Automotive Motors Market to Witness Astonishing Growth by 2025
The globalAutomotive 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%. The base year for the report is 2019, and the forecast period is from 2020 to 2025. Rapid technological changes in the automotive industry for fuel efficient systems and governments stringent emission norms policies are likely to boost the automotive motors market.
The adoption of electric power is considered to be the highest among other fuel types. This is because of government support toward EV infrastructure and fewer safety issues. Apart from passenger vehicles, now trucks and buses, are undergoing a major shift to achieve zero emissions. Manufacturers such as Daimler, AB Volvo, Yutong, and BYD are constantly developing different types of electric commercial vehicles such as buses, trucks, and vans to meet customer demand. Cities such as London, Moscow, Beijing, Paris, and Los Angeles plan to phase out their existing public transport vehicles that run on gas and diesel and replace them with electric buses. OEMs in North America and Europe have succeeded in developing full electric trucks. Also, in the US, there are more than 175,000 vehicles, and roughly 23 million vehicles worldwide, running on natural gas power. The rising need for safety features and convenience can be attributed to the ever-growing demand for automotive motors globally.
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In the automotive motors market, by EV motor type, the traction segment is projected to dominate the market during the forecast period.Traction motors usually require frequent start/stop, high rate of acceleration/deceleration, high-torque low-speed hill climbing, low-torque high-speed cruising, and very wide speed range of operation. Since these motors are extremely energy efficient , advanced in design, and are compact, it enables the drive system to be optimized to the available spaces in the vehicle. These benefits of traction motors are expected to boost their demand especially for BEV’s and HEVs.
The automotive motors market players are focusing on expanding their businesses in new markets across the world. Asia Pacific is one of the potential markets for automotive motors.Economies such as China, Japan, and South Korea, have a technologically advanced automotive industry.Rising demand for vehicles in China, coupled with friendly investment regulations and economical labor costs, has pushed up the local vehicle production levels. Through joint ventures, Tier I companies are trying to establish their presence in the country. For instance, Aisin has been boosting vehicle fuel efficiency by refining manual, automatic, and continuously variable transmission technologies. For hybrid vehicles, the company has developed a 2-Motor Hybrid Transmission with Toyota Motor Corporation and a 1-Motor Hybrid Transmission independently.
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Apart from this, One of the key factors driving the growth of the market in Asia Pacific is the increased production of passenger cars with advanced connected car features. In recent years, this region has emerged as a hub for automobile production. According to OICA, China, and India together produce approximately 30 million vehicles every year. The increasing purchasing power of the population and increasing concerns over the environment have triggered the demand for automotive motors in Asia Pacific.
In Europe, the major drivers for the automotive motors market boost are the high focus on emission norms, rising demand for electric and luxury vehicles, as well as the decreasing display prices, high production volume, and integration with software technologies. The region is home to leading automotive manufacturers like BMW, Audi, Mercedes-Benz, Scania, Volvo, and Volkswagen. These manufacturers are focusing on developing robust electric and autonomous vehicle technologies, which will boost the demand for automotive motors. This is an opportunity for OEMs to expand their footprint in Eastern Europe, which is expected to foster the demand for automotive motors in Europe.
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