Automotive Drive Motor Market Size, Share, Growth, and Industry Analysis, By Type (Permanent Magnet Synchronous Motor, Asynchronous Motor, Other), By Application (Blade Electric Vehicles, Plug-in Electric Vehicle), Regional Insights, and Forecast To 2033

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AUTOMOTIVE DRIVE MOTOR MARKET REPORT OVERVIEW

The global automotive drive motor market size was anticipated to be valued at USD 18.98 billion in 2024, with a projected growth to USD 197.17 billion by 2033 at a CAGR of 29.7% during the forecast period.

A motor-powered system is referred to as a motor drive. A system with a motor that operates at multiple speeds is known as an adjustable speed motor drive. A system with a motor and continuously variable speed is called a variable speed motor drive. This could be referred to as a generator drive, but it is still commonly referred to as a motor drive if the motor is generating electrical energy rather than using it.

Motors are utilized in a variety of vehicle applications where passenger comfort and the vehicle's capacity to move the driver effectively are equally important. The automotive drive motor market will expand as a result of factors such as rising consumer spending on automobile safety and comfort features and rising demand for high-end vehicles.

COVID-19 IMPACT

"Market Demand Was Hampered by the Pandemic"

The global COVID-19 pandemic has been unprecedented and staggering, with automotive drive motor market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The global pandemic's restrictions have shocked the world, but the automotive drive motor market has also been severely affected. The pandemic has had a negative impact on the majority of industries worldwide in recent months. This is primarily due to decreased investments in the manufacturing sector by both public and private businesses. A number of preventative lockdowns, significant disruptions to manufacturing and supply chain operations, and other government restrictions forced manufacturers to temporarily reduce production. The shift in demand also slowed the growth of the market for automotive drive motors. The market, on the other hand, is anticipated to recover once government agencies begin to lift these mandatory lockdowns.

LATEST TRENDS

"Demand for Luxury Vehicles to Drive Market Expansion"

The automotive motor market is being driven by the rapid production and adoption of drive motors in various nations and rising demand for luxury vehicles. Due to advantages like reduced fuel consumption and passenger comfort, automotive motor sales are rising. Major players are anticipated to drive automotive drive motor market growth over time due to the development of novel concepts with the intention of attracting new customers. As a result of these developments in the global market, the market might witness an increase in demand in the forecast period.

AUTOMOTIVE DRIVE MOTOR MARKET SEGMENTATION

By Type

According to type, the market can be segmented into Permanent Magnet Synchronous Motor, Asynchronous Motor, Other.

In terms of product, Permanent Magnet Synchronous Motor is the largest segment.

By Application

Based on application, the market can be divided into Blade Electric Vehicles, Plug-in Electric Vehicle.

In terms of application, Blade Electric Vehicles is the largest market.

DRIVING FACTORS

"Growing Automotive Industry will boost the Market Demand"

The development of the market has benefited from the automotive industry's expansion. As a result of rising incomes, expanding research and development hubs, and government programs that have fuelled the market's expansion and raised consumer demand for privately owned automobiles. Automotive drive motor sales are also expected to rise consistently over the forecast period due to its widespread use in applications that control passenger comfort in vehicles. A significant demand for electric vehicles has resulted from rising global concerns about the negative effects of climate change and alarming pollution levels in major cities. Due to the rise in the cost of gasoline and diesel, there has been an increase in the demand for vehicles that use less fuel. Demand is also rising because of the depletion of fossil fuel reserves and the growing tendency of businesses to maximize profits from these oil reserves. As a result, these factors raise the demand for automotive motors, which are typically found in electric vehicles, as well as for cutting-edge fuel-efficient technologies. As a result, the expansion of the drive motors is aided by an increase in vehicle sales.

RESTRAINING FACTORS

"High Manufacturing Cost will Hinder Market Growth"

Growth of market may be hampered by excessive manufacturing cost which is higher than traditional automobile motors. Due to export restrictions and supply risks for the rare earth metals used in permanent magnets for synchronous motors, the automotive drive motor market is expected to face challenges in the procurement of these metals. Due to the numerous unidentified factors involved in determining the total cost of ownership of drive motors, fleet owners have been hesitant to make an investment due to the significant price difference between internal combustion and electric vehicles.

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AUTOMOTIVE DRIVE MOTOR MARKET REGIONAL INSIGHTS

"Rising Demand in Europe is anticipated to Boost Market Expansion"

Several leading manufacturers of the industry are based in the Europe region. As a result of rising demand for technologically advanced vehicles, government support policies that promote investment and expansion of the product line in response to rising demand from various end-use businesses, Europe holds the leading position in automotive drive motor market share.

KEY INDUSTRY PLAYERS

"Market Development is Being Influenced by Major Players' Adoption of Novel Strategies"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are Tesla, Volkswagen, BYDCo, ZF Friedrichshafen AG, BOSCH, HASCO, BROAD-OCEAN, Mitsubishi Motors Corporation, XPT, NIDEC CORPORATION, Zhejiang Founder Motor Co., Ltd, Magna, JJE and others. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the market growth.

List of Top Automotive Drive Motor Companies

• Tesla
• Volkswagen
• BYDCo
• ZF Friedrichshafen AG
• BOSCH
• HASCO
• BROAD-OCEAN
• Mitsubishi Motors Corporation
• XPT
• NIDEC CORPORATION
• Zhejiang Founder Motor Co., Ltd
• Magna
• JJE
• HITACHI
• SHUANGLIN GROUP
• Chery New Energy
• Anhui Juyi
• Shenzhen Greatland Electrics Inc.

REPORT COVERAGE

This report examines an understanding of the automotive drive motor market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.