Persistence Market Research
Automotive Motors Market: Introduction
An automotive motor is a machine that converts the electrical energy provided by the battery or the engine unit into the mechanical energy. The reverse action of conversion of mechanical energy into electrical energy can be found in generators. Most automotive motors function through the interaction between the winding current and motor’s magnetic field, for instance, this can be seen in the electric motor which is used for the starting the vehicle and hence it is called as starter motor. Additionally, the regenerative breaking which is used in automobiles, the traction motors are used in reverse action to covert the mechanical energy into electric energy which is stored in the battery system and can be used as per the requirement of the vehicle.
Some of the prominent factors for the growth of the automotive motors market is the electrification of the automobiles and the enhancement of safety features, such as the ABS (Antilock Braking System) and electronic power control. Conversely the electric vehicles require less number of motors as compared to the conventional vehicles, which is estimated to be a threat for the growth of the automotive motors market in the near future. The automotive motors are one of the prominent aftermarket components in the global automotive market as they have a good replacement rate and hence by sales channels the aftermarket segment is estimated to grow with a prominent pace over the forecast period in the global market.
Automotive Motors Market: Dynamics
The motors which are used for the applications such as electric power steering, HVAC system, side mirrors and power windows are in high demand in the global market. Additionally, owing to the aforementioned factor the demand for such motors in the global market is estimated to grow with an incremental rate in the coming years. Whereas, performance motors which are used for the propulsion of the automobiles are expected to hold prominent market share in terms of value and volume during the forecast period in the global automotive motors market. This increasing growth of performance motors is directly proportional to the vehicle production across the globe and its demand is estimated to remain healthy in the global market.
The most prominent factors accelerating the growth of automotive motors in the global market include manufacturing, introduction of advanced technology and electrification of vehicles. New rules and regulations enforced by the governments and ruling authorities regarding the safety of the environment, encourage manufacturers to produce environment-friendly and efficient vehicles, which has subsequently resulted in an increase the demand for automotive motors in the global market. High cost of technology and fluctuating prices are acting as key restraints countering the growth of the global automotive motors market. A decline in the number of vehicle production will downsize the global automobile motors market. Electrification of vehicles can also hamper the growth of the automotive motors market as electric vehicles require less number of motors as compared to combustible vehicles.
Automotive Motors Market: Segmentation
The automotive motors market can be segmented based on product type, application, electric vehicle, sales channel, traction motor and vehicle type.
By product type:
By electric vehicle:
By sales channel:
By traction motor:
By vehicle type:
Automotive Motors Market: Regional Outlook
Asia-Pacific is estimated to hold a prominent share of the automotive motors market. Developing countries, such as India and China, are significant players boosting the demand for automobiles, which in turn is supporting growth of the automobile motors market. Furthermore, automation and up gradation of technology are propelling the demand for the global automobile motors market. Europe, North America and the Middle East and Africa are continuously witnessing infrastructural growth, which in turn is creating a demand for automobiles. Attributing to this, the automotive motors market is estimated to grow in the upcoming future in the mentioned region.
Automotive Motors Market: Participants
Examples of some of the market participants in the global automotive motors market are:
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