Automotive Motors Market to Garner $36.66 Bn, Globally, by 2027 at 6.5% CAGR: Allied Market Research

Automotive Motors Market to Garner $36.66 Bn, Globally, by 2027 at 6.5% CAGR: Allied Market Research

PR Newswire

PORTLAND, Ore., Feb. 9, 2021

Surge in demand for safety and convenience-related features, high demand for electric vehicles, and stringent safety regulations of governments drive the growth of the global automotive motors market.

PORTLAND, Ore., Feb. 9, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Motors Market by Type (DC brushed motors, Brushless DC motors, Stepper motors, and Traction motors), Vehicle Type (Two-wheelers, Electric Two-wheelers, Passenger cars, Light commercial vehicles (LCVs), Heavy commercial vehicles (HCVs), BEV, PHEV, and HEV), Function (Performance, Comfort & Convenience, and Safety & Security), Technology (PWM, DTC, and others), and by Application (Alternator, ETC, Electric parking break, Sun roof motor, Fuel pump motor, ECM, Wiper motor, Engine cooling fan, HVAC, VVT, EGR, Starter motor, Anti-lock brake system, EPS, PLG, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automotive motors industry was estimated at $28.72 billion in 2019, and is anticipated to hit $36.66 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.

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Drivers, restraints, and opportunities-

High demand for safety and convenient features, increase in demand of electric vehicles, and strict safety regulations set by government fuel the growth of the global automotive motors market. On the other hand, decrease in global vehicle production and surge in trend of shared mobility impede the growth to some extent. However, the concept of autonomous cars is expected to pave the way for lucrative opportunities in the industry.

Covid-19 scenario-

Get detailed COVID-19 impact analysis on the Automotive Motors Market Request Here

The passenger cars segment to retain its dominance by 2027-

Based on vehicle type, the passenger cars segment contributed to more than half of the global automotive motors market share in 2019, and is expected to rule the roost by the end of 2027.  Increase in disposable income in countries such as India and China propel the growth of the segment. The BEV segment, on the other hand, would grow at the fastest CAGR of 17.1% throughout the forecast period. BEVs are cheaper to run and maintain. They also help reduce greenhouse gas emissions. These factors drive the segment growth.

The comfort & convenience segment to rule the roost-

Based on function, the comfort & convenience segment accounted for more than half of the global automotive motors market revenue in 2019, and is anticipated to dominate by 2027. Increase in disposable income of people and rise in awareness toward safety, security, & convenience features of vehicles drive the growth of the segment. Simultaneously, the safety & security segment would manifest the fastest CAGR of 9.5% during the forecast period. High demand for safety & security features and stringent safety regulations set by governments for the automotive industry drive the segment growth.

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Asia-Pacific, followed by Europe and North America, held the major share in 2019-

Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2019, generating nearly three-fifths of the global automotive motors market, owing to increase in demand for advanced vehicles among citizens and development of IoT in the automobile segment. At the same time, the market across LAMEA would portray the fastest CAGR of 8.9% from 2020 to 2027. Factors such as growth in IoT, rise in demand for advanced technologies in automotive, and increase in safety & security of vehicles, drive the market in the region.

Frontrunners in the industry-

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Railway Traction Motor Market by Type (Direct Current Traction Motors, Alternating Current Traction Motors, and Synchronous Alternating Current Traction Motor) and by Application (Diesel Locomotive, Electric Multiple Units, Electric Locomotives, and Diesel Electric Locomotives) - Global Opportunities Analysis and Industry Forecast, 2017-2025.

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