CHICAGO, Aug. 4, 2020 /PRNewswire/ -- According to the new market research report "Automotive Motors Market by Motor Type (Brushed, BLDC, Stepper), Vehicle (PC,LCV,HCV), Function (Performance, Comfort, Safety), EV (BEV,PHEV,HEV), EV Motor (DC Brushed, BLDC, Stepper, Induction, Traction, & Others), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Automotive Motors Market size is projected to grow from USD 20.3 billion in 2020 to USD 25.7 billion by 2025, at a CAGR of 4.8%.
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Motors are used in many applications in modern cars to increase the safety and performance of a vehicle. In modern vehicles, motors are used in ABS, sunroofs, vehicle windows, door locking, and vehicle rear doors. With the increasing electrification of vehicles, it has become possible for OEMs to control emissions and improve engine performance. Along with controlling emissions, the overall reduction in vehicle weight is a key factor that enhances engine performance. Vehicle weight reduction is directly proportional to the performance of a vehicle. One of the latest breakthroughs in the field is the development of electric power steering, which is 30% smaller and 20% lighter than a conventional steering system. It also results in greater fuel efficiency and lower emissions. The upcoming concept of driverless cars, also known as autonomous vehicles, is a combination of multiple applications, which consists of different motors for controlling the functions.
Major motor manufacturers lost revenue in Q1 2020 due to COVID-19 outbreak. As the resumption of vehicle production is not likely in the immediate future due to the severity of the pandemic, especially in the US and major European countries, Tier I players suspect a further decline in revenue in the remaining quarters of 2020. For instance COVID-19 has compelled Continental to halt its operations. As of April 2020, the company has temporarily ceased production in more than 40% of its 249 production locations across the world. According to the company, the scenario could be worse in Q2 as global vehicle production is expected to fall by 50–60%. Automotive motor players are facing disruptions in supply chains as countries are in a state of lockdown to prevent the spread of the disease. Thus, the market is estimated to undergo a declining phase in 2020.
Asia Pacific is expected to be the largest and fastest-growing market in the forecast
Asia Pacific is projected to account for the largest market share by 2025, followed by North America and Europe. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent emission regulations across the globe are the drivers of the Automotive Motors Market. Leading automakers in Asia Pacific, such as Toyota, Honda, and Hyundai, have leveraged the advantages of safety and fuel efficiency components in their models. Countries such as China, Japan, India, and South Korea are expected to be key adopters of new technology in the future. High vehicle production in China is expected to drive the market in this region.
The BEV segment is expected to be the fastest market during the forecast
BEVs are the most preferred vehicles by governments because of their zero-emission property. Various governments around the world support the sales of BEVs with their high subsidy and tax rebate structure in comparison to HEVs and PHEVs. In BEVs, automotive motors are used in body control, HVAC system, and safety and security features such as ABS and ESC systems. Apart from this, the increased range and reduced cost play an important role in the increased sales of BEVs. Many OEMs are now launching BEVs to cater to the booming market which subsequently increases demand for electric motors.
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The North America is expected to be the second-largest market during the forecast period
High adoption of LCVs and the electrification of automotive applications in the US market mainly influence the North American automotive industry. The political conditions in the US directly affect the North American auto sector. The leading market players such as Infineon, Cummins, Gates Corporation, and TI Automotive in the Automotive Motors Market are based in the US. As the US is the largest market for premium cars in North America, it is also the largest market for advanced automotive motors. The OEMs in North America have focused on the development of fuel-efficient vehicles to meet federal fuel efficiency mandates. Furthermore, several OEMs are planning to set up new production facilities in Mexico and Canada, which, in turn, would drive the demand for automotive motors.
The global Automotive Motors Market is dominated by major players such as Robert Bosch (Germany), Nidec Corporation (Japan), Continental (Germany), Johnson Electric (Hong Kong), and Denso Corporation (Japan). These companies offer a wide variety of automotive motors fulfilling all major functions in a vehicle. The key strategies adopted by these companies to sustain their market position are new product developments, acquisitions, and partnerships & expansions.
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