The Global Automotive Motors Market is projected to grow at a CAGR of 6.02% from 2017 to 2022, to reach USD 34.48 billion by 2022. The major factors responsible for the growth of the market include growing electrification of vehicles and the mandatory usage of safety technologies such as electronic stability control and antilock braking systems (ABS) in passenger cars in developed regions such as Europe and North America.
Asia-Pacific: Dominating the Market for Automotive Motors from 2017 To 2022
Asia-Pacific is estimated to lead the automotive motors market, by value, in 2017. It is followed by Europe, North America, and the Rest of the World (RoW). The study identifies China, Japan, and India as the key markets for the automotive motors market. Increased legislative measures regarding safety, coupled with rising demand for convenience while traveling, are fostering the growth of the automotive motors market in the Asia-Pacific region.
The Asian countries have emerged as manufacturing hubs for many original equipment manufacturers (OEM), suppliers, and Tier 1 players. Automobile giants such as Honda, Toyota, and Hyundai, along with some Tier I and Tier II suppliers, have set up operations in this region to compete with passenger car manufacturers in the market. Several motor manufacturers such as Nidec Corporation (Japan), Denso Corporation (Japan), and Mitsubishi Electric Corporation (Japan) have already planned or are planning to expand their manufacturing facilities to cater to the increasing demand for motors from original equipment manufacturers (OEM).
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Europe: Modest Growth in Automotive Motors Market
Europe is considered as a highly sophisticated market, in terms of technology and safety regulations. The major Tier I suppliers of automotive motors in this region are Robert Bosch (Germany) and Continental AG (Germany).
Germany ranks first in terms of vehicle production and sales in the European region. As of 2015, the German automotive companies accounted for approximately one-third of the international automotive R&D expenditure. The country is thus expected to dominate the European automotive motors market, owing to its high production capabilities and increasing R&D investments.
Growing Demand for Convenience Features in Vehicles Would Boost the Automotive Motors Market
The demand for advanced automation systems and upcoming legislation for automotive safety have triggered the growth of the automotive motors market in developing countries such as China, Brazil, and India. The primary reason for the growth of the automotive motors market is the increased demand for safety and convenience, which has led to an increase in the penetration of advanced technologies such as Anti-lock Braking Systems and Electronic Stability Control in passenger cars.
Major players profiled in the report are:
- Siemens
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- Magna International
- Mitsubishi Electric Corporation
- Valeo SA
- Mahle GmbH
- Nidec Corporation
- BorgWarner Inc.
- Mitsuba Corporation
- Johnson Electric Holdings Limited
The automotive motors market is projected to grow at the fastest rate in emerging economies such as India and China. Asia-Pacific is estimated to be the fastest growing market for automotive motors during the forecast period. It is followed by North American and European markets.
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