The global automotive motors market was valued at US$ 22.8 billion in 2017, and is projected to reach US$ 43.8 million by 2027, exhibiting a CAGR of 6.4% over the forecast period (2019-2027). According to Global Automotive Market Report "Automotive Motors Market by Product Type (Direct Current Brushed Motors, Direct Current Brushless Motors, and Stepper Motors), by Application (Performance Motors, Comfort Motors, and Safety Motors), by Vehicle Type (Passenger Cars, Two/Three Wheelers, and Commercial Vehicles), by Commercial Vehicles (Light Commercial Vehicles and Heavy Commercial vehicles), by Electric Vehicle Type ( Plug-in Hybrid Electric Vehicle, Hybrid Electric Vehicle, and Battery Electric Vehicle) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Rising demand for active safety systems, especially in passenger vehicles, is one of the primary growth factors for the global automotive motors market. Furthermore, government regulations regarding vehicular safety are driving automakers to integrate advanced systems in vehicles. Rising adoption of advanced emergency braking systems, anti-lock braking, and side & knee airbags are expected to increase demand for electric motors has augment the market growth. Increasing sales of automotive vehicles is the key underlying factor supporting market growth. According to Organisation Internationale des Constructeurs d'Automobiles, in 2018, 95.05 million units of vehicles were sold globally, up from 93.8 million in 2016.
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Key Trends and Analysis of the Global Automotive Motors Market:
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