PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1351072
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1351072
Automotive Odometer Stepping Motor Market Forecasts to 2030 - Global Analysis By Vehicle Type, Vehicle Class, Stepper Motor, Sales Channel (Original Equipment Manufacturer and Aftermarket) and By Geography
According to Stratistics MRC, the Global Automotive Odometer Stepping Motor Market is accounted for $2.5 billion in 2023 and is expected to reach $5.2 billion by 2030 growing at a CAGR of 11.2% during the forecast period. The automotive odometer stepping motor is a sector within the automotive industry that encompasses the design, manufacturing, and distribution of specialized motors used primarily in instrument clusters. These stepping motors play a crucial role in precise mileage tracking by translating electrical signals into mechanical movements for odometer and trip meter readings.
According to OICA, passenger vehicles accounted for approximately 62.2% in terms of sales in the market owing to increasing preference of auto manufacturers towards value addition in products and increasing electrification in automotive products.
Market Dynamics:
Driver:
Technological advancements in instrument clusters
As vehicles adopt sophisticated digital displays and interactive interfaces, the demand for precise and responsive odometer stepping motors rises. These motors ensure accurate mileage tracking, synchronize with advanced infotainment systems, and support dynamic graphics. As instrument clusters evolve to offer improved driver experiences and integrate navigation, connectivity, and safety features, stepping motors become crucial components. Manufacturers focusing on innovative, high-performance stepping motor solutions can capitalize on the trend, positioning them to cater to the growing demand for enhanced, technology-driven instrument clusters in modern vehicles.
Restraint:
High cost of advanced stepping motors
Vehicles incorporate intricate features, the demand for sophisticated and precise stepping motors rises. However, the development and production of these motors with the required accuracy and compatibility can lead to higher manufacturing costs. Balancing the need for cost-effective solutions while meeting the demands of evolving vehicle technologies can be challenging. Manufacturers must navigate this price sensitivity to ensure that the benefits brought by advanced stepping motors align with market expectations, potentially limiting widespread adoption if affordability is not adequately addressed.
Opportunity:
Integration of advanced features
Vehicles evolve with sophisticated technologies like electric propulsion, connectivity, and autonomous capabilities the demand for highly precise and responsive odometer systems grows. Stepping motors that can seamlessly synchronize with these advanced features ensure accurate mileage tracking while enhancing the overall user experience. Manufacturers that develop innovative stepping motor solutions capable of supporting complex functionalities stand to tap into this opportunity, catering to the evolving needs of modern vehicles and positioning themselves as Key players in the market: for accurate and integrated instrument cluster solutions.
Threat:
Intense market competition
While it spurs innovation and product improvement, it can also lead to pricing pressures that may compromise profit margins. Manufacturers might be forced to cut costs, impacting the quality and reliability of stepping motors. Moreover, excessive rivalry could saturate the market with numerous similar products, making it harder for any single manufacturer to stand out. Maintaining a balance between competitive pricing and delivering high-quality, technologically advanced stepping motors becomes crucial to avoid commoditization and potential erosion of differentiation, hindering long-term sustainability and growth.
COVID-19 Impact:
The COVID-19 pandemic had notable effects on the automotive odometer stepping motor market. Supply chain disruptions and decreased production capacities initially challenged the market. With lockdowns and economic uncertainties affecting consumer spending, vehicle demand decreased, impacting stepping motor installations. However, the pandemic's focus on touch less interfaces and enhanced vehicle technologies accelerated the integration of digital displays and advanced systems, driving the need for precise and reliable odometer stepping motors.
The passenger vehicle segment is expected to be the largest during the forecast period
Passenger vehicle segment s expected to be the largest during the forecast period due to the precision and innovation is paramount. These stepping motors, integral to accurate mileage tracking, ensure regulatory compliance and consumer confidence. As passenger vehicles increasingly incorporate digital displays and advanced features, such as hybrid and electric powertrain, the demand for reliable odometer systems grows. Seamless integration with infotainment and driver assistance technologies further elevates the significance of stepping motors in enhancing user experiences.
The permanent magnet type segment is expected to have the highest CAGR during the forecast period
During the anticipated period, the permanent magnet type segment is expected to increase at the most effective rate. These motors utilize permanent magnets to generate a consistent magnetic field, ensuring precise and efficient movement. The permanent magnet design offers durability, energy efficiency, and accurate step control, critical for applications like odometer systems in vehicles. Their compact size and reliability make them suitable for various automotive components. As vehicles become more technologically advanced, requiring dependable and responsive stepping motor solutions, the permanent magnet type stands out for its ability to meet these demands, contributing to accurate mileage tracking and enhanced overall performance in the automotive sector.
Region with largest share:
During the forecast period, it is expected that the North American Automotive Odometer Stepping Motor market will continue to hold a majority of the market share. A dynamic landscape is shaped by technological innovation and consumer demands. With a robust automotive industry, the region places emphasis on accurate mileage tracking for compliance and consumer trust. The growing adoption of electric vehicles (EVs) and advanced infotainment systems drives the demand for reliable stepping motors to ensure precise odometer readings and enhance user experiences. Additionally, trends like autonomous driving and connectivity further underscore the importance of dependable motor technology
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, technological advancements and shifting consumer preferences drive innovation. With stringent regulations emphasizing accurate mileage readings, stepping motor technologies play a pivotal role. Europe's strong automotive industry, coupled with the region's commitment to sustainability, fuels demand for electric and hybrid vehicles, further increasing the significance of precise odometer systems. Additionally, the integration of digital displays and advanced driver assistance systems (ADAS) in modern vehicles enhances the need for reliable and precise stepping motors.
Key players in the market:
Some of the key players in Automotive Odometer Stepping Motor market include: Mabuchi, Asmo, Denso corporation, GMC, Broad Ocean, Johnson Electric Holdings Ltd., Mitsuba Corporation, Valeo, Mahle, Nidec Corporation, Robert Bosch GmbH, Rose Fahrzeugteile GmbH and Trinamic Motion Control.
Key Developments:
In August 2023, Nidec Corporation announced that the Company has acquired full ownership of Automatic Feed Company, Lasercoil Technologies LLC, and Automatic Leasing Company, privately- owned US companies from its founding family. As a result of the Transaction, the Target became a consolidated subsidiary of Nidec.
In July 2023, Bosch plans to acquire Paladin Technologies, Inc., headquartered in Vancouver, Canada a leading provider of security and life safety solutions and system integration services in North America. This purchase complements Bosch's 2015 acquisition of Climatec, LLC, with more than 1,000 associates in the US. Climatec is part of Bosch Building Technologies and offers energy efficiency, building automation, security, and life safety solutions for the US market.
In August 2022, Analog Devices, Inc. announced the completion of its previously announced acquisition of Maxim Integrated Products, Inc. The combination further strengthens ADI's position as a high-performance analog semiconductor company with trailing twelve-month revenue of over $9 billion, industry leading margins, and free cash flow of over $3 billion on a pro forma basis.
Vehicle Types Covered:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Vehicle Classes Covered:
- Mid-range cars
- Luxury cars
Stepper Motors Covered:
- Reaction Type
- Permanent Magnet Type
- Mixed Type
Sales Channels Covered:
- Original Equipment Manufacturer (OEM)
- Aftermarket
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Emerging Markets
- 3.7 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Automotive Odometer Stepping Motor Market, By Vehicle Type
- 5.1 Introduction
- 5.2 Passenger Vehicle
- 5.3 Light Commercial Vehicle
- 5.4 Heavy Commercial Vehicle
6 Global Automotive Odometer Stepping Motor Market, By Vehicle Class
- 6.1 Introduction
- 6.2 Mid-range cars
- 6.3 Luxury cars
7 Global Automotive Odometer Stepping Motor Market, By Stepper Motor
- 7.1 Introduction
- 7.2 Reaction Type
- 7.3 Permanent Magnet Type
- 7.4 Mixed Type
8 Global Automotive Odometer Stepping Motor Market, By Sales Channel
- 8.1 Introduction
- 8.2 Original Equipment Manufacturer (OEM)
- 8.3 Aftermarket
9 Global Automotive Odometer Stepping Motor Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Mabuchi
- 11.2 Asmo
- 11.3 Denso corporation
- 11.4 GMC
- 11.5 Broad Ocean
- 11.6 Johnson Electric Holdings Ltd.
- 11.7 Mitsuba Corporation
- 11.8 Valeo
- 11.9 Mahle
- 11.10 Nidec Corporation
- 11.11 Robert Bosch GmbH
- 11.12 Rose Fahrzeugteile GmbH
- 11.13 Trinamic Motion Control
List of Tables
- Table 1 Global Automotive Odometer Stepping Motor Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Automotive Odometer Stepping Motor Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 3 Global Automotive Odometer Stepping Motor Market Outlook, By Passenger Vehicle (2021-2030) ($MN)
- Table 4 Global Automotive Odometer Stepping Motor Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 5 Global Automotive Odometer Stepping Motor Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 6 Global Automotive Odometer Stepping Motor Market Outlook, By Vehicle Class (2021-2030) ($MN)
- Table 7 Global Automotive Odometer Stepping Motor Market Outlook, By Mid-range cars (2021-2030) ($MN)
- Table 8 Global Automotive Odometer Stepping Motor Market Outlook, By Luxury cars (2021-2030) ($MN)
- Table 9 Global Automotive Odometer Stepping Motor Market Outlook, By Stepper Motor (2021-2030) ($MN)
- Table 10 Global Automotive Odometer Stepping Motor Market Outlook, By Reaction Type (2021-2030) ($MN)
- Table 11 Global Automotive Odometer Stepping Motor Market Outlook, By Permanent Magnet Type (2021-2030) ($MN)
- Table 12 Global Automotive Odometer Stepping Motor Market Outlook, By Mixed Type (2021-2030) ($MN)
- Table 13 Global Automotive Odometer Stepping Motor Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 14 Global Automotive Odometer Stepping Motor Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 15 Global Automotive Odometer Stepping Motor Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 16 North America Automotive Odometer Stepping Motor Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Automotive Odometer Stepping Motor Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 18 North America Automotive Odometer Stepping Motor Market Outlook, By Passenger Vehicle (2021-2030) ($MN)
- Table 19 North America Automotive Odometer Stepping Motor Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 20 North America Automotive Odometer Stepping Motor Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 21 North America Automotive Odometer Stepping Motor Market Outlook, By Vehicle Class (2021-2030) ($MN)
- Table 22 North America Automotive Odometer Stepping Motor Market Outlook, By Mid-range cars (2021-2030) ($MN)
- Table 23 North America Automotive Odometer Stepping Motor Market Outlook, By Luxury cars (2021-2030) ($MN)
- Table 24 North America Automotive Odometer Stepping Motor Market Outlook, By Stepper Motor (2021-2030) ($MN)
- Table 25 North America Automotive Odometer Stepping Motor Market Outlook, By Reaction Type (2021-2030) ($MN)
- Table 26 North America Automotive Odometer Stepping Motor Market Outlook, By Permanent Magnet Type (2021-2030) ($MN)
- Table 27 North America Automotive Odometer Stepping Motor Market Outlook, By Mixed Type (2021-2030) ($MN)
- Table 28 North America Automotive Odometer Stepping Motor Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 29 North America Automotive Odometer Stepping Motor Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 30 North America Automotive Odometer Stepping Motor Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 31 Europe Automotive Odometer Stepping Motor Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Automotive Odometer Stepping Motor Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 33 Europe Automotive Odometer Stepping Motor Market Outlook, By Passenger Vehicle (2021-2030) ($MN)
- Table 34 Europe Automotive Odometer Stepping Motor Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 35 Europe Automotive Odometer Stepping Motor Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 36 Europe Automotive Odometer Stepping Motor Market Outlook, By Vehicle Class (2021-2030) ($MN)
- Table 37 Europe Automotive Odometer Stepping Motor Market Outlook, By Mid-range cars (2021-2030) ($MN)
- Table 38 Europe Automotive Odometer Stepping Motor Market Outlook, By Luxury cars (2021-2030) ($MN)
- Table 39 Europe Automotive Odometer Stepping Motor Market Outlook, By Stepper Motor (2021-2030) ($MN)
- Table 40 Europe Automotive Odometer Stepping Motor Market Outlook, By Reaction Type (2021-2030) ($MN)
- Table 41 Europe Automotive Odometer Stepping Motor Market Outlook, By Permanent Magnet Type (2021-2030) ($MN)
- Table 42 Europe Automotive Odometer Stepping Motor Market Outlook, By Mixed Type (2021-2030) ($MN)
- Table 43 Europe Automotive Odometer Stepping Motor Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 44 Europe Automotive Odometer Stepping Motor Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 45 Europe Automotive Odometer Stepping Motor Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 46 Europe Automotive Odometer Stepping Motor Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Country (2021-2030) ($MN)
- Table 48 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 49 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Passenger Vehicle (2021-2030) ($MN)
- Table 50 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 51 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 52 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Vehicle Class (2021-2030) ($MN)
- Table 53 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Mid-range cars (2021-2030) ($MN)
- Table 54 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Luxury cars (2021-2030) ($MN)
- Table 55 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Stepper Motor (2021-2030) ($MN)
- Table 56 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Reaction Type (2021-2030) ($MN)
- Table 57 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Permanent Magnet Type (2021-2030) ($MN)
- Table 58 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Mixed Type (2021-2030) ($MN)
- Table 59 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 60 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 61 Asia Pacific Automotive Odometer Stepping Motor Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 62 South America Automotive Odometer Stepping Motor Market Outlook, By Country (2021-2030) ($MN)
- Table 63 South America Automotive Odometer Stepping Motor Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 64 South America Automotive Odometer Stepping Motor Market Outlook, By Passenger Vehicle (2021-2030) ($MN)
- Table 65 South America Automotive Odometer Stepping Motor Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 66 South America Automotive Odometer Stepping Motor Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 67 South America Automotive Odometer Stepping Motor Market Outlook, By Vehicle Class (2021-2030) ($MN)
- Table 68 South America Automotive Odometer Stepping Motor Market Outlook, By Mid-range cars (2021-2030) ($MN)
- Table 69 South America Automotive Odometer Stepping Motor Market Outlook, By Luxury cars (2021-2030) ($MN)
- Table 70 South America Automotive Odometer Stepping Motor Market Outlook, By Stepper Motor (2021-2030) ($MN)
- Table 71 South America Automotive Odometer Stepping Motor Market Outlook, By Reaction Type (2021-2030) ($MN)
- Table 72 South America Automotive Odometer Stepping Motor Market Outlook, By Permanent Magnet Type (2021-2030) ($MN)
- Table 73 South America Automotive Odometer Stepping Motor Market Outlook, By Mixed Type (2021-2030) ($MN)
- Table 74 South America Automotive Odometer Stepping Motor Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 75 South America Automotive Odometer Stepping Motor Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 76 South America Automotive Odometer Stepping Motor Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 77 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Country (2021-2030) ($MN)
- Table 78 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 79 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Passenger Vehicle (2021-2030) ($MN)
- Table 80 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Light Commercial Vehicle (2021-2030) ($MN)
- Table 81 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Heavy Commercial Vehicle (2021-2030) ($MN)
- Table 82 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Vehicle Class (2021-2030) ($MN)
- Table 83 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Mid-range cars (2021-2030) ($MN)
- Table 84 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Luxury cars (2021-2030) ($MN)
- Table 85 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Stepper Motor (2021-2030) ($MN)
- Table 86 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Reaction Type (2021-2030) ($MN)
- Table 87 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Permanent Magnet Type (2021-2030) ($MN)
- Table 88 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Mixed Type (2021-2030) ($MN)
- Table 89 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 90 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 91 Middle East & Africa Automotive Odometer Stepping Motor Market Outlook, By Aftermarket (2021-2030) ($MN)
