Gmi Research's blog : 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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