Automotive Motor MarketOutlook:
The automotive motor converts onetype of energy into mechanical energy. They are important because it is usefulfor battery cooling, engine cooling fan, power steering, and other systems.Market Research Future (MRFR) has published and released a research reportabout the global automotive motor market that foretells growth for this marketwith 6.5% CAGR (Compound Annual Growth Rate) during the forecast period between2017 and 2023.
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The factors that enhance thegrowth of the global automotive motor market include energy efficiencyevaluation program, increased demand from the automotive industry especiallyelectric vehicle manufacturers, an increased government initiative, and others.Governments of various countries have also taken various initiatives to improvethe efficiency of the motor. Many government regulations make it compulsory forvehicle manufacturers to add safety features to the vehicles. Adding thesefeatures raises the cost of vehicles. Hence, the increased prices of vehiclescan put breaks on AutomotiveMotor Market growth.
The global automotive motormarket has been segmented on the basis of application, product, vehicle types,and lastly region. The application-based segmentation segments this market intocomfort 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 aninternally commutated electric motor that has been constructed in such a way,that it would run from a direct current power source. BLDC motors areelectronically commutated motors (ECM, EC motors). They are also known assynchronous DC motors, as they are powered by DC electricity via an inverter orswitching power supply. Such inverter or power supply produces an AC electriccurrent that drives each phase of the motor via a closed loop controller. Byvehicle types, the global automotive motor market has been segmented into thecommercial vehicle and a passenger vehicle.
The regional segmentation ofglobal automotive motor market covers continent-based regional markets namelyAsia Pacific, Europe, North America, and the rest of the world (RoW). Accordingto the report, the Asia Pacific is expected to dominate the market during theforecast period. The reasons for the market growth in this region can beattributed to the growth of economies like China, India, and Japan. In thesecountries, the production by original equipment manufacturers (OEMs) hasincreased.
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During the forecast period, NorthAmerica is expected to be the second largest market. The largestcountry-specific market in this region is the United States of America (USA),because of the rapidly growing demand for safety features to be installed inthe vehicles. Canada is the other most significant country-specific market inthis region. The primary reasons for the market growth in this region are thetechnological advancement, and an established a market for vehicles. The reportalso highlights Europe as an important market. Its technological advancementdoes not match North America but it is decent, and its high density ofpopulation makes it a lucrative market. The most important country-specific marketsin this region are France, Germany, Italy, and the United Kingdom (UK).
Key Players
The key players in the globalautomotive motor market include Borgwarner Inc. (USA), Continental AG(Germany), Denso Corporation (Japan), Johnson Electric Holdings Ltd. (HongKong), Magna International (Canada), Mahle Group (Germany), Mitsubishi ElectricCorporation (Japan), Mitsuba Corporation (Japan), Nidec Corporation (Japan),Robert Bosch GmbH (Germany), PMP Auto Components Pvt. Ltd. (India), ShanghaiAutomotive Industry Corporation (SAIC) Motor Corporation Limited (China), REILElectricals India Limited (India), Siemens AG (Germany), and Valeo S.A.(France).
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About Market Research Future:
Market Research Future (MRFR) isa global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
Our rapidly expanding marketresearch company is assisted by a competent team of research analysts whoprovide useful analytics and data on technological and economic developments.Our deemed analysts make industrial visits and collect valuable informationfrom influential market players. Our main goal is to keep our clients informedof new opportunities and challenges in various markets. We offer step-by-stepassistance to our valued clients through strategic and consulting services toreach managerial and actionable decisions.
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