Automotive Motor Market to Surpass 34.18 Billion by 2030 Drives Due to Rising Emphasis on Optimizing Design

SkyQuest projects that the automotive motor market will attain a USD 34.18 billion value by 2030, with a CAGR of 4.5% over the forecast period (2023-2030). The automotive motor market is experiencing significant growth, fueled by a rising emphasis on optimizing design and manufacturing processes to deliver better products with improved efficiency. Automakers and steering system manufacturers are increasingly focusing on enhancing the performance and reliability of steering systems, catering to the evolving needs of modern vehicles.

Westford, USA, Aug. 04, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the development in electric vehicle production technology and the increasing emphasis on renewable energy sources have emerged as significant drivers for the surging demand for electric vehicles (EVs). The adoption of EVs has become a pivotal solution in the automotive motor market as the world seeks to reduce its dependency on fossil fuels and combat pressing issues such as global warming and environmental pollution.

Browse in-depth TOC on the "Automotive Motor Market"

Pages - 165

Tables - 122

Figures – 77

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Recent advancements in designing high-efficiency and compact motors have opened up new opportunities in the automotive motor market. These modern motors are more powerful and efficient and significantly smaller in size, allowing for more versatile and space-saving applications in vehicles. As a result, they find extensive use in various automotive components, including seat cooling fans, engine cooling fans, power windows, power steering systems, and safety fittings.

Prominent Players in the Automotive Motor 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

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Brushed DC Motors Segment is Expected to Grow the Market Due to their Simple Drive Control Model

Brushed DC motors dominated the automotive motor market, primarily due to their simple drive control model and cost-effectiveness. These motors have gained popularity because of their easy installation process and ability to provide high power and speed to vehicles, making them suitable for various automotive applications.

The market in North America is projected to emerge as the second-largest region in the global automotive motor market. A key driving force behind this growth is prominent manufacturers' strong presence in Canada and the United States.

Traction Motor Segment is Expected to Dominate the Market Due to their High Efficiency

Traction motor segment is anticipated to witness rapid growth over the forecast period in the automotive motor market. These motors are primarily employed in Hybrid Electric Vehicles (HEVs) and Battery Electric Vehicles (BEVs) owing to their high efficiency and low power consumption characteristics.

Regional markets in Europe are poised to be one of the key regional markets in the global automotive motor market, primarily due to the region's growing presence in the automotive sector. Europe has a long-established automotive industry with some of the world's most renowned manufacturers and suppliers.

A comprehensive analysis of the major players in the automotive motor market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.

Key Developments in the Automotive Motor Market

ZF Group made significant strides in electric mobility by introducing several innovative technologies in 2022. ZF unveiled a modular and scalable silicon carbide (SiC) inverter architecture among them. Based on the latest silicon carbide technologies, it offers customers maximum flexibility with voltage options ranging from 400V to 800V. This inverter architecture combines cutting-edge power semiconductors and intelligent software algorithms, drawing on ZF's extensive experience in electric drives.

In 2022, a joint effort between BluE Nexus, Aisin, and Denso resulted in the development of advanced e-Axles for the all-new Toyota mid-size electric SUV, bZ4X. The co-developed e-Axles come in three different specifications: a 150 kW version for Front-Wheel Drive (FWD) applications installed at the front of the vehicle, and two 80 kW versions for Four-Wheel Drive (4WD) vehicles, with one each installed at the front and rear.

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Key Questions Answered in Automotive Motor Market Report

What specific growth drivers are projected to impact the market during the forecast period?

List the top companies in the market and explain how they have achieved their positions of influence.

In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?

Related Reports in SkyQuest’s Library:

Global HEV/EV Power Inverter Market

Global Automotive Power Management IC (PMIC) Market

Global Automotive Drivetrain Market

Global Air Brake System Market

Global Automotive Wiring Harness Market

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