New Delhi: As automobiles undergo modernization over time, an increasing number of automated features are replacing their manual counterparts, such as parking brakes, resulting in a heightened demand for automotive motors.
The swift rise in the adoption of electric vehicles (EVs) in the Asia-Pacific (APAC) region is fuelling the need for electric motors, a pivotal component in these vehicles. Against this backdrop, the APAC automotive electric motors market is forecast to post a 3.1% compound annual growth rate (CAGR) during 2023-2028, according to GlobalData, a leading data and analytics firm.
GlobalData’s latest report, “Global Sector Overview & Forecast: Electric Motors” reveals that the electric motors market in APAC is estimated to reach 478.4 million units in 2023 and 561.0 million units by 2028.
Madhuchhanda Palit, Automotive Analyst at GlobalData, said, “In the APAC region, consumers are increasingly favoring luxurious cars with modern features, including comfort, premium quality, and cost-efficient options such as electric parking brakes. These brakes not only outperform manual ones but also require minimal maintenance. Unlike manual systems, electric brakes, powered by an electric motor, eliminate the need for regular upkeep, addressing a common concern for consumers averse to the burdens of car maintenance.”
Furthermore, the market for mirror actuators and power-folding mirrors has already gained traction in the APAC region and is anticipated to experience substantial growth. This surge in demand can be attributed to the increasing integration of Advanced Driver Assistance Systems (ADAS) features in modern cars. Features such as automatic lane change assist, blind-spot monitoring, and parking assist necessitate precise mirror adjustments, driving the demand for sophisticated mirror actuator systems and consequently contributing to the increased demand for power-folding mirrors, and hence driving the growth of the overall electric motors market.
“China and India are at the forefront of the electric motors market in APAC, with China already having a well-established market and growing demand. Most contemporary cars in China come equipped with electric motor features, and this demand is projected to rise in the future,” Palit added.
In India, as the economy improves, consumers are increasingly opting for luxurious cars with efficient features. Furthermore, the substantial growth in EV adoption in both China and India is contributing to an increased demand for electric motors.
“The electric motors market is thriving in the APAC region. The increasing preference for luxurious vehicles among consumers and the surge in EV adoption are propelling the expansion of the electric motors market. In addition to delivering efficient performance, electric motor functions provide a premium appearance and status to cars, serving as a key driving factor for young consumers,” Palit said.