The Automotive Motors Market is Estimated to Witness High Growth owing to Rising Demand for Electric Vehicles
The Automotive Motors Market is estimated to be valued at US$ 29.98 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Automotive motors are electromechanical devices used to convert electrical energy into mechanical energy to provide motion. The major types of motors used in automobiles include AC motors, DC motors, and brushless DC motors. Automotive motors are used in various components such as electric windows, seats, mirrors, wipers and other comfort functions. They are also used extensively in powertrains to provide propulsion in electric vehicles. Automotive motors provide advantages such as high torque, durability, compact size and efficiency. Market key trends: The automotive motors market is driven by rising demand for electric vehicles globally owing to stringent emission norms and government incentives and subsidies promoting green mobility
