APAC electric motors market to grow 3.1% annually in next five years, study shows
China and India are leading the race.
Asia Pacific’s electric motors industry is projected to expand at a compound annual growth rate of 3.1% between 2023 and 2028 amid rising adoption of electric vehicles (EVs) globally, according to GlobalData.
In a recent report, the data and analytics firm estimated that the sector could grow to 561 million units by 2028 from 478.4 million units last year, with China and India leading the race in the region.
GlobalData said the growing adoption of EVs and the ongoing modernization of automobiles are fueling the demand for electric motors. It also found consumers across the region are increasingly favoring premium cars with modern features, including electric brakes that are considered more cost-efficient than manual systems.
With the growing integration of Advanced Driver Assistance Systems features in modern cars, the report showed the demand for mirror actuators and power-folding mirrors gained traction in the region and is poised for substantial growth in the next five years.
“The increasing preference for luxurious vehicles among consumers and the surge in EV adoption are propelling the expansion of the electric motors market,” said Madhuchhanda Palit, automotive analyst at the firm. “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.”
China is leading APAC’s electric motors industry currently due to strong demand at home, with most modern Chinese cars already equipped with electric motor-powered features.
India’s fast-growing economy also fuels consumers’ appetite for luxury cars, according to the study.