Press release
Automotive Micro Motor Global Market Report 2024 - By Share, Growth, Demand, Trends, Forecast To 2033
Automotive Micro Motor Market
Automotive Micro Motor Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.5 billion In 2028 At A CAGR Of 4.2% :
The automotive micro motor market size has grown steadily in recent years. It will grow from $2.85 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to fuel efficiency regulations, consumer demand for enhanced vehicle features, global economic conditions, regulatory standards for vehicle safety.
The automotive micro motor market size is expected to see steady growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to growing adoption of autonomous vehicles, increasing focus on sustainability and eco-friendly transportation, shift towards shared mobility services, integration of micro motors in emerging automotive markets. Major trends in the forecast period include electrification of vehicles, connectivity and iot in automotive systems, lightweight materials for improved efficiency, 3d printing in automotive manufacturing, integration of renewable energy sources in vehicle power systems.
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Automotive Micro Motor Market Major Segments
The automotive micro motor market covered in this report is segmented -
1) By Type: AC Micro Motor, DC Micro Motor
2) By Power Consumption: 48V, 25V-48V, 12V-24V, Less than 11V
3) By Technology: Brushed, Brushless
4) By Application: Passenger Vehicle, Commercial Vehicle
Key Driver - Surging Demand For High-End Cars Powers The Automotive Micro Motor Market
The increasing demand for luxury cars is expected to propel the growth of the automotive micro motor market. Automotive micro motors serve a critical role in the system that allows components such as electric sunroofs, environmental purification, power antennae and other advanced features to operate. The growing demand for luxury cars is expected to increase demand for micro motors. For instance, German luxury car company, Audi, reported a two-fold increase in retail sales in India in 2021, from 1,639 units in 2020 to 3,293 units in 2021. Another German luxury vehicles company, Mercedes-Benz India sold 4,101 units in the 2021 July-September quarter, up from 2,060 units in the same quarter of 2020. Therefore, the rising demand for luxury automobiles is expected to drive the automotive micro motors market.
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Prominent Trend - Strategic Collaborations Reshaping The Automotive Micro Motor Market
Strategic collaborations between companies are a key trend gaining popularity in the automotive micro motor Market. Companies manufacturing micro motors are undergoing partnerships and collaboration to develop new technologies and products. For instance, in June 2021, Local Motors, a manufacturer of autonomous vehicles announced a strategic partnership with protean electric to accelerate development of automotive micro motors and electric autonomous vehicles.
Automotive Micro Motor Market Players
Major companies operating in the automotive micro motor market report are Asea Brown Boveri Ltd., Buhler Motor Gmbh, Constar Micro Motor Co. Ltd., Johnson Electric, Nidec Corporation, Robert Bosch GmbH, Denso Corporation, Mabuchi Motors Co. Ltd., Asmo Co. Ltd., Brose Ltd., Mahle GmbH, Panasonic Corporation, Shihlin Electric and Engineering Corporation, IFB Automotive Private Ltd., Maxon Motor GmbH, Mitsuba Corporation, Valeo Group, Continental AG, Siemens AG, BorgWarner Inc., AMETEK Inc., Hitachi Automotive Systems Ltd., Toshiba Corporation, Delphi Technologies, Magna International Inc., Prestolite Electric Inc., Ford Electric Company, Mitsubishi Electric Corporation, Sumitomo Electric Industries Ltd., Micromo Electronics Inc.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive micro motor market in 2023. The regions covered in the automotive micro motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Micro Motor Market Report Structure
3. Automotive Micro Motor Market Trends And Strategies
4. Automotive Micro Motor Market - Macro Economic Scenario
5. Automotive Micro Motor Market Size And Growth
…..
27. Automotive Micro Motor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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