According to a recent report published by Allied Market Research, titled, “Automotive Motors Market by Type, Vehicle Type, Function, Technology, and Application: Opportunity Analysis and Industry Forecast, 2020–2027”, the global automotive motors market was valued at $28.72 billion in 2019, and is projected to reach $36.66 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
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Drivers, restraints, and opportunities-
High demand for safety and convenient features, increase in demand of electric vehicles, and strict safety regulations set by government fuel the growth of the global automotive motors market. On the other hand, decrease in global vehicle production and surge in trend of shared mobility impede the growth to some extent. However, the concept of autonomous cars is expected to pave the way for lucrative opportunities in the industry.
Covid-19 scenario-
- The outbreak of the pandemic led to huge disruption in the manufacturing units across the world. Also, the unavailability of skilled labor impacted the global automotive motors market negatively.
- However, as the lockdown has slackened off in most of the countries, the market is expected to recuperate soon.
The comfort & convenience segment to rule the roost-
Based on function, the comfort & convenience segment accounted for more than half of the global automotive motors market revenue in 2019, and is anticipated to dominate by 2027. Increase in disposable income of people and rise in awareness toward safety, security, & convenience features of vehicles drive the growth of the segment. Simultaneously, the safety & security segment would manifest the fastest CAGR of 9.5% during the forecast period. High demand for safety & security features and stringent safety regulations set by governments for the automotive industry drive the segment growth.
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Asia-Pacific, followed by Europe and North America, held the major share in 2019-
Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2019, generating nearly three-fifths of the global automotive motors market, owing to increase in demand for advanced vehicles among citizens and development of IoT in the automobile segment. At the same time, the market across LAMEA would portray the fastest CAGR of 8.9% from 2020 to 2027. Factors such as growth in IoT, rise in demand for advanced technologies in automotive, and increase in safety & security of vehicles, drive the market in the region.
Frontrunners in the industry-
- BorgWarner Inc.
- Continental AG
- DENSO CORPORATION
- Johnson Electric Holdings Limited
- Mitsuba Corporation
- MABUCHI MOTOR CO., LTD.
- Nidec Corporation
- Robert Bosch GmbH
- Siemens AG
- VALEO
- Inteva Products, LLC
- Magna International Inc
- Marelli Europe S.P.A.
- Aptiv PLC
- Buhler Motor
- Meritor, Inc.
- PST Electronics Ltd
- U-SHIN ltd.
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