Market Overview
The Automotive motor market worldwide is projected to have a CAGR of 6.65% during the predicted period. The factors which affect the growth of automotive motors are the rise in government initiatives, energy-efficient valuation programs, and a hike in demand from the automotive industry. The government takes various initiatives to advance motor efficiency. As per the office of energy efficiency and renewable energy, an important investment of almost USD 25 million for upgrading the technology to offer an efficient energy motor. The energy department has taken many projects on the Next generation of electric machines, which will permit them to get the fund opportunity. This step will fascinate the motor producers with upgraded technology made from nano materials research with efficient performance. This efficient performance of the automotive motor will give a growth outcome during the expected period.
The automotive motor is made in such a creative way that it helps in converting one type of energy into mechanical energy. These are an important part of vehicle gears as these are largely used for cooling engines, power steering, cooling batteries and other systems. The electric motor in the automotive helps convert electrical energy to mechanical energy. These automotive motors are utilized for the internal combustion of engines with high-speed motors. These are used in automotive as the high-speed motors are 2 times more efficient than internal combustion.
Market segmentation
The automotive motor market is divided based on application, products, electric vehicle type and vehicle type. The market is divided into DC brushed BLDC motors and steppers based on products. The DC brushed sections are predicted to control the entire market further as they are easily available at a low price and easy to install compared to all other products.
On the basis of the application, the automotive motor market is segregated into performance, safety, and comfort motors. The performance section is estimated to control the market as the primary automotive manufacturers aim to gain the general performance of the automotive.
The market is divided into commercial and passenger automobiles based on vehicle type. Passenger cars are predicted to control the automotive motor market as it has been noticed that there is a rise in the production of passenger automobiles in developing countries.
The market is divided into Asia Pacific, North America, Europe, and all other countries.
Regional Analysis
Of all the regions, Asia Pacific is predicted to take control over the entire automotive motor market during the projected time because of the increased production rate of passengers and commercial automobiles in developing regions. The growth credits are primarily because of countries like India, Japan and China, with high OEM production. Numerous government guidelines have directed the safety features in automobiles like ABS, airbags and others. North America is considered the second biggest market in the automotive industry.
Recent development
In 2018, the company Google and Renault-Nissan Mitsubishi merged for an in-vehicle next-gen documentary system. There is an expected declaration for the embedded android-based operating system for automobiles by 2022.
More Trending Reports Here
Automotive Safety System Market
