Global Automotive Motor Market Size By Type (Motor, Stater), By Application (Body, Powertrain), By Region, And Segment Forecasts, 2023 to 2032

The Global Automotive Motor Market is projected to grow significantly, driven by advancements in electric and hybrid vehicles, increased focus on energy efficiency, and the expansion of autonomous vehicle technologies. In 2023, the market size was valued at USD 60 billion and is anticipated to reach USD 95 billion by 2031, registering a CAGR of 6.1% during the forecast period.

Automotive motors, which are essential for various vehicle applications including propulsion, comfort, and safety, are witnessing increasing demand due to the transition to electric mobility. Regulatory mandates on fuel efficiency and emissions are further catalyzing the adoption of advanced motor technologies.

Drivers

Rise of Electric Vehicles (EVs): The global shift towards EVs is significantly increasing the demand for automotive motors, which are core to electric propulsion systems.

Technological Advancements: Continuous innovation in motor technologies, such as lightweight materials and improved efficiency, is supporting market growth.

Government Initiatives: Incentives and subsidies for EVs and stringent emission norms are encouraging manufacturers to invest in high-performance motors.

Restraints

High Costs of Advanced Motors: Development and integration of advanced motors can be expensive, potentially slowing adoption in price-sensitive markets.

Limited Charging Infrastructure for EVs: Inadequate infrastructure for electric vehicle charging in certain regions affects the growth of motors dedicated to EV applications.

Opportunities

Integration of AI and IoT in Motors: Smart motors with IoT-enabled features present significant potential for innovation, especially in autonomous and connected vehicles.

Growth in Emerging Economies: Rapid urbanization and industrialization in emerging economies provide a fertile ground for market expansion, particularly in Asia-Pacific and Latin America.

Market by System Type Insights

The Electric Motor segment dominated the market in 2023, driven by its application in both EVs and hybrid vehicles. This segment is expected to continue its dominance due to the growing adoption of EVs globally. Innovations in battery technology and motor efficiency are pivotal growth factors.

Market by End-Use Insights

The Passenger Vehicle segment accounted for the largest revenue share in 2023. Increased consumer preference for EVs and hybrid vehicles, coupled with rising disposable incomes in developing nations, is driving demand in this segment. The Commercial Vehicle segment is also gaining traction, particularly with advancements in electric buses and trucks.

Market by Regional Insights

Asia-Pacific led the market in 2023, bolstered by the presence of major automotive manufacturers, government incentives for EV adoption, and rapid industrial growth in countries like China and India. North America and Europe are also key regions, with strong emphasis on sustainability and stringent emission regulations driving the adoption of advanced automotive motors.

Competitive Scenario

Prominent players in the market include Bosch GmbH, Nidec Corporation, Denso Corporation, Siemens AG, Magna International Inc., and Mitsubishi Electric Corporation. These companies focus on product innovations, strategic partnerships, and geographical expansion to maintain a competitive edge.

Scope of Work – Global Automotive Motor Market

Key Market Developments Integration of AI and IoT in motor systems, expansion in EV manufacturing.

FAQs

What is the current market size of the Global Automotive Motor Market?

The market size in 2023 is valued at USD 60 billion.

What is the major growth driver of the Global Automotive Motor Market?

The rise of electric vehicles and advancements in motor technology are the primary drivers.

Which is the largest region during the forecast period in the Global Automotive Motor Market?

Asia-Pacific is projected to dominate the market during the forecast period.

Which segment accounted for the largest market share in the Global Automotive Motor Market?

The Passenger Vehicle segment accounted for the largest market share in 2023.

Who are the key market players in the Global Automotive Motor Market?

Major players include Bosch GmbH, Nidec Corporation, Denso Corporation, Siemens AG, Magna International Inc., and Mitsubishi Electric Corporation.

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