Market Overview:
Automobiles, as opposed to their counterparts that run on fuel, are powered by electricity. Such vehicles use an electric motor to power themselves instead of internal combustion engines, which need a steady supply of energy from batteries to function.
There are several varieties of batteries used in such types of vehicles. It includes lithium-ion, molten salt, zinc-air and various nickel base designs. The electric vehicle was primarily designed to replace the conventional ways of travel as they lead to environmental pollution. In addition, the global automotive motor market has been expected to increase at a CAGR of 51%, with a significant value during the projected period of 2023-2032. The increasing production of the vehicles, ongoing technological advancements in such segments and the rising demand for energy-efficient vehicles are expected to drive the automotive motor market over the predicted years.
The key players in automotive motor market are Robert Bosch GmbH (Germany), Johnson Electric Holdings Ltd. (Hong Kong), Continental AG (Germany), Nidec Corporation (Japan), Denso Corporation (Japan), and Mitsubishi Electric Corporation (Japan). Siemens AG (Germany), Magna International (Canada), Valeo S.A. (France), Borgwarner Inc. (U.S.), Mitsuba Corporation (Japan), Mahle Group (Germany), PMP Auto Components Pvt. Ltd. (India), SAIC Motor Corporation Limited (China), REIL Electricals India Limited (India) are among others.
These sectors also have gained popularity due to the numerous technological advancements. It out-forms the conventional vehicles, which have higher fuel economy capacity, low carbon emission and maintenance, convenience for the charging at home, smoother drive and reduced sound from the engine. There are three types of electric vehicle batteries: hybrid and plug-in hybrid vehicles. However, electric vehicles require no engine oil changes but are slightly more expensive than their gasoline equivalents.
All the factors like the increasing demand for the fuel-efficient, high-performance and low-emission vehicles, stringent government rules and regulations towards the vehicle emission, the reduction of the cost of the electric vehicle batteries, and the increasing of the fuel costs supplement the growth of the electric vehicle market. But due to the implementation of the strict lockdown procedures, several industries have been facing a loss in the production work. The stoppage of international commercial activities strongly affects the global market sectors.
Market Segmentation:
The global automotive motor market has been segmented into five sections: product, application, vehicle type, electric vehicle type, and regional basis. The market has been divided into three categories with the product section: DC brushed, BLDC motors, and stepper. The market is divided into three sections: performance motors, comfort motors, and safety motors with the application section. The entire automotive motor market has been divided into passenger cars and commercial vehicles with vehicle types. As per the electric vehicle sections, the market is divided into three categories: BEV, PHEV, and HEV. According to the regional basis, the market is further divided into five categories: Asia-Pacific, Europe, North America, South America, and the Middle East Africa.
Regional Analysis:
Manufacturing is one of the primary processes that undergo the rapid transformation in such automotive motor market sectors worldwide. This large-scale transformation has put the country in a leading position in the market sectors. The region has evolved from producing low-cost goods to manufacturing more advanced products over the last few decades. The economy of China is growing while the disposable income of middle-class consumers is also increasing, and it reflects positively on the growing demand for vehicles.
Industrial News:
The government of China has cut down the taxes on cars to increase sales. China is also one of the largest exporters of automobiles and automotive components. The increasing car production in the region is expected to boost the market's growth.
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