According to a recent report published by Allied Market Research, titled, “Automotive Motors Market by Type, Vehicle Type, Function, Technology, and Application: Opportunity Analysis and Industry Forecast, 2020–2027”, the global automotive motors market was valued at $28.72 billion in 2019, and is projected to reach $36.66 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
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Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the automotive motors market in 2019, whereas South Korea is expected to witness growth at a significant rate during the forecast period.
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There numerous applications, which incorporate a motor for its function such as windshield wipers, sun roof, HVAC blowers, power seats, ventilated seats, power windows, sliding doors, folding side mirrors, fuel pump, water pump, power steering, radiator fan, engine fan, steerable headlights, door locks, and more. Each successive model of a vehicle brings additional safety features, better intelligence, and more convenience, which lead to the increase in use of motors in vehicles. For instance, a typical modern car on American road might easily include at least a dozen to 40 or more electric motors. Therefore, such applications, which employ the use of electric motors, are opportunistic for the key players operating in the automotive motors market.
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Autonomous vehicles, also known as self-driving vehicles, use artificial intelligence (AI) software, light detection & ranging (LiDAR), and RADAR sensing technology, which are further used to monitor a 60-meter range around the car and to form an active 3D map of the current environment, which is fueled by the use of electric motors.
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The key players analyzed in the 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.
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