The global Automotive Motors Market for ICE vehicles is projected to grow from USD 23.0 billion in 2022 to USD 28.7 billion by 2027, at a CAGR of 4.5%. Factors such as rising demand for low emission ICE vehicles, increasing consumer spending on safety and comfort features in automobiles and the growing trend of electrification of automobiles along with the growing demand for premium vehicles will lead to a growth in the automotive motors market. The global recovery from the pandemic and will also be a major factor leading to stable growth in demand for these motors.

Market Dynamics:

Driver: Rising demand for safety systems to boost the automotive motors market

Automotive safety norms are evolving in developing countries due to legislation for active and passive safety systems, which mandate the installation of safety systems in passenger cars. This considerably increases the installation of safety systems such as ABS and ESC per vehicle and thus, increases the demand for electric motors. Safety features are enhanced by ABS, ESC, and brake assist motors platforms, which provide high power density and reliability for all vehicles, including hybrid and electric car braking systems. Advanced compact pedal adjuster motors are designed to provide the highest uniformity in the smallest package to enhance driver control and comfort. All these features are increasing the comfort and performance of a vehicle, subsequently driving the demand for automotive motors. Most active safety features in automobiles use automotive motors as part of their systems. ABS, ESC, and AEB use these motors directly or as part of their systems. The ECU works with engine motor systems in the vehicle for their use. The ABS system also uses motors for its operations as part of the setup. Autonomous emergency braking works with brake motors for their operations. Thus, the growing use of these motors in safety systems would drive the automotive motors market.

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Opportunity: Growing demand for luxury vehicles presents growth opportunity

Several economies around the world have recovered from the 2008 recession. Higher growth rates have been observed in developing countries such as China and India. The standard of living has also improved in developing countries, with a considerable rise in spending power. German auto brands such as Mercedes-Benz, BMW, and Audi dominate the global luxury car market. The change in consumer preferences has increased the demand for better products, which has positively affected the sales of premium cars across the globe. The automotive division of BMW recorded growth in 2019, despite the slowdown in the global automotive market. The division registered a growth of 6.8% in 2019 due to increasing deliveries in the luxury car segment. Its subsidiary, Rolls Royce, sold 5,100 units, an increase of 21.6%, compared to 4,194 units a year earlier, while the production volume increased by 25.3%. Similarly, the group sold more BMW branded vehicles in 2019 than in 2018. In 2020 and 2021, there was a decline in the luxury segment due to an overall reduction in vehicle sales due to the pandemic. In 2021, the sales of the BMW Group grew by 8.4% compared to 2020. Meanwhile, the sales of Mercedes Benz fell by around 5% in 2021 compared to 2020. On the other hand, Audi decreased sales by just 0.7% compared to 2020. However, they are expected to grow at a fast rate in the coming years. Features like safety innovations are first introduced in the luxury and premium car segments, and this rise in sales would act as a driver for the automotive motors market.

Key Market Players

The automotive motors market is dominated by established players such as Bosch (Germany), Denso (Japan), BorgWarner (US), ZF Group (Germany), and Continental AG (Germany). These companies adopted new product launches, undertook deals, and other strategies to gain traction in the automotive motors market.

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