Automotive motors market worth $34.48 billion by 2022
The global automotive motors market will grow at a CAGR of 6.02% from 2017 to 2022, to reach a market size of $34.48 billion by 2022, according to MarketsandMarkets. Its report, Automotive Motors Market–Global Forecast to 2022, projects that the major factors driving the growth of the automotive motors market will be the increasing production level of vehicles, electrification of vehicles, and stringent safety norms introduced by the government to minimize road accidents.
The report profiles major players in the automotive motors market, including Robert Bosch GmbH (Germany), Johnson Electric Holdings Ltd. (Hong Kong), Continental AG (Germany), Nidec Corporation (Japan), Denso Corporation (Japan), and Mitsubishi Electric Corporation (Japan). The report also covers a comprehensive study of the key vendors operating in the market. The evaluation of these vendors was accomplished by considering factors such as product development, R&D expenditure, business strategies, product revenue, and organic and inorganic growth.
The global automotive motors market, by product type, is estimated to be dominated by DC brushed motors, followed by DC brushless motors and stepper motors. In terms of growth, the market for DC brushless motors is estimated to grow at the highest CAGR during the forecast period. DC brushless motors provide advantages of high output power and small size, as well as better heat dissipation, higher speed ranges, and lower noise operation than DC brushed motors. However, DC brushed motors are estimated to have the largest share of the automotive motors market during the forecast period, primarily due to simple usage and low cost.
The report found that a promising vehicle segment for motor manufacturers is the hybrid electric vehicle (HEV) category. HEVs are estimated to account for the largest share of the market among the electric vehicle types (BEV, HEV, and PHEV). It is expected to continue its market dominance during the forecast period. Modern HEVs are enabled with efficiency-improved technology such as regenerative brakes, electric motor drive, and automatic start/shut-off. Electric motor drive and automatic start/shut-off help to improve the efficiency of the electric vehicle as they save energy by smart operations. These technological advantages have made HEVs successful in recent years.
Also, in terms of growth, the automotive motor market for the plug-in hybrid electric vehicle (PHEV) is projected to grow at the highest CAGR, followed by BEV and PHEV, respectively. Increasing government support for green vehicles is propelling the demand for electric vehicles, which in turn is increasing the demand for automotive motors.
Asia-Pacific is estimated to account for the largest share, by value and volume, of the automotive motors market in 2017. Also, in terms of growth, the Asia-Pacific market is projected to grow at the highest CAGR during the forecast period. Developing economies such as China and India are expected to play a major role on the backdrop of increasing vehicle production. Also, increasing installation of upgraded technology features such as anti-lock braking systems (ABS) and start-stop systems is likely to add to the demand for automotive motors.
For more information or to order the report, go to http://www.marketsandmarkets.com/Market-Reports/automotive-motor-market-119439985.html.