Press release
Driving Innovation: Global Automotive Motors Market to Grow from $47.2B to $77.5B by 2032
Automotive Motors Market
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.
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Prime determinants of growth
The significant impacting factors in the growth of the automotive motors market include high demand for safety and convenience features, rise in requirement of electric vehicles, and stringent safety regulations set by government for automotive industry. Further, decrease in global vehicle production, increase in trend of shared mobility, wide number of applications employing the use of electric motors, and concept of autonomous cars have strong impact on the market. Each of these factors is anticipated to have a definite impact on the automotive motors market during the forecast period (2023-2032).
The automotive market is positively affected by safety regulations implemented by government for installation of power window, airbags, and anti-lock braking systems (ABS) in every vehicle. Europe and North America have been witnessed to follow these regulations more stringently as compared to Asia-Pacific and rest of the world. However, in developing countries, OEMs are providing key less entry and anti-lock braking system (ABS) as standard features in vehicles, supporting the government to improve safety measures, which boosts the sales of automotive motors. These safety systems need separate motors to function smoothly and to communicate with other components of vehicle to provide complete safety to passengers. Hence, as the incorporation of safety features has been made obligatory, the demand for automotive motors is anticipated to grow, which fuels the growth of the market.
Vehicle manufacturers use HVAC technology in vehicles to improve the vehicle's indoor air quality as well as to provide the comfortable environment inside the vehicle, thereby boosting the growth of the market. In addition, HVAC also plays an important role in windshield/window defogging, which further drives the market growth. Various vehicle manufacturers, such as Audi, Mercedes, and BMW, focus on customized and consumer-friendly HVAC systems. For instance, the BMW 6 Series supports automatic air conditioning, including air distribution for driver and passengers, fogging sensor, and automatic climate control system.
Key Highlights:
➡️The report provides a comprehensive analysis of automotive motors used in the automotive industry.
➡️The analysis of the automotive motors market spans from 2022 to 2032.
➡️Recent developments are outlined in the research study.
➡️Prominent companies in the industry are profiled in the research study.
➡️The market analysis in the research study encompasses various segments and regions.
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The HVAC segment to maintain its leadership status throughout the forecast period
Based on application, the HVAC segment held the highest market share in 2022, accounting half of the global automotive motors revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 4.95% from 2023 to 2032, owing to manufacturers use of HVAC technology in vehicles to improve the vehicle's indoor air quality as well as to provide comfortable environment inside the vehicle.
The two-wheelers segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the two wheelers segment held the highest market share in 2022, accounting for one-third of the global automotive motors market, however others segment is estimated to lead the market segment during the forecast period. Two wheelers are generally less costly when compared with other vehicle types and serve as an economical option. In addition, two-wheelers serve various riding purposes, which include daily commuting, off-road riding, long-distance travelling, cruising, and others, thereby driving the market growth.
Asia-Pacific to maintain its dominance by 2035
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for half of the global automotive motors market revenue. The market is significantly influenced by factors such as advanced technology, increased investments in research and development projects, and the rising living standards of people in the region. For instance, the government of China views its automotive industry, including the auto parts sector as one of the main industries in the country. China continues to be the world's largest vehicle market with highest number of ICE and electric vehicles produced across the globe. The Chinese Central Government estimates that China's automobile output is expected to reach 30 million units by 2020 and 35 million by 2025. Made in China 2025 is an effort to transition the nation's industry from low-cost mass production to more value-added advanced manufacturing.
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Leading Market Players: -
BorgWarner Inc.
Continental AG
DENSO CORPORATION
Johnson Electric Holdings Limited
Magna International, Inc.
Inteva Products, LLC.
Marelli Holdings Co, Ltd.
Robert Bosch GmbH
Buhler Motor GmbH
VALEO
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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