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Tokyo, Aug. 26, 2022 (GLOBE NEWSWIRE) — The global automotive motors market size will reach at USD 30.38 billion in 2022. The increasing demand for vehicles which emit low ICE which is supported by rapidly increasing disposable income has boosted the demand for advanced automotive motors that are successful in providing a premium experience to the potential consumers. The increase in Demand for electrically operated motor vehicles has also emerged as a major factor for boosting the demand for automotive motors in the market. The outbreak of the pandemic had a considerable impact on the global market of automotive motors which is stabilizing with increasing demand.
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Key Insights:
- In 2021, the DC brushed motors type segment accounted the highest market share of 44%.
- In 2021, the passenger cars segment held 39% market share.
- In 2021, the comfort & convenience function segment accounted for market share of around 54%.
- Asia-Pacific region accounted for market share of around 43%.
- Germany automotive motors market was reached at USD 2.76 billion in 2021 and expected to grow at a CAGR of 5.2% between 2022 to 2030.
- China Automotive Motors market size was surpassed at USD 4.31 billion in 2021 and is growing at a CAGR of 4.9% between 2022 to 2030.
- India automotive motors market size was accounted at USD 1.34 billion in 2021 and is growing at a CAGR of 5.5% between 2022 to 2030.
Regional Snapshots
The geographical region of North America has emerged as the largest consumer of automotive motors due to the increasing demand of advanced technologies that provide a premium experience to the consumers who are ready to spend a larger portion of their disposable income over such advanced features. existence of the key market players in this sector has also proved to be a major and growth factor of the automotive market in this region. Increasing demand of safety and quality among the potential consumers has boosted the demand and supply for automotive motors in the region of North America .
The region of Asia Pacific has also emerged as a huge market for the automotive motors due to the increasing demand of advanced technologies and facilities in this region. your rapid development in infrastructure which has supported the automotive motors market has proved to be another major growth factor for the global market.
Report Hhighlights
- On the basis of motor typethe segment of DC brushless motor has emerged as the largest market due to the increasing demand of this technology among the potential consumers.
- On the basis of vehicle typeheavy commercial vehicles segment as emerged as the faster growing market while the segment of passenger cars has emerged as the largest market due to the huge demand and supply chain experienced by this sector.
- On the basis of applicationthe segment of power antenna motors has emerged as the largest market due to its most common use among the manufacturers.
- On the basis of geographythe region of North America has emerged as the largest market due to the increasing demand for advanced technology and features in the high-end vehicles.
Recent Ddevelopments
- In September 2020 – BorgWarner decided to introduce the manufacturing of a power iDM for electric Ford Mustang which will have a thermal management system along with an integrated gearbox.
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Full story available on Benzinga.com
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