The Automotive Electric Motors Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Automotive Electric Motors Market highlights the future prediction and the growth alternatives that can be created.
The automotive electric motors market 2020 offers a steady compound annual growth rate (CAGR) from 2017 to 2023 of 8%, making a high valuation worth by 2023. These figures are accumulated after an in-depth study has been conducted through Market Research Future that eminently focuses on the automotive industry. As the world grapples with the COVID-19 deadly disease that has shaken the world, automotive electric motors market is contributing its part to fight COVID.
Top Impacting Market
Some of the outstanding factors for the growth of the automotive motors market are noted to be the electrification of the automobiles and the enhancement of safety features, such as the ABS (Antilock Braking System) and electronic power control. Conversely, electric vehicles require less number of motors as compared to conventional vehicles, which is approximate to be a threat to the expansion of the automotive motors market in the coming time. The automotive motors are one of the outstanding aftermarket components in the global automotive market as they have an excellent replacement rate. Hence, by sales channels, the aftermarket segment is approximate to inflate with an outstanding pace over the assessment period in the global market.
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The motors used for applications such as the HVAC system, electric power steering, side mirrors, and power windows are in towering demand in the global market. Besides, the demand for such motors in the global market is predicted to inflate at an incremental rate post-COVID 19 pandemic. Whereas, performance motors that are used for the propulsion of the automobiles are also likely to grab outstanding market share in terms of value and volume during the forecast period in the global automotive electric motors market. Such an incremental growth of performance motors and its demand is estimated to remain healthy in the global automotive electric motors market.
Despite these factors, the lack of awareness of benefits allied with smart motors among small and medium enterprise owners for various applications is anticipated to hinder the growth of the electric motor market during the growth course of the automotive electric motors market.
The well-known players of the automotive electric motors market are listed as Chengdu Huachuan Electric Parts Co., Ltd. (China), Robert Bosch GmbH (Germany), Hubei Shendian Auto Motor Co., Ltd. (China), Chongqing Bright Industry Group Co., Ltd.(China), Johnson Electric International AG (Hong Kong), Jinzhou Halla Electrical Equipment Co., Ltd. (China), Shanghai Valeo Automotive Electrical Systems Co., Ltd. (China), Mitsubishi Electric Corporation (Japan), Taizhou ValeoWenling Automotive Systems Co., Ltd. (China) and others.
The automotive electric motors market has further been installation position and function.
Depending on the installation position, the market has included body motors, chassis motors, and power train motors.
Depending on the function segment, the market has included small-sized automotive electric motors, automotive starters, alternators, and other.
The region of Asia-Pacific is anticipated to lead the automotive electric motors market in support of boom in the manufacturing industries, consisting of automotive manufacturers in the region. The constant up-gradation of the automobile manufacturing sector and the escalating emphasis of the adoption of energy-efficient electric motors in various automotive in the region is anticipated to add to the expansion of the automotive electric motors market.
The developed nations such as North America and Europe are also becoming aware of the use of efficient electric motors in the automotive. They have surged the adoption of electric motors owing to improved energy efficiency and the low cost of electric motors. North America grabbed the highest share and is anticipated to lock the leading position during the assessment period. This is accredited to industrial growth and expansion of the aerospace industry. The U.S. is a pioneer in the electric motor market. Thus, the electric motor market share is highest among the North American countries.
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