Global automotive motors market was valued at $ 38.7 billion in 2022 and is likely to reach $ 61.4 billion by 2032, registering a CAGR of 4.5% over the forecast period of 2023-2032.
The automotive industry is undergoing a seismic shift, driven by the global push towards electrification and stringent emissions regulations.
At the heart of this transformation lies the automotive motors market, experiencing unprecedented growth and innovation. From traditional internal combustion engine (ICE) starters and alternators to the burgeoning realm of electric vehicle (EV) traction motors, the landscape is evolving rapidly.
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Companies:
• Bosch
• Continental AG
• Denso Corporation
• Hitachi Automotive Systems
• Johnson Electric
• Mahle Group
• Mitsubishi Electric Corporation
• Nidec Corporation
• Siemens AG
• Valeo
Key Market Drivers:
Several factors are driving the growth of the automotive motors market:
• Stringent Emission Regulations: Governments worldwide are implementing stricter emissions standards, forcing automakers to adopt electric powertrains.
• Growing Consumer Demand for EVs: Increasing awareness of environmental issues and the availability of attractive EV models are driving consumer demand.
• Advancements in Battery Technology: Improvements in battery energy density and charging infrastructure are making EVs more practical and appealing.
• Government Incentives and Subsidies: Many governments offer incentives to promote the adoption of EVs, further stimulating market growth.
• Technological Advancement: Continuous innovation in motor design, materials, and manufacturing processes is driving improvements in performance and efficiency.
Market Challenges:
Despite the strong growth potential, the automotive motors market faces several challenges:
• Supply Chain Disruptions: The semiconductor shortage and supply chain disruptions have impacted motor production and availability.
• Raw Material Costs: Fluctuations in the prices of raw materials, such as rare earth metals and copper, can affect motor production costs.
• Competition: The market is becoming increasingly competitive, with numerous established and emerging players vying for market share.
• Infrastructure Development: The lack of adequate charging infrastructure in some regions can hinder EV adoption.
• Recycling and sustainability: The end of life recycling of motors, and the sustainability of rare earth material sourcing are both challenges that are being addressed
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