RISING DEMAND FOR AUTOMOBILE SAFETY & THE USE OF ADDITIONAL COMFORT FEATURES DRIVING GROWTH
Automotive companies and component manufacturers are investing significant amounts in research and testing of new uses of automotive motors. 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 automobile sector recovery the world, along with government regulations for safety and increasing demand for comfort equipment in automobiles will increase demand for the market.
The automotive motors market is dominated by established players such as Bosch (Germany), Denso (Japan), BorgWarner (US), ZF Group (Germany), and Continental AG (Germany). These companies adopted new product launches, undertook deals, and other strategies to gain traction in the automotive motors market.
The automotive motors market is dominated by established players such as Bosch (Germany), Denso (Japan), BorgWarner (US), ZF Group (Germany), and Continental AG (Germany).
Increase in demand for automotive motors for performance (emission reduction and fuel conservation in ICE vehicles), Safety (ABS, automatic brake motors, among others) and comfort (power windows, power steering, among others) along with the recovery in automobile sales from the pandemic will lead to a moderate growth in the automotive motors market in the coming years.
EVs will present new opportunities for this market due to the demand for traction motors in these vehicles. HEVs and PHEVs require additional sets of motors for both ICE systems as well as traction motor systems for performance. With a considerable part of EV sales being from the mid-tier and luxury segment, these vehicles come with advanced safety and comfort features. Thus, the penetration for automotive motors in EVs is much higher than in their ICE vehicle counterparts.
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The Asia Pacific region will hold the largest market size during the forecast period due to the high volume of automobile sales. China is estimated to be the largest market as it is the largest automobile manufacturer in the world. The production of luxury vehicles is increasing in the country. Many OEMs are opening their manufacturing plants in the country because of the low cost of production.
The demand for premium vehicles is increasing in the country because of the rising per capita income and purchasing power. These factors are contributing to the growth of the Chinese automotive motors market. India is expected to be the fastest-growing market. The Indian automotive industry is developing, and the consumers in India are cost sensitive. The increasing focus of the government on industrialization and the willingness of OEMs to provide fuel-efficient vehicles would boost the Indian automotive motors market.
Europe is expected to be one of the major markets for automotive motors with countries like Germany, France, UK leading the market in this region. Germany is estimated to be the largest market in Europe. The rising preference for premium cars and heavy investments by automakers in developing robust EV infrastructure would also support market growth.
As Europe is home to major motor manufacturers, continuous R&D is expected to play a strong role in the growth of the market for automotive motors. The countries considered under the Rest of Europe are Russia, Turkey, the Netherlands, Sweden, Hungary, Poland, Romania, and Slovakia.
These countries have significant vehicle production and are technologically advanced. The demand for fuel-efficient vehicles and reduction in emissions is similar to that in other key European countries.
North America will also have a substantial demand for automotive motors with high demand for automobiles in countries like US, Canada and Mexico. The North American automotive industry is highly inclined toward innovation, technology, and development of high-performance vehicles. Factors such as the rising penetration of semi-autonomous and autonomous vehicles, the growing demand for comfort and safety in automobiles, increasing demand for fuel-efficient cars, and government mandates related to emissions are expected to propel the demand for automotive motors in the region.
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