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 IndustryARC’s research report is titled“[URL=https://industryarc.com/PressRelease/956/Automotive-Motors-Market-Research.html]Automotive Motors Market[/URL] - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2015 – 2025)”.
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. According to the Center for Automotive Research, in the United States, the automotive motors sales production was 17.3 million units in 2018.
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Global Automotive Motors Market: Leading Segments
In China, Japan, and South Korea, the growing demand for automotive motors and government regulations is driving growth in the automotive motors market. 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.
Global Automotive Motors Market: Market Trends and Growth Drivers
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.
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 vehicles 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 it will offer 50 latest electric versions of all its models 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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