Automotive Motors Market Expected to Reach $77.5 Billion by 2032—Allied Market Research

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 market for automotive motors is being driven by several factors, including the growing global vehicle production, a high demand for safety and convenience features, and the increasing popularity of electric vehicles. However, the increased weight and cost of these motor systems are hampering the market growth. In addition, the expanding use of electric motors in a wide range of applications and the emergence of autonomous vehicles present significant opportunities for market expansion.

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.

People who are not capable of purchasing a car can experience seamless travel through mobility services. Mobility as a service decreases the costs to the user by providing improved utilization of transport services such as car sharing and ride hails. Also, such services reduce city congestion and decrease overall vehicle emissions. Therefore, digitally-enabled car sharing, and ride-hailing manages travel needs in the smartest way and it also provides a hassle-free and environmentally sound alternative to private car ownership. This sharing and ride hailing activity that includes the entire process from travel planning till payments can be handled by a single mobile app. In coming years, ride hailing services are projected to play a major role in this space by reducing the manual tasks and thereby minimizing the overall time and cost. This trend is expected to hamper the growth of the automotive motors 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.

The number of users relying on ride-sharing applications has increased in the recent years. For instance, Uber launched their ride hailing services in 30 cities for expanding its business across the globe. To create awareness and promote their new services, the key players offer discounts, free ride, and coupon facilities to the customers. Moreover, Lyft is providing free rides to patients. Furthermore, Lyft also invested in several partnerships, most noticeably in healthcare transportation, which provides new mobility options for non-drivers, including older people, younger people, people with disabilities, and people without access to a vehicle. The ride sharing service helping the environment & society by reducing greenhouse gas emissions due to decreased vehicle ownership and reduces the need of an individual parking space. Thus, increased use of public transportation globally translates into the reduction in vehicle sales. Therefore, this impedes the growth of the automotive motor market.

KEY FINDINGS OF THE STUDY

• By type, the DC brushed motors segment generated the highest revenue in the automotive motors market analysis in 2022.
• LAMEA is anticipated to exhibit the highest CAGR during the forecast period while considering automotive motors market growth.
• Latin America leads the market in the LAMEA region.
• The leading companies listed in the automotive motors market report expects high revenue from automotive motors market returns.

The key players profiled in the automotive motors market share include Key players operating in the global automotive motors market are BorgWarner Inc., Bühler Motor GmbH, Continental AG, Denso Corporation, Inteva Products, LLC, Johnson Electric Holdings Limited., Magna International Inc., Marelli Holdings Co., Ltd., Robert Bosch GmbH, and Valeo, among others.