Automotive Electric motors can be referred to as devices installed in the automotive. These devices work on the electromagnetic induction principle by enabling the transformation of electrical energy into mechanical energy. Market Research Future (MRFR) has conducted an exhaustive study on the global automotive electric motors market. The report published through the research report states that the worldwide automotive electric motors market projects growth of the market at 8% CAGR within the time period 2017 to 2023. Studying the market structure, the report assesses the future development potential of the market. The study evaluates the position of the prominent players in the industry. It also takes into account, the competitive transformations such as new product developments, joint ventures, research and developments (R & D), and mergers and acquisitions, within the market. The key aspects that propel the market growth takes into account the surging adoption of electric cars across the world coupled with the benefits acquired through electric motors installed in the vehicles. Such advantages comprises longer functional life, low energy consumption, along with low maintenance demanded by the fluctuating voltages of power. The electric motors can be incorporated with gearing and controls that make it more appropriate for automotive applications.
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Global automotive electric motors market is ruled by key players such as Chengdu Huachuan Electric Parts Co.,Ltd. (China), Bosch GmbH (Germany), Hubei Shendian Auto Motor Co., Ltd. (China), Chongqing Bright Industry Group Co., Ltd.(China), Johnson Electric International AG (Hong Kong), Jinzhou Halla Electrical Equipment Co., Ltd. (China), Shanghai Valeo Automotive Electrical Systems Co., Ltd. (China), Mitsubishi Electric Corporation (Japan), Taizhou ValeoWenling Automotive Systems Co., Ltd. (China), and Shanghai Valeo Automotive Motor & Wiper Systems Co., Ltd.(China).
The report published by Market Research Future assesses the global automotive electric motors market according to various segments. The worldwide automotive electric motors market has been segregated on the basis of installation position, function, and lastly, region. As per the function-based categorisation, the worldwide automotive electric motors market has been segmented into automotive starters, alternators, small sized automotive electric motors, and others. On the basis of installation position, the market has been classified on the aspect of chassis motors, powertrain motors, and body motors.
Market Research Future has studied the worldwide automotive electric motors market on the basis of regions. The regional segmentation of the worldwide automotive electric motors market divides the market into regional markets such as Europe, North America, Asia Pacific, and the rest of the world (RoW). As per the report, the Asia Pacific market is estimated to rule the automotive electric motors industry due to the surging development in the manufacturing sectors taking into account the automotive makers in the market throughout the estimation period. Forces contributing to the development of the automotive electric motors industry in this market include consistent innovation within the automobile manufacturing vertical and the propelling focus on the adoption of energy efficient electric motors within different automotive sectors. The primary country-specific markets in this area include India, Japan, and China, followed by the rest of the Asia Pacific region. Within the emerged nations located in Europe and North America, consumers are increasingly becoming conscious of the application of effective electric motors within the automotive. Thus, the adoption of electric motors is surging owing to spurring energy efficiency and the low expenses of electric motors. In the North America market, the most significant country-specific markets include Canada and the United States of America (USA). In Europe market, the most significant country-based markets include Spain, Germany, France, and the United Kingdom (UK), followed by the rest of Europe.
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