The Automotive Electric Motors Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Automotive Electric Motors Market highlights the future prediction and the growth alternatives that can be created.
Electric Motors Market Outlook Overview
Automotive electric motors are devices that are embedded in an automotive and work on electromagnetic induction principle by converting electrical energy into mechanical energy. The global Electric Motors Market Outlook Size is expected to garner an 8% CAGR during the assessment period, according to the latest report published by Market Research Future.
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The report has profiled some of the key players in the global Electric Motors Market Outlook Size including Bosch GmbH (Germany), Chengdu Huachuan Electric Parts Co. Ltd. (China), Chongqing Bright Industry Group Co. Ltd.(China), Hubei Shendian Auto Motor Co. Ltd. (China), Jinzhou Halla Electrical Equipment Co. Ltd. (China), Johnson Electric International
February 2019: Amazon has led an investment round of 700 million in the electric vehicle startup Rivian, elevating the startup to unicorn status by driving its value to over a billion dollars. Rivian Automotive is a Michigan based startup producing the world’s first electric adventure vehicles.
The global Electric Motors Market Outlook is segmented on the basis of installation position and by function. By installation position, the market for automotive electric motors is segmented into body motors, chassis motors, and powertrain motors. By function, the market has been segmented into small sized automotive electric motors, automotive starters, and alternators.
The global Electric Motors Market Outlook Size is regionally segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). According to the report published by Market Research Future, the Asia Pacific is estimated to dominate the Electric Motors Market Outlook.
North America and Europe are experiencing high awareness of the use of energy efficient automotive electric motors, contributing to significant market growth in the regions. Further, the lower cost of purchasing and maintenance are is driving substantial growth in the Electric Motors Market Outlook Size during the forecast period. In North America, countries like the U.S and Canada are estimated to garner major growth. Whereas, in Europe, countries including France, Germany, Spain, and the United Kingdom are anticipated to showcase proliferation in market growth.
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