Automotive Motor Market Outlook:
The automotive motor converts one type of energy into mechanical energy. They are important because it is useful for battery cooling, engine cooling fan, power steering, and other systems. Market Research Future (MRFR) has published and released a research report about the global automotive motor market that foretells growth for this market with 6.5% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
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The factors that enhance the growth of the global automotive motor market include energy efficiency evaluation program, increased demand from the automotive industry especially electric vehicle manufacturers, an increased government initiative, and others. Governments of various countries have also taken various initiatives to improve the efficiency of the motor. Many government regulations make it compulsory for vehicle manufacturers to add safety features to the vehicles. Adding these features raises the cost of vehicles. Hence, the increased prices of vehicles can put breaks on Automotive Motor Market growth.
The global automotive motor market has been segmented on the basis of application, product, vehicle types, and lastly region. The application-based segmentation segments this market into comfort motors, performance motors, and safety motors. Based on product, the market has been segmented into brushed DC electric motor, brushless DC (BLDC) electric motor, and steppers. A brushed DC motor is described as an internally commutated electric motor that has been constructed in such a way, that it would run from a direct current power source. BLDC motors are electronically commutated motors (ECM, EC motors). They are also known as synchronous DC motors, as they are powered by DC electricity via an inverter or switching power supply. Such inverter or power supply produces an AC electric current that drives each phase of the motor via a closed loop controller. By vehicle types, the global automotive motor market has been segmented into the commercial vehicle and a passenger vehicle.
The regional segmentation of global automotive motor market covers continent-based regional markets namely Asia Pacific, Europe, North America, and the rest of the world (RoW). According to the report, the Asia Pacific is expected to dominate the market during the forecast period. The reasons for the market growth in this region can be attributed to the growth of economies like China, India, and Japan. In these countries, the production by original equipment manufacturers (OEMs) has increased.
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During the forecast period, North America is expected to be the second largest market. The largest country-specific market in this region is the United States of America (USA), because of the rapidly growing demand for safety features to be installed in the vehicles. Canada is the other most significant country-specific market in this region. The primary reasons for the market growth in this region are the technological advancement, and an established a market for vehicles. The report also highlights Europe as an important market. Its technological advancement does not match North America but it is decent, and its high density of population makes it a lucrative market. The most important country-specific markets in this region are France, Germany, Italy, and the United Kingdom (UK).
The key players in the global automotive motor market include Borgwarner Inc. (USA), Continental AG (Germany), Denso Corporation (Japan), Johnson Electric Holdings Ltd. (Hong Kong), Magna International (Canada), Mahle Group (Germany), Mitsubishi Electric Corporation (Japan), Mitsuba Corporation (Japan), Nidec Corporation (Japan), Robert Bosch GmbH (Germany), PMP Auto Components Pvt. Ltd. (India), Shanghai Automotive Industry Corporation (SAIC) Motor Corporation Limited (China), REIL Electricals India Limited (India), Siemens AG (Germany), and Valeo S.A. (France).
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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