What is the global market size of Automotive Motor Market?

Global Automotive Motor Market size was valued at USD 22.01 billion in 2021 and is poised to grow from USD 23 billion in 2022 to USD 34.18 billion by 2030, growing at a CAGR of 4.5% in the forecast period (2023-2030).

Automotive Motor Market Size, Share, Growth Analysis, By Product(DC motors (Brushed, Brushless), Stepper motors, Traction motors), By Vehicle Type(Two-wheelers, Electric Two-wheelers, Passenger cars, Light commercial vehicles (LCVs)), By Sales Channel(OEM, Aftermarket), By Applications(Performance, Safety, Comfort), By Region - Industry Forecast 2024-2031

Report ID: SQSG25A2017 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 122 | Figures: 77

Automotive Motor Market News

In August 2020, BorgWarner announced it’s plans for building an Integrated Drive Module (iDM) for all new Ford’s Mustang Mach-E SUV. The iDM involves a BorgWarner gearbox and thermal-management system incorporated with motor and power electronics.
In April 2019, Denso laid out its investment policies for almost USD 1.6 Billion over three years i.e. from 2018 to late 2020. This is done to support its aggressive advancement and manufacture of electric automotive systems, technologies and products.

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Automotive Motor Market size was valued at USD 22.01 billion in 2019 and is poised to grow from USD 23 billion in 2023 to USD 34.18 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

The Automotive motor Market is highly competitive, with the existence of large number of firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Nidec Corporation, Johnson Electric Holdings Ltd., Robert Bosch GmbH, Denso Corporation, Continental AG, and Mitsubishi Electric Corporation among several others who are driving the market. 'Nidec Corporation', 'Siemens AG', 'Robert Bosch GmbH', 'Denso Corporation', 'Mitsubishi Electric Corporation', 'Johnson Electric Holdings Limited', 'Valeo S.A.', 'BorgWarner Inc.', 'Mahle GmbH', 'Hitachi Automotive Systems, Ltd.', 'Continental AG', 'Magna International Inc.', 'Aisin Seiki Co., Ltd.', 'WEG Industries', 'Hella GmbH & Co. KGaA', 'Mitsuba Corporation', 'ABB Ltd.', 'Brose Fahrzeugteile GmbH & Co. KG', 'Shanghai Electric Group Co., Ltd.', 'Rheinmetall Automotive AG'

Advancement in electric vehicle fabrication technology and a rising emphasis on renewable source of energy has proved to be the key factor driving the automotive motor demand for electric vehicles.

Motors are engaged with different uses of a vehicle, such as, seat cooling fans, power guiding motors, battery cooling fans, motor cooling fans, wiper framework, power window motors, and others, where comfort is as significant as the driving proficiency.

Asia Pacific represented the biggest revenue share in 2021 and is assessed to display the quickest CAGR over the estimate period. This is attributed to the developing vehicle manufacturing in developing nations, such as India, China, and Japan.

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