Rise in demand for safety & convenience features, increase in demand of electric vehicles, and stringent safety regulations set by government propel the growth of the global automotive motors industry
PORTLAND, Oregon, Dec. 2, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Motors Market by Type (DC Brushed Motors, Brushless DC Motors, Stepper Motors, and Traction Motors), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, BEV, PHEV, and HEV), and Application (Performance, Comfort & Convenience, and Safety & Security): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global automotive motors industry was pegged at $31.01 billion in 2018, and is estimated to reach $49.20 billion by 2026, growing at a CAGR of 5.9% from 2019 to 2026.
Drivers, restraints and opportunities
Increase in demand for safety & convenience features, surge in demand of electric vehicles, and strict safety regulations set by government drive the growth of the global automotive motors industry. On the other hand, diminution in global vehicle production and rising trend of shared mobility impede the growth to some extent. However, wide number of applications employing the use of electric motors and concept of autonomous cars are expected to create a number of opportunities in the industry.
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The DC brushed motors segment to lead the trail by 2026
Based on type, the DC brushed motors segment accounted for nearly three-fifths of the global automotive motors market revenue in 2018, and is expected to dominate by the end of 2026. Factors such as simple & inexpensive controller, low overall construction costs, ability to be rebuilt for extended life are propelling the growth of the segment. The traction motors segment, on the other hand, would cite the fastest CAGR of 10.9% throughout the estimated period. The fact that traction motor in electric vehicle fulfills various vital performance requirements such as maximum torque, power density coupled with higher efficiency, minimum volume and weight has driven the growth of the segment.
The passenger cars segment held the largest share in 2018
Based on vehicle type, the passenger cars segment garnered the major share in 2018, holding more than two-thirds of the global automotive motors market. Increase in disposable income in countries such as India and China is expected to swell up the demand for passenger vehicles which, in turn, heaves the requirement of automotive motors used in passenger cars. At the same time, the PHEV segment would register the fastest CAGR of 12.4% during the study period. The fact that PHEV has the ability to use its extra capacity by running on all-electric mode for an extended range of a minimum of 30 miles which contributes to reduced air pollution has driven the growth of the segment.
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Asia-Pacific, followed by Europe and North America, to rule the roost
Based on geography, the Asia Pacific region contributed to more than half of the global automotive motors market revenue in 2018, and is anticipated to retain its top status by 2026. The Asia-Pacific automotive motor industry is dominated by government policies that instigate sustainable manufacturing, and investments in the sector. Moreover, increased passenger car and vehicle registration in Asia-Pacific makes it the leading region. Simultaneously, the region across LAMEA is projected to grow at the fastest CAGR of 8.0% throughout the forecast period. Factors such as growth in IoT and rise in the demand for advanced technologies in motor vehicles drive the growth of the LAMEA automotive motors market.
Leading market players-
- Continental AG
- BorgWarner Inc.
- DENSO CORPORATION
- Johnson Electric Holdings Limited
- Mitsuba Corporation
- Robert Bosch GmbH
- MABUCHI MOTOR CO., LTD.
- Nidec Corporation,
- Siemens AG
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SOURCE Allied Market Research