Automotive Motors Market to Garner $36.66 Bn, Globally, by 2027 at 6.5% CAGR
Allied Market Research
Surge in demand for safety and convenience-related features, high demand for electric vehicles, and stringent safety regulations of governments drive the growth of the global automotive motors market.
PORTLAND, Ore., Feb. 9, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Motors Market by Type (DC brushed motors, Brushless DC motors, Stepper motors, and Traction motors), Vehicle Type (Two-wheelers, Electric Two-wheelers, Passenger cars, Light commercial vehicles (LCVs), Heavy commercial vehicles (HCVs), BEV, PHEV, and HEV), Function (Performance, Comfort & Convenience, and Safety & Security), Technology (PWM, DTC, and others), and by Application (Alternator, ETC, Electric parking break, Sun roof motor, Fuel pump motor, ECM, Wiper motor, Engine cooling fan, HVAC, VVT, EGR, Starter motor, Anti-lock brake system, EPS, PLG, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automotive motors industry was estimated at $28.72 billion in 2019, and is anticipated to hit $36.66 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
Download Report (488 Pages Research) Sample at https://www.alliedmarketresearch.com/request-sample/6187
Drivers, restraints, and opportunities-
High demand for safety and convenient features, increase in demand of electric vehicles, and strict safety regulations set by government fuel the growth of the global automotive motors market. On the other hand, decrease in global vehicle production and surge in trend of shared mobility impede the growth to some extent. However, the concept of autonomous cars is expected to pave the way for lucrative opportunities in the industry.
Covid-19 scenario-
- The outbreak of the pandemic led to huge disruption in the manufacturing units across the world. Also, the unavailability of skilled labor impacted the global automotive motors market negatively.
- However, as the lockdown has slackened off in most of the countries, the market is expected to recuperate soon.
Get detailed COVID-19 impact analysis on the Automotive Motors Market Request Here
The passenger cars segment to retain its dominance by 2027-
Based on vehicle type, the passenger cars segment contributed to more than half of the global automotive motors market share in 2019, and is expected to rule the roost by the end of 2027. Increase in disposable income in countries such as India and China propel the growth of the segment. The BEV segment, on the other hand, would grow at the fastest CAGR of 17.1% throughout the forecast period. BEVs are cheaper to run and maintain. They also help reduce greenhouse gas emissions. These factors drive the segment growth.