According to the report published by Allied Market Research, the global automotive motors market was pegged at $28.72 billion in 2019, and is anticipated to reach $36.66 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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The key market players analyzed in the global automotive motors market report include BorgWarner Inc., Continental AG, DENSO CORPORATION, Johnson Electric Holdings Limited, Mitsuba Corporation, MABUCHI MOTOR CO., LTD., Nidec Corporation, Robert Bosch GmbH, Siemens AG, VALEO, Inteva Products, LLC, Magna International Inc, Marelli Europe S.P.A., Aptiv PLC, Buhler Motor, Meritor, Inc., PST Electronics Ltd, and U-SHIN ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Based on geography, Asia-Pacific generated the major share in 2019, holding nearly three-fifths of the global automotive motors market. Simultaneously, the market across LAMEA would manifest the fastest CAGR of 8.9% from 2020 to 2027. The other two provinces covered in the report include Europe and North America.
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Based on function, the comfort & convenience segment contributed to more than half of the total market revenue in 2019, and is projected to retain its dominance by 2027. The safety & security segment, on the other hand, would register the fastest CAGR of 9.5% from 2020 to 2027.
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Covid-19 scenario-
- The outbreak of covid-19 led gave way to distorted manufacturing units across the world. Also, the scarcity of proficient labor affected the global automotive motors market.
- Nevertheless, as the lockdown has loosened off in most of the countries, the market is projected to revive soon.
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