of electric vehicles are expected to boost regional growth over the forecast period.
Europe accounted for a significant share of revenue in 2021 and is expected to grow moderately during the forecast period due to declining sales volume as a result of stringent emission norms enforced by governments in countries such as Germany, France, Italy, and the United Kingdom, which negatively impacted industry revenues by around USD billion in 2020. (excluding taxes). The constant advancement of the automobile manufacturing sector, as well as the increasing emphasis on the adoption of energy efficient electric motors in various automotive in the region, are expected to contribute to the region's automotive electric motors market growth. Developed nations such as North America and Europe are becoming more aware of the importance of using efficient electric motors in automotive and have increased their adoption of electric motors due to increased energy efficiency and low electric motor costs.Asia Pacific, Europe, and North America held a large market share in 2020 and are experiencing rising demand for the product. These are the most important markets for high-efficiency motors, which are used in HVAC, industrial applications, and electric vehicles. Growth opportunities for the market in Latin America, the Middle East, and Africa are expected to increase soon as government funding increases. Rising demand for motors in the oil and gas industry, rapid development in the mining industry, and significant demand for cement in the construction industry benefit the market in these regions.
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