The global automotive motor market is projected to grow at a significant CAGR of 8.5% during the forecast period. The demand for vehicles is directly proportional to the sales of automotive motors, thus, the expected growth in vehicle sales in the future will drive the growth of the global automotive motors market. In addition, the average number of motors per vehicle is also increasing which is further expected to drive the market growth during the forecast period.
Driven by rising environmental concerns and increasing government support, electric mobility is expanding at a rapid pace across the globe. Conventional mobility vehicles are mainly driven by internal combustion engines (ICE) due to which they burn more gas, petrol into carbon dioxide thereby negatively impacting the environment. Governments are banning the internal combustion engine vehicles following the increasing environmental issues. This gave rise to the advent of hybrid electric vehicles that use both ICE and electric motors to propel their wheels. Moreover, purely electric vehicles use one or more electric motors for their propulsion. Thus, the advent of electric vehicles in the global market is driving market growth over the forecast period.
Browse the full report description of "Global Automotive Motors Market Size, Share & Trends Analysis Report by Type (Brushless DC Motor & Stepper Motor, Brushed DC Motor, AC Induction Motor, and Others), By Vehicle Type (Passenger Vehicles, Commercial Vehicles, and Electric Vehicles), By Distribution Channel (OEM and Aftermarket) Forecast, 2020-2026" at https://www.omrglobal.com/industry-reports/automotive-motors-market
Market players and the governments are pushing the plan for rolling out EVs and hybrid vehicles on road. The government of various nations has set targets to increase EV fleet which is providing a significant opportunity to the market. For instance, Norway is planning to phase out conventional cars by 2025, followed by France and the UK in 2040 and 2035 respectively. Moreover, in October 2017, Germany’s Bundesrat passed a resolution to ban IC engine-based vehicles by 2030. Thus, this is likely to enhance the growth of the automotive motors market in the near future.
Market Coverage
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region/segment
Global Automotive Motor Market – Segmentation
By Type
By Vehicle Type
o Light Commercial Vehicles (LCVs)
o Heavy Commercial Vehicles (HCVs)
o Others (Buses & Coaches)
o Battery Electric Vehicles (BEVs)
o Plug-in Electric Vehicles (PEVs)
o Hybrid Electric Vehicles (HEVs)
By Distribution Channel
Global Automotive Motor Market – Segmentation by Region
North America
Europe
Asia-Pacific
Rest of the World
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