Automotive Motors Market Projected to Reach $28.7 billion by 2027

The global automotive motors market in terms of revenue was estimated to be worth $23.0 billion in 2022 and is expected to reach $28.7 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. Factors such as rising demand for low emission ICE vehicles, increasing consumer spending on safety and comfort features in automobiles and the growing trend of electrificantion of automobiles along with the growing demand for premium vehicles will lead to a growth in the automotive motors market. The global recovery from the pandemic and will also be a major factor leading to a stable growth in demand for these motors.

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Passenger cars to be the largest market by vehicle type during the forecast period

Owing to rapid globalization and the economic growth of emerging countries such as Brazil and India, the standard of living of consumers has improved in the recent decade. The increase in disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the automotive motors market. The adoption of fuel-efficient vehicles has driven the demand for advanced motor technologies. This has also led to a growing demand for comfort motors in automobiles and strengthened the market. The increased demand for safety systems in emerging markets can be attributed to improving road safety standards, supporting legislation, and consumer awareness. Additionally, several countries in Europe, North America, and Asia Pacific have introduced regulations that mandate the incorporation of various types of safety features in the passenger cars segment. Thus, the mandates contribute to the demand for safety motors in upcoming passenger cars.

Motors for Power Antenna will be the fastest-growing segment by application during the forecast period

An antenna is used for radio function in cars. They can be operated manually or electrically (power antenna). Power antennas retract and raise electrically with a single touch button or automatically after turning on the car or radio. This retraction and raising function is done with the help of a motor installed in its assembly. The power antenna assembly includes a DC motor, antenna, gear assembly, housing, electric components or connections, and a round coil. However, most of the OEMs have stopped providing antennas in modern cars, as there are not required anymore for the radio function. With the growing trend of developing smart and connected systems in automobiles for both comfort and safety provisions, the demand for power antenna motors will increase rapidly in the coming years.

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Asia Pacific is expected to be the fastest-growing market in the forecast period.

In recent years, the automotive industry has witnessed higher growth in terms of vehicle production in Asia Pacific than in the matured markets of Europe and North America. Asia Pacific has emerged as a hub for automotive production, given the nascent stage of the market, state-promoted support, and cost advantages for OEMs. Low automobile market penetration and increased vehicle production in this region offer attractive market opportunities to automobile manufacturers and automotive components and equipment suppliers. This is mainly attributed to the production expansions made by automobile manufacturers to cope with rising demand as well as to comply with the fuel-efficiency norms and regulations. The growth in the market is also attributed to the growing focus of international and domestic players in the Asia Pacific market. The low production cost of automotive motors in the region is also a major reason for the rise in the growth rate.

Key Market Players:

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 market.

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This release was published on openPR.