Market Trends of Automotive Micro Motor Industry
DC Micromotors Segment to Dominate the Market during the Forecast Period
Globally, micromotors are witnessing extreme demand from key automotive manufacturers. The demand for automotive parts and components is growing steadily for various applications. The demand for DC and brushed micromotors is driving the adoption of different micromotors in the market. Automotive seats are now offered with micromotors to enhance massager capabilities. ORVM, power windows, etc., are some of the key use cases of micromotors witnessing higher adoption rates. Thus, demand seems much more effective with the expansion of smart technologies in the automotive sector.
Key manufacturers are much more inclined toward manufacturing DC micro-motors that consume minimal power than their counterparts. DC micromotors are generally the preferred product in the automotive domain as they provide faster response time and have high startup power. Further, its availability in various standard voltage and simpler installation mechanisms leads to the increasing demand for the product. In the coming years, the integration and development of brushless DC micro motors are expected to gain traction due to their cost-saving capability. Brushless micromotors are preferred in automotive applications such as windshield wipers, power windows, and power seat adjusters, which is fostering the demand for this segment.
The usage of DC micro-motors in luxury vehicle components is common among auto manufacturers. Therefore, the increasing demand for luxury cars such as SUVs and MPVs, coupled with the rising adoption rate of electric vehicles in the market, is anticipated to positively contribute to the surging growth of the automotive micro motors market. In 2022, the overall volume of luxury cars worldwide touched 190 thousand units, compared to 155 thousand units in 2021. With the launch of advanced luxury models in the market, the demand for the DC micromotors segment is anticipated to witness surging growth during the forecast period.
Asia-Pacific to Witness Highest Growth during the Forecast Period
The rising urbanization rate, coupled with the growing per capita disposable income of consumers in the Asia-Pacific region, is fostering the growth of the luxury vehicles market, which, in turn, is leading to the increased demand for automotive micromotors owing to its usage in several components such as electric sunroof. Coupled with that, the rising adoption of electric vehicles in India and China is also driving the demand for micromotors due to their use case in various components such as power windows, power seat adjusters, etc., which assists in enhancing the convenience of customers.
In recent years, due to the low production costs in countries such as China, vehicle production has gone up substantially. Moreover, China is also one of the largest exporters of automobiles and automotive components. Increasing car production in the region is expected to boost the demand for passenger cars in the region, which in turn is expected to positively impact the growth of automotive micromotors. According to the International Energy Agency, electric vehicle sales in China touched 6 million units in 2022, compared to 3.3 million units in 2021, representing a Y-o-Y growth of 81.8% between 2021 and 2022. With the positive outlook of the electric vehicle industry and the consumers's shifting preference towards availing luxury products in their vehicles, the automotive micromotors market in the Asia-Pacific region is anticipated to witness surging growth.
In addition, Japan is anticipated to hold future lucrative opportunities after China in Asia-Pacific; Japan is well equipped with key players, including Nidec Corporation, Mabuchi Motors, and Mitsuba Corporation, which are expected to boost growth in the region. Moreover, emerging economies, including India and ASEAN, are further evaluated to have the demand for micromotors globally.
