PUBLISHER: Allied Market Research | PRODUCT CODE: 1414760
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414760
According to a new report published by Allied Market Research, titled, "Automotive Motors Market," The automotive motors market was valued at $47.2 billion in 2022, and is estimated to reach $77.5 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.
The automotive motors market is driven by factors such as increase in global vehicle production, high demand for safety and convenience features, and rise in requirement of electric vehicles.
Over the past few years, the automotive industry has been witnessing increased demand for advanced features in vehicles such as power steering system, climate control system, anti-lock braking system, and others. This has led to rise in applications of motor in automobile, thereby driving the growth of this market. Moreover, in developed economies, such as the U.S., there is rise in demand for enhanced convenience, safety, and comfort in automobiles. Features of comfort, luxury, safety, and security benefits, such as steering-mounted controls, heads-up displays, advanced infotainment systems, gesture control systems, telematics, and central controllers, are in demand. Furthermore, the automotive market has witnessed an increase in number of electronic components & software content in vehicles across the globe that offers the latest technology-based infotainment and telematics system. For instance, in September 2018, Renault-Nissan-Mitsubishi and Google collaborated for in-vehicle next-gen infotainment system. The launch for the embedded android-based operating system for vehicles is expected by 2021. Further, safety and convenience features, such as automatic emergency braking system (AEBS), lane-keeping assist, blind-spot warning, lane-departure warning system (LDWS), pedestrian & cyclist detection, and automatic high-beam headlights, are trending in the market presently. All these factors are expected to fuel the demand for automotive motors.
However, increased weight and cost of the overall system restrict the market growth. Moreover, wide number of applications employing the use of electric motors, and concept of autonomous cars creates lucrative growth opportunities for the market.
The automotive motors market is segmented into type, vehicle type, application, and region. On the basis of type, the market is segmented into DC brushed motors, brushless DC motors, stepper motors, and traction motors. On the basis of vehicle type, it is categorized into two-wheelers, ICE Passenger Cars, ICE Commercial Vehicle, and Electric Vehicle. The applications covered in the study include HVAC, Engine, Safety and Security, and Others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the market include BorgWarner Inc., Continental AG, DENSO CORPORATION, Johnson Electric Holdings Limited, Mitsuba Corporation, MABUCHI MOTOR CO., LTD., Nidec Corporation, Robert Bosch GmbH, Siemens AG, and VALEO.
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