Automotive Motors Market Size and Share to See Modest Growth Through 2025
Motors are an integral part of vehicle components such as seat cooling fans, engine cooling fans, power steering motors, battery cooling fans, and power windows motors. Growing consumer inclination towards such advanced features in vehicles, in turn creates a conducive environment for growth of the automotive motor market. Moreover, increasing sales volume of vehicles further augments market growth. According to Organisation Internationale des Constructeurs d’Automobiles in 2016, around 69.5 million units of Passenger cars were sold globally, up from 66.3 million in 2015.
DC brushed motors segment held the dominant position in global automotive motors market in 2016
Among product types, DC brushed motors segment held the dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period. Adoption of these DC brushed motors is increasing owing to its low cost and advantage of simple drive control model. Systems such as windshield wipers, power windows, washer, and cooling fans are dependent on DC brushed motors.
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Passenger cars segment held the dominant position in the global automotive motors market in 2016
Among vehicle types, Passenger cars segment held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. According to Coherent Market Insights in 2017, the global Passenger car sales volume is estimated to reach 71 million units. Hence, these increasing sales units is expected to lead to growing demand for automotive motors globally.
Asia Pacific held a dominant position in the global Automotive Motor market in 2016
According to Coherent Market Insights, Asia Pacific is projected to retain its dominance throughout the forecast period in the global automotive motors market. This is attributed to growth of the Asia Pacific emerging as a major automotive hub, with India, China, and Japan positioned as the growth engines for the automotive sector in the region. According to Organisation Internationale des Constructeurs d’Automobiles in 2016, 39.4 million units of Passenger cars were sold in this region, up from 36.1 million units in 2015. It also stated that in 2016, China held 61.8% share of the total Asia Pacific Passenger cars sales and 35.1% of the global Passenger cars sales. Hence, China was the largest market in the region in 2016. Rising consumer preference for start-stop systems, anti-lock bricking systems (ABS), and other such technologies have also accelerated growth of the automotive motors market in Asia Pacific. The recent past has witnessed various government regulations regarding vehicular safety being implemented across the world. For example:- According to Bharat New Vehicle Safety Assessment Program (India) 2017, critical safety features such as airbags, ABS, and seat belt reminders are mandatory for OEMs to install. Such regulatory adherence results in automakers increasing integrating advanced safety systems such as ABS and airbags, in turn fueling market growth.
Key Companies- Global Automotive Motor Market.
Some of the major companies in the global automotive motor market are Siemens AG, Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International, Mitsubishi Electric Corporation, Valeo S.A., Mahle Group, Nidec Corporation, and Borgwarner Inc.
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