The Indian automotive motors market is projected to grow at a double-digit CAGR during the forecast period. Considerable growth in vehicle sales (both cars and two-wheeler), exponential growth in the electric vehicle sales, and high export volume are some of the major factors for the substantial market for the automotive motor market in the country. Moreover, rising disposable income & so rising demand for higher-end models, and increasing the availability of the options of electric vehicles will further provide the growth to the market during the forecast period.
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As per the International Organization of Motor Vehicle Manufacturers, India was the fifth largest vehicle manufacturer all across the globe with a production of 4.51 million vehicles (cars and commercial vehicles combined) in 2019. Moreover, the country is the largest two-wheeler market all across the globe. A downfall of 12.2% in vehicle manufacturing was witnessed in 2019 due to lower demand in the domestic as well as international market and a substantial demand was expected in 2020. However, due to COVID-19, a significant drop on YoY basis in vehicle sales and so automotive motor will be witnessed in the country in 2020. Although, in the upcoming year a significant growth is expected in the country.
The Indian automotive motors market is segmented by type, vehicle type, and distribution channel. By type, the market is segmented into brushless dc motor & stepper motor, brushed dc motor, ac induction motor, and others. By vehicle type, the market is divided into passenger vehicles, commercial vehicles, and electric vehicles. Passenger vehicle is expected to maintain a substantial market share during the forecast period. Passenger vehicle segment is further sub-segmented into passenger cars and two-wheelers. Commercial vehicles segment is sub-segmented into light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and others. On the basis of distribution channel, the market is segmented as OEM and aftermarket.
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India Automotive Motors Market Segmentation
By Type
· Brushless DC Motor& Stepper Motor
· Brushed DC Motor
· AC Induction Motor
· Others
By Vehicle Type
· Passenger Vehicles
· Commercial Vehicles
· Light Commercial Vehicles (LCVs)
· Heavy Commercial Vehicles (HCVs)
· Others (Buses & Coaches)
Electric Vehicles
· Battery Electric Vehicles (BEVs)
· Plug-in Electric Vehicles (PEVs)
· Hybrid Electric Vehicles (HEVs)
By Distribution Channel
· OEM
· Aftermarket
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
