Automotive Motor Market Growth, Strategic Analysis, Challenges and Forecast to 2023

February 23, 2021
Ajitb567

Automotive Motor Market Outlook:

The automotive motor converts one type of energy into mechanical energy. They are important because it is useful for battery cooling, engine cooling fan, power steering, and other systems. Market Research Future (MRFR) has published and released a research report about the global automotive motor market that foretells growth for this market with 6.5% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.

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The factors that enhance the growth of the global automotive motor market include energy efficiency evaluation program, increased demand from the automotive industry especially electric vehicle manufacturers, an increased government initiative, and others. Governments of various countries have also taken various initiatives to improve the efficiency of the motor. Many government regulations make it compulsory for vehicle manufacturers to add safety features to the vehicles. Adding these features raises the cost of vehicles. Hence, the increased prices of vehicles can put breaks on Automotive Motor Market growth.

The global automotive motor market has been segmented on the basis of application, product, vehicle types, and lastly region. The application-based segmentation segments this market into comfort motors, performance motors, and safety motors.  Based on product, the market has been segmented into brushed DC electric motor, brushless DC (BLDC) electric motor, and steppers. A brushed DC motor is described as an internally commutated electric motor that has been constructed in such a way, that it would run from a direct current power source. BLDC motors are electronically commutated motors (ECM, EC motors). They are also known as synchronous DC motors, as they are powered by DC electricity via an inverter or switching power supply. Such inverter or power supply produces an AC electric current that drives each phase of the motor via a closed loop controller. By vehicle types, the global automotive motor market has been segmented into the commercial vehicle and a passenger vehicle.

The regional segmentation of global automotive motor market covers continent-based regional markets namely Asia Pacific, Europe, North America, and the rest of the world (RoW). According to the report, the Asia Pacific is expected to dominate the market during the forecast period. The reasons for the market growth in this region can be attributed to the growth of economies like China, India, and Japan. In these countries, the production by original equipment manufacturers (OEMs) has increased.

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During the forecast period, North America is expected to be the second largest market. The largest country-specific market in this region is the United States of America (USA), because of the rapidly growing demand for safety features to be installed in the vehicles.

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