An increasing number of commercial as well as passenger vehicles is anticipated to boost the automotive motors market. Additionally, rising demand for fuel-efficient vehicles is also driving the growth of the automotive motors market, as per the findings of a newly published business intelligence report from IndustryARC. The analyst of the report estimates the global automotive motors market at $27.81 billion as of 2018 and projects the opportunities to swell at a notable compound annual growth rate (CAGR) of 8.69% during the forecast period of 2019 to 2025. The Automotive motors Market report covers Automotive Motors Market Size by Product and applications, Automotive motors Market share by top 5 companies and also the market share by start-ups during the forecast period.
The IndustryARC’s research report is titled “Automotive Motors Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2015 – 2025)”. The report also documents that stringent government rules and regulations are being laid by the government across the globe for safety systems in vehicles, which is likely to further aid demand in the global automotive motors market in the future.
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Global Automotive Motors Market: Demand Analysis
Automotive motors have electric motors that convert electric energy to mechanical energy. They are an integral part of an electric car motor or vehicle component as it is used in engine cooling fan, battery cooling, and power steering. Additionally, the motors in automotive are used in high-speed motors and other systems which are well equipped with AC and DC motors and are in demand globally. According to the Center for Automotive Research, in the United States, the automotive motors sales production was 17.3 million units in 2018.
Global Automotive Motors Market: Leading Segments
APAC is gauged by the IndustryARC report to have led the global automotive market in terms of demand. In China, Japan, and South Korea, the growing demand for automotive motors and government regulations is driving growth in the automotive motors market. Furthermore, in China and Japan, there is a huge production contribution from the OEM’s. The OEM’s are undertaking increasing efforts and the government of China is developing and introducing electric vehicles on the road, particularly for public transport. APAC produced the largest regional market share of 45.09% in 2018.
The perceptible increase in passenger cars and light commercial vehicles application segment has led to an increase in the automotive motors market revenue. The key application segment is anticipated to grow at a progressive CAGR of 11.34% during the aforementioned forecast period.
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Global Automotive Motors Market: Market Trends and Growth Drivers
The automotive motors market is booming due to the increasing number of technological changes. Radar has become a more reliable and efficient tool in all the new cars being launched in the market. Manufacturers are focusing more on LiDAR and radar components as they are tomorrow’s vehicle-sensor suite.
Beginning of 2018, autonomous vehicles had hit the road. Now the companies are targeting to start driverless taxi services on road. Moreover, Uber, Tesla, and Waymo have spent a lot of time for millions of test miles with its own fleet of self-driven vehicles.
There is a rapid growth of electric vehicle in the automotive motors market. When the sales for auto vehicles had declined, there was an increase in the sales of electric vehicles. However, Mercedes-Benz has announced that they will offer 50 latest electric versions of all its model by 2022.
Global Automotive Motors Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global automotive motors market are Continental AG, Denso Corporation, Magna International, Mahle Group, Mitsubishi Electric Corporation, Nidec Corporation, Valeo, BorgWarner, Johnson Electric Holdings Ltd., and Mitsuba Corporation.
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