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Automotive Motor Market Size To Reach $56.9Bn By 2030

Automotive Motor Market Size To Reach $56.9 Billion By 2030

December 2024 | Report Format: Electronic (PDF)

Automotive Motor Market Growth & Trends

The global automotive motor market size is expected to reach USD 56.9 billion by 2030, registering a CAGR of 5.7% from 2024 to 2030, according to a new report published by Grand View Research, Inc. Automotive industry is currently going through technological advancements to cater to the changing consumer preferences. Automotive manufacturers emphasize on producing efficient motors. Furthermore, rising need for fuel-efficient vehicles is fueling the need for automotive motors with better performance and higher efficiency. Rising demand for fuel efficient vehicles along with stringent environmental norms is also resulting in development of lightweight raw materials without having to compromise the structural strength of the components.

Rising preference for electric vehicles coupled with the increasing automobile production is anticipated to drive the automotive motors market in the forthcoming years. Automotive motors are widely used in car chassis, powertrain systems, internal/external comfort control systems, and safety systems. Currently, these motors are also being implemented in automated doors, wipers, sunroof systems, massage seats, and adjustable mirrors of vehicles. Increasing demand for vehicles with these advancements is expected to fuel the market growth.

Rising adoption of electric vehicles to alleviate problems, such as oil dependency, global warming, and environmental pollution is expected to bode well for the market growth. Various governments have initiated and implemented policies to encourage the production and adoption of electric vehicles. Factors, such as developments in electric vehicle production technology and rising emphasis on renewable energy are expected to drive the demand for electric vehicles. Increasing government support for green vehicles is projected to further propel the demand. Improving battery technology and forthcoming regulation of Internal Combustion Engine (ICE) vehicles are boosting the outlook for electric vehicles. Rising popularity of electric vehicles is anticipated spur many innovations in automotive electric motors. Electric car manufacturers prefer using automotive motors in vehicles owing to low maintenance, higher efficiency, high operating speed, and quick response.

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Automotive Motor Market Report Highlights

Brushed DC motor segment is expected to account for the highest automotive motor market share in terms of revenue over the forecast period ascribed to the factors, such as simple usage and low cost
Increasing demand for electrification of vehicles over the last few years is estimated to catapult the traction motors segment during the forecast period
Safety motors segment is anticipated to witness significant growth by 2025 owing to the increasing stringency of government rules and regulations regarding incorporation of safety systems in vehicles
Comfort application segment is expected to witness the fastest growth over the next six years as comfort motor increased riding capability
Passenger vehicles segment is likely to emerge as a dominant segment over the forecast period owing to the rising production volumes of passenger vehicles across the globe
Asia Pacific dominated the market with more than 35% revenue share in 2023, owing to increasing vehicle production in developing countries of China, India, and Japan along with the rising demand for advanced safety features such as seat belt reminders, anti-lock braking systems and so on

Automotive Motor Market Segmentation

Grand View Research has segmented the global automotive motor market report based on motor type, sales channel, application, vehicle type, and region:

Automotive Motor Type Outlook (Revenue, USD Million, 2018 - 2030)