PUBLISHER: The Business Research Company | PRODUCT CODE: 1392481
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392481
“Automotive Micro Motor Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive micro motor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive micro motor? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive micro motor market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive micro motors are characterized by their compact, lightweight design and ease of operation, featuring low power consumption and minimal electromagnetic interference. These attributes make them well-suited for applications in small and intricate spaces with limited power budgets, particularly in modern electrical and electronic systems within the automotive industry. The primary function of automotive micro motors is to convert electrical energy into mechanical energy.
There are two main types of automotive micro motors such as AC micro motors and DC micro motors. AC micro motors operate by converting electrical energy into mechanical energy using alternating current. These motors are known for their efficiency, durability, quiet operation, and flexibility, making them suitable for various power generation needs. The power consumption types of automotive micro motors include 48V, 25V-48V, 12V-24V, and less than 11V. Additionally, automotive micro motors employ technologies such as brushed and brushless, catering to applications in both passenger vehicles and commercial vehicles.
The automotive micro motor market research report is one of a series of new reports from The Business Research Company that provides automotive micro motor market statistics, including automotive micro motor industry global market size, regional shares, competitors with automotive micro motor market share, detailed automotive micro motor market segments, market trends and opportunities, and any further data you may need to thrive in the automotive micro motor industry. This automotive micro motor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive micro motor market size has grown steadily in recent years. It will grow from $2. 85 billion in 2023 to $2. 98 billion in 2024 at a compound annual growth rate (CAGR) of 4. 3%. The growth observed during the historical period can be attributed to several factors, including fuel efficiency regulations driving innovation, consumer demand for enhanced vehicle features, the influence of global economic conditions on the automotive industry, and the implementation of regulatory standards for vehicle safety.
The automotive micro motor market size is expected to see steady growth in the next few years. It will grow to $3. 5 billion in 2028 at a compound annual growth rate (CAGR) of 4. 2%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing adoption of autonomous vehicles, a growing focus on sustainability and eco-friendly transportation solutions, a shift towards shared mobility services, and the integration of micro motors in emerging automotive markets. Major trends expected during this period encompass the electrification of vehicles, the implementation of connectivity and IoT in automotive systems, the use of lightweight materials for improved efficiency, the adoption of 3D printing in automotive manufacturing, and the integration of renewable energy sources in vehicle power systems.
The surge in demand for luxury cars is anticipated to be a significant driver propelling the growth of the automotive micro motor market. These micro motors play a pivotal role in facilitating the operation of various advanced components within vehicles, including electric sunroofs, environmental purification systems, power antennae, and other sophisticated features. The escalating demand for luxury automobiles is expected to intensify the need for micro motors. Notably, German luxury car manufacturers such as Audi and Mercedes-Benz have witnessed substantial sales growth in India. Audi reported a two-fold increase in retail sales from 1,639 units in 2020 to 3,293 units in 2021, while Mercedes-Benz India observed a significant rise from 2,060 units in the July-September quarter of 2020 to 4,101 units in the same period of 2021. This trend in the luxury automotive sector is poised to drive the automotive micro motor market.
The overall growth trajectory of the automotive industry is poised to significantly influence the automotive micro motor market. This sector, encompassing the design, manufacturing, marketing, and sale of various motor vehicles, heavily relies on micro motors for powering critical functions and components within vehicles. These miniature yet robust motors find application in essential vehicle systems such as power steering, electric windows, seat adjustment mechanisms, climate control systems, and crucial safety features like airbag deployment. Forecasts from CNBC indicate an expected surge in U. S. auto sales to approximately 15 million vehicles in 2023, representing a substantial 9% increase over 2022. This anticipated growth within the automotive industry is anticipated to drive concurrent growth in the automotive micro motor market.
A prominent trend shaping the automotive micro motor landscape revolves around strategic collaborations between companies operating in this market. Manufacturers of micro motors are increasingly engaged in partnerships and collaborative efforts aimed at fostering innovation and the development of new technologies and products. For instance, in June 2021, Local Motors, a notable manufacturer specializing in autonomous vehicles, announced a strategic partnership with Protean Electric. This collaboration aims to expedite the advancement of automotive micro motors and electric autonomous vehicles, underscoring the importance of cooperative ventures in driving technological innovation and market expansion within the automotive micro motor industry.
Prominent players in the automotive micro motor market are venturing into the electric two-wheeler segment to fortify their position in this niche market. Notably, in December 2022, Stella Moto, an India-based electric two-wheeler manufacturer, introduced the Buzz electric scooter, featuring cutting-edge grade-A lithium iron phosphate battery technology. This innovative scooter model is specifically tailored for the country's diverse climatic conditions. The scooter's lithium iron phosphate battery incorporates an advanced battery pack capable of monitoring the battery's positions and temperatures within the vehicle. This integration is made possible through a micro-processor-based smart battery management system, enhancing the efficiency and performance of the vehicle.
In June 2021, Spark Minda Group, a prominent India-based automotive systems solutions provider, entered into a strategic partnership with INFAC Elecs, aiming to pioneer new solutions in automotive safety and diversify their product offerings, particularly focusing on multiple antenna products such as rod antennas. The collaboration also emphasizes the local manufacturing of these antennas. INFAC Elecs, a Korea-based automotive antenna systems provider, brings specialized expertise to this collaboration, contributing to the development of cutting-edge solutions in automotive safety and communication systems. This strategic partnership aims to harness their collective strengths to innovate and cater to the burgeoning demands within the automotive micro motor market, specifically focusing on safety and communication-related solutions.
Major companies operating in the in the automotive micro motor market report are Asea Brown Boveri Ltd., Buhler Motor Gmbh, Constar Micro Motor Co. Ltd., Johnson Electric, Nidec Corporation, Robert Bosch GmbH, Denso Corporation, Mabuchi Motors Co. Ltd., Asmo Co. Ltd., Brose Ltd., Mahle GmbH, Panasonic Corporation, Shihlin Electric and Engineering Corporation, IFB Automotive Private Ltd., Maxon Motor GmbH, Mitsuba Corporation, Valeo Group, Continental AG, Siemens AG, BorgWarner Inc., AMETEK Inc., Hitachi Automotive Systems Ltd., Toshiba Corporation, Delphi Technologies, Magna International Inc., Prestolite Electric Inc., Ford Electric Company, Mitsubishi Electric Corporation, Sumitomo Electric Industries Ltd., Micromo Electronics Inc.
Asia-Pacific was the largest region in the automotive micro motor market in 2023. The regions covered in the automotive micro motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive micro motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive micro motors market consists of sales of geared motors and coreless motors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.