Automotive Motors Market Size and By Region – Global Opportunities & Forecast, 2020-2027
Automotive Motors Market
The global Automotive Motors Market is projected to experience a sturdy boom with a CAGR of 4.8% over the forecast period. This is because of the evolving need for security features and convenience and the accelerating production of automobiles.
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Automotive Motors Market Dynamics
The growth in the automotive motors market is majorly attributed to the intensified initiatives by the government to enhance the productivity of automotive motors. Also, the accelerating supply of automobiles will strengthen the market growth. The energy department has initiated several projects to entitle fund opportunities to several producers. The Department of Energy, US, declared approximately USD 25 million for 13 projects by several organizations, such as General Electric Company and American Superconductor Corporation. These initiatives are intended to leverage producers of automotive motors with sophisticated technology fabricated in nanomaterial research with enhanced performance. Thus, all these forces are likely to proffer considerable opportunities to the market.
The coronavirus crisis has restrained the market growth as the lockdown enforced across the nation has halted the production and sales of vehicles, which has reduced the sales of vehicles. Thus, this factor has negatively influenced the Automotive Motors Market size.
However, the mounting number of rigorous environmental norms and the rising demand for vehicles with enhanced fuel proficiency have hindered the market growth. Moreover, automotive suppliers' surging demand for insubstantial components to decrease the vehicle weight to cater to the demand for lower discharge and better mileage is propelling the market growth.
Application Segment Drivers
Based on the application, the performance segment is expected to expand at a significant rate over the coming years. This is because of the rising demand for autonomous electric vehicles. The ongoing innovations to cater to the growing demand of consumers and the surging number of electronic constituents in vehicles will further strengthen the market growth. For instance, Continental AG, in 2019, innovated its third-generation electric powertrains with high-performance, condensed, and lightweight axle drive. These electronic components enable swift innovations in telematics, security, dependability, better vehicle handling, and performance. Thus, all these factors are expected to elevate the Automotive Motors Market share.
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