June 26, 2023 11:30 ET | Source: Allied Market Research Allied Market Research
Portland, OR, June 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automotive Micro Motor Market by Vehicle Type (AC, and DC), Technology (Brushed Micromotor, and Brushless Micromotor), and Power Consumption (Below 11 V, 12 - 24 V, 25 – 48 V, and Above 48V), and Application (Power Window Motor, Wiper Motor, Seat Adjustment Motor, Heating, Ventilation, And Air Conditioning (HVAC) Motor, Power Steering Motor, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global automotive micro motor industry generated $13.3 billion in 2022 and is anticipated to generate $20.4 billion by 2032, witnessing a CAGR of 4.4% from 2023 to 2032. Portable Massage Pillow For Car And Home
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The growth of the global automotive micro motor market is driven by factors such as rise in demand for comfort and convenience features in vehicles, increase in trend of connectivity, advanced driving assistance systems, and increase in focus on energy efficiency and sustainability. However, technological challenges and high capital investment hamper the growth of the market. On the contrary, surge in adoption of electric vehicles and growing popularity of autonomous vehicles are expected to offer remunerative opportunities for the expansion of the automotive micro motor market during the forecast period.
Automotive Micro Motor Industry Report coverage & details:
The DC segment to maintain its leadership status throughout the forecast period.
Based on type, the DC segment held the highest market share in 2022, accounting for nearly three-fifths of the global automotive micro motor market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there rise in the shift toward brushless DC motors (BLDC) instead of traditional brushed DC micro motors. However, the AC segment is projected to manifest the highest CAGR of 4.9% from 2023 to 2032, owing to the rise in the popularity of electric vehicles, and the incorporation of micro motors in Advanced driver-assistance systems (ADAS).
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The brushed micromotor to maintain its leadership status throughout the forecast period
Based on the technology, the brushed micromotor segment held the highest market share in 2022, accounting for more than three-fifths of the global automotive micro motor market revenue, and is estimated to maintain its leadership status throughout the forecast period as they are compact and lightweight, making them suitable for integration into various vehicle systems. However, the brushless micromotor segment is projected to manifest the highest CAGR of 5.3% from 2023 to 2032, owing to the surge in the use of micromotors without brushes to achieve improved efficiency, improved reliability, and durability of the motors.
The 12-24 V segment to maintain its lead position during the forecast period
Based on power consumption, the 12-24 V segment accounted for the largest share in 2022, accounting for more than two-fifths of the global automotive micro motor market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is a surge in the use of 12-24 V micromotors in vehicles for power window, wiper system, and other systems. However, the above 48 V segment is projected to manifest the highest CAGR of 6.1% from 2023 to 2032, owing to an increase in demand for micromotors with high voltage installed in electric power steering and electric brake systems to achieve increased safety and efficiency.
Asia-Pacific to maintain its dominance by 2032
Based on region Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global automotive micro motor market revenue, and is likely to dominate the market during the forecast period, as there is a significant increase in vehicle production and sales, and rise in focus on energy efficiency and reduction of emissions. However, the LAMEA region is expected to witness the fastest CAGR of 6.7% from 2023 to 2032, owing to a rise in technological advancements, such as the miniaturization of electronic components and improvements in micro motor design.
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The report provides a detailed analysis of these key players (manufactures) of the global automotive micro motor market. These players have adopted various strategies such as expansion, new product launches, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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