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Automotive Motors Market Boom in Automobile Innovation Industry with Accurate Information

03-26-2021 11:50 AM CET | Tourism, Cars, Traffic

Press release from: Coherent Market Insights

Automotive Motors Market

Automotive Motors Market

Motors are an integral part of vehicle components such as seat cooling fans, engine cooling fans, power steering motors, battery cooling fans, and power window motors. Growing consumer inclination towards such advanced features in vehicles, is creating a conducive environment for growth of the automotive motor market. Moreover, increasing sales volume of vehicles is expected to augment the market growth. According to Organisation Internationale des Constructeurs d'Automobiles, in 2018, the production of passenger cars was around 75 % of the total vehicle production worldwide.

Furthermore, growing adoption of electric vehicles is expected to drive growth of the automotive motor market. In emerging economics such as India and China, electric vehicles are steadily becoming popular as an alternative to conventional gasoline-powered vehicles, owing to the former’s fuel-efficient and low- carbon emission properties.

The performance of an electric car depends majorly on its motors and battery. Presently, brushed DC motor, brushless DC motor, AC induction motor, permanent magnet synchronous motor (PMSM), and switched reluctance motor (SRM) are the types of motors used for electric vehicles. These motors convert electric energy into mechanical energy (or vice versa) for propulsion of the vehicle, to enable regenerative braking or for charging batteries.

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What are the growth estimates for the automotive motors market till 2027?
The global automotive motors market is estimated to surpass US$ 43.80 Billion by 2027.
Which are the prominent automotive motors market players across the globe?
Major players operating in the global automotive motors market include Siemens AG, Robert Bosch GmbH, Continental AG, Denso Corporation, Magna International, Mitsubishi Electric Corporation, Valeo S.A., Mahle Group, Nidec Corporation, and Borgwarner Inc.

Which segment based on vehicle type, accounted for the highest demand in the automotive motors market?
Among vehicle type, passenger cars segment held the dominant position in the market, in 2018, and is estimated to retain its dominance throughout the forecast period.

What are the key factors driving growth of the automotive motors market?
Growing adoption of electric vehicles is one of the major factors that is expected to propel growth of the market over the forecast period.

Contact Us:-
Name: Mr. Raj Shah
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

About Coherent Market Insights:-
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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