Electric Motors For IC Engine Vehicle Market Size (2024 - 2029)

Electric Motors For IC Engine Vehicle Market Size Summary

The electric motors for internal combustion engine (IC) vehicles market is experiencing a steady growth trajectory, driven by increasing consumer demand for advanced in-car technologies and enhanced safety features. As consumers are willing to invest in features like electrically operated mirrors, powered seats, and advanced safety systems such as ABS and traction control, the market for electric motors is expanding. However, the rise of electric and hybrid vehicles poses a significant challenge, as these vehicles require fewer mechanical components, thereby limiting the demand for electric motors in IC vehicles. The passenger car segment is the dominant force in this market, fueled by growing consumer purchasing power and a heightened focus on vehicle safety.

Globally, the market is witnessing robust growth, particularly in the Asia-Pacific region, which leads in vehicle sales, followed by Europe and North America. In Europe, stringent vehicle efficiency and fuel economy regulations are driving demand for electric motors, although the increasing adoption of electric vehicles is expected to dampen market growth. The market is characterized by a few major players, such as Nidec Corporation, Denso Corporation, Mitsubishi Electric Corporation, and Robert Bosch, who are actively engaging in strategic partnerships, acquisitions, and product innovations to maintain their competitive edge. These companies are focusing on integrating advanced technologies and optimizing product offerings to meet the evolving demands of the automotive industry.