Automotive Motor Market is Anticipated To Exceed 34.18 Billion By 2030 By CIOTechOutlook Team

Automotive Motor Market is Anticipated To Exceed 34.18 Billion By 2030

CIOTechOutlook Team | Saturday, 05 August 2023, 01:56 IST

The automobile motor market will reach a value of USD 34.18 billion by 2030, according to SkyQuest estimates, with a CAGR of 4.5% over the forecast period (2023-2030). The automotive motor market is expanding significantly as a result of increased focus on streamlining design and production procedures to produce better goods more quickly. To meet the changing needs of contemporary automobiles, automakers and steering system producers are putting more and more emphasis on improving the performance and dependability of steering systems.

The expanding market for electric vehicles (EVs) is being driven in large part by advancements in the technology used in their production as well as a focus on renewable energy sources. As the globe works to lessen its reliance on fossil fuels and address urgent problems like global warming and environmental pollution, the adoption of EVs has emerged as a crucial automotive industry answer.

The market for automotive motors has seen recent developments in the design of high-efficiency and small motors create new opportunities. These contemporary motors offer greater flexibility and space-saving uses in cars due to their increased strength, efficiency, and size reduction. As a result, they are widely used in many vehicle parts, such as safety fittings, power windows, power steering systems, and fan cooling systems for the engine and seat.

The simple drive control model and low cost of brushed DC motors led to their dominance on the automotive motor market. These motors are well-suited for a variety of automotive applications because to their simple installation technique, high power output, and quick acceleration.

Regional markets in Europe are expected to be among the most important regional markets in the global automotive motor market, largely because of the area's expanding role in the automobile industry. With some of the most known manufacturers and suppliers in the world, Europe has a long-established automotive sector.