Automotive Motors Market to Portray $36.66 Billion by 2027: Says Allied Market Research
Rise in demand for safety and convenient features, growing preference for electric vehicles, and strict safety regulations set by government fuel the growth of the global automotive motors market. By function, the comfort & convenience segment garnered the highest share in 2019. By region, on the other hand, LAMEA would portray the fastest by 2027. Prominent Players: BorgWarner Inc., Continental AG, DENSO CORPORATION, Johnson Electric Holdings Limited, Mitsuba Corporation, MABUCHI MOTOR CO., LTD., Nidec Corporation, Robert Bosch GmbH, Siemens AG, VALEO, Inteva Products, LLC, Magna International Inc, Marelli Europe S.P.A., Aptiv PLC, Buhler Motor, Meritor, Inc., PST Electronics Ltd, and U-SHIN ltd.
Portland, OR, April 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive motors market was pegged at $28.72 billion in 2019, and is anticipated to reach $36.66 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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High demand for safety and convenient features, rise in demand of electric vehicles, and strict safety regulations set by government drive the growth of the global automotive motors market. On the other hand, decrease in global vehicle production and surge in trend of shared mobility restrain the growth to some extent. Nevertheless, the concept of autonomous cars is anticipated to create lucrative opportunities in the near future.
*Covid-19 scenario-*
· The outbreak of covid-19 led gave way to distorted manufacturing units across the world. Also, the scarcity of proficient labor affected the global automotive motors market.
· Nevertheless, as the lockdown has loosened off in most of the countries, the market is projected to revive soon.
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The global automotive motors market is analyzed across type, vehicle type, function, technology, application, and region. Based on vehicle type, the passenger cars segment accounted for more than half of the total market share in 2019, and is expected to lead the trail by the end of 2027. At the same time, the BEV segment would exhibit the fastest CAGR of 17.1% during the forecast period.
Based on function, the comfort & convenience segment contributed to more than half of the total market revenue in 2019, and is projected to retain its dominance by 2027. The safety & security segment, on the other hand, would register the fastest CAGR of 9.5% from 2020 to 2027.
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Based on geography, Asia-Pacific generated the major share in 2019, holding nearly three-fifths of the global automotive motors market. Simultaneously, the market across LAMEA would manifest the fastest CAGR of 8.9% from 2020 to 2027. The other two provinces covered in the report include Europe and North America.
The key market players analyzed in the global automotive motors market report include BorgWarner Inc., Continental AG, DENSO CORPORATION, Johnson Electric Holdings Limited, Mitsuba Corporation, MABUCHI MOTOR CO., LTD., Nidec Corporation, Robert Bosch GmbH, Siemens AG, VALEO, Inteva Products, LLC, Magna International Inc, Marelli Europe S.P.A., Aptiv PLC, Buhler Motor, Meritor, Inc., PST Electronics Ltd, and U-SHIN ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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