APAC automotive non-traction electric motors market to grow at 1.6% CAGR over 2024-29, forecasts GlobalData
NEWS RELEASE Image For immediate release: 11 December 2024    APAC automotive non-traction electric motors market to grow at 1.6% CAGR over 2024-29, forecasts GlobalData The growth of the non-traction electric motors market in the Asia-Pacific (APAC) region is driven by factors such as rising consumer demand for premium features and technological advancements. These factors, along with expanding automotive industries, are accelerating the adoption of non-traction electric motors in the region. Against this backdrop, the APAC non-traction electric motors market is expected to record a CAGR of 1.6% over 2024-29, according to GlobalData (https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC502qyvSaH8suunkkct0v9mfhD3CZpPwE6yIlbcMHzf9ltV3_GytAL3QbJB-2BoWXuwBE-2FIjhYQtOTtMoWr5j7qlhmWbNm6mwDiqty6USCLt5nP-2BZW8AdBm34QH7NpVWAJ3c-2BlF1uyQ1-2FZ-2FykCnr87gyalWmBc5PcTB9MpkgeZozfZDEtHNUXbYutS8cTk-2B9PILBjbTA9QlvpG36xbTWbTQDnnDfnLS2bYdRpRf3CZViWzy2rztSjdQlWukyr5lQ0zsQiJX301lA-2BNG2NWyXEKZllStWu9d9Fl6KSJ6RMbIxYwHxFCGr9K-2FprI2cKtpgU25u0miZ9B3whpJMBC-2FkpfLmeBcCvWjO3WqRibKKP37-2B-2FAs-2Fng5sYAzMkNTajvyqnOXMmxvH5gwf2h9-2BRWDQ0eg7u2G5J0-3D , a leading data and analytics company. GlobalData’s latest report, “Global Sector Overview & Forecast: Non-Traction Electric Motors Q3 2024 (https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC502qyvSaH8suunkkct0v9mQHYoL1-2Bp6ahcv9DOa-2FFF07B0IQ5mVwSF-2FC10AbmzIIWP7ZCXp0v0QWf9UtVkXJDVzdFib1Ch95LDTxgU0FZKnJ9pBfEh0GgpEBIfqGbt-2Fn01P-2FyIBSt1Ik3EhQYZJCEl7Ac-2FJUVyTTOTr1YLgL2JZsMFJTlB2wuMJViVhPOQQyl5aBvH6oXd5jNKNdIFrAZBkva4yfeGF7c6z3mVqLkhHfycOqEF8XjYfojtn3xskKw-3D-3DwZPV_GytAL3QbJB-2BoWXuwBE-2FIjhYQtOTtMoWr5j7qlhmWbNm6mwDiqty6USCLt5nP-2BZW8AdBm34QH7NpVWAJ3c-2BlF1uyQ1-2FZ-2FykCnr87gyalWmBc5PcTB9MpkgeZozfZDEtHNUXbYutS8cTk-2B9PILBjbTA9QlvpG36xbTWbTQDnnDfnLS2bYdRpRf3CZViWzy2rztSjdQlWukyr5lQ0zsQiJX3zb6WhgN-2F-2BYwihVLpxYt6-2BpTlu-2F6bkM87lTjB-2BPA8B4XjkFq4ZpJdzj5LEoF6tHZh4-2FQw28J4GTDCBo1xBkHrLXtq1w5Z49kBapR3lyzQFRan21RjrtcGHQB3ArRxluMm7zBP7cXbM5DulE92hnWjGw-3D �?? reveals that the non-traction electric motors market is estimated at 517.9 million units in 2024 and is forecast to increase to 561.0 million units by 2029 in the APAC region. Madhuchhanda Palit, Automotive (https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC502qyvSaH8suunkkct0v9nWypkSY3TN-2Bw-2Br3O5FE7n8gruIsvPdGHWGGsXJU7B6c3IC9NIe2rxJclQqbB7yA2ZGtm4TT94AqrAfFxGtzhTTkPMLd06zdqQMcUvISENIV2lt8F2SI2I-2FN7ypCvHjrYWEqXJkJk44MFJLMwsqHjEOdbFWc8a8W9PZ9RqnoOCvSQD-2BUDNwks6Tvhg9p3uZrJk-3Dhb27_GytAL3QbJB-2BoWXuwBE-2FIjhYQtOTtMoWr5j7qlhmWbNm6mwDiqty6USCLt5nP-2BZW8AdBm34QH7NpVWAJ3c-2BlF1uyQ1-2FZ-2FykCnr87gyalWmBc5PcTB9MpkgeZozfZDEtHNUXbYutS8cTk-2B9PILBjbTA9QlvpG36xbTWbTQDnnDfnLS2bYdRpRf3CZViWzy2rztSjdQlWukyr5lQ0zsQiJX32dvVPyb-2FxXku8hwzD8uHQvHKwPCiY1BWg6XqY-2BRKsOcTpBnYRQZLAFryuf6o-2FD4ykNWoSeB2ZlxiDe3i-2BsdLNzIe4TiWu-2BVFiTzYH59OvwMQi6cDBrghhRGafspWwOnZtN2hnSOXFfRc-2B-2FDoqPYxMo-3D Analyst at GlobalData, comments: “Consumer demand for enhanced safety and comfort is a key driver of growth in the sector. Critical components contributing to this trend include electric parking brakes (EPBs), which simplify parking with one-touch activation, as well as OE actuator mirror motors and power fold mirrors, which improve safety and ease in confined spaces. Furthermore, the automation of various vehicle functions enhances both the premium feel and aesthetic appeal of the car. These functionalities have become standard in many premium and flagship vehicles, driving the expansion of the sector by offering a combination of luxury, innovation, and convenience.�?? PR Chart Template Q3 2024 (non-traction electric motors).png The growing popularity of electric vehicles (EVs) is also driving the demand for non-traction electric motors, especially as these vehicles tend to be priced higher due to their advanced technology and features. In mid-to-high-range EVs, automated functionalities like active grille shutters, brushless HVAC systems, EPBs, power windows, and power sunroofs often come as standard. These features not only enhance comfort and convenience but also improve energy efficiency and overall performance in electric vehicles. As demand for tech-rich, high-performance EVs grows, these features are becoming increasingly a standard, accelerating the growth of non-traction electric motors in the automotive industry. Palit concludes: “Recognizing the growing market demand, key industry players are intensifying their research and development (R&D) activities to enhance the performance, safety, and energy efficiency of non-traction electric motors. Additionally, efforts are underway to introduce cost-effective solutions to improve accessibility for more economical vehicle components. This strategy is expected to further drive market expansion, particularly in price-sensitive regions like APAC.�?? 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