Automotive Motor Market Size, Share & Trends Analysis grow at a CAGR of 5.7% from 2024 to 2030
The global automotive motor market size was valued at USD 38.7 billion in 2023 and is projected to grow at a CAGR of 5.7% from 2024 to 2030. Increasing sales of vehicles, particularly of the electric variants, are expected to strengthen the demand for automotive motors in the coming years. Automobiles require different types of electric motors to effectively perform a wide range of functions across components such as power windows, engine cooling fans, air conditioning systems, and sunroofs. Moreover, consumers are demanding vehicles that provide advanced safety features such as anti-lock braking systems (ABS), airbags, electronic stability control (ESC), and traction control. These features rely on electric motors, stimulating market expansion.
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The global automotive industry is witnessing a rise in production volumes across various vehicle segments, including passenger cars, commercial vehicles, and two-wheelers. Globalization has led to economic prosperity and a rise in disposable income among existing untapped consumer markets. This has led to increasing demand for vehicles, encouraging multinational firms to set up their manufacturing bases in such thriving economies. This results in an increased demand for all types of automotive motors, from those used in core functionalities to those required to elevate comfort and convenience features.
Continuous advancements in motor design and manufacturing processes by automotive manufacturers have resulted in the development of more efficient, compact, and powerful motors. This not only improves vehicle performance but also offers an opportunity to incorporate new applications within automobiles. For instance, current vehicle manufacturers are increasingly incorporating advanced driver assistance systems (ADAS) in their vehicles. This is expected to fuel demand growth for steering-controlling functional motors used in these autonomous systems.
Motor Type Insights
The brushless DC motor (BLDC) segment held the largest revenue share of 43.3% in the market in 2023. BLDC motors offer significantly higher efficiency compared to traditional brushed DC motors. This results in greater driving range for electric vehicles (EVs) and improved fuel economy for hybrid vehicles, ultimately reducing emissions and operational costs. Furthermore, BLDC motors are available in a compact design and offer high power density. This is crucial for automakers who are constantly striving to optimize space utilization within vehicles. These characteristic advantages of BLDC motors account for the high market share of this segment.
The traction motor segment is expected to witness the fastest CAGR of 8.3% during the forecast period. This is owing to a growth in environmental awareness among consumers and their shifting preference towards electric vehicles. Traction motors are a fundamental component of EVs, improving vehicle performance and necessitating their growth alongside the EV market. They provide high torque for rapid acceleration, improved energy efficiency, and enable quieter operation. These factors create a favorable environment for the adoption of EVs over traditional vehicles, leading to steady market growth for this segment.
