Automotive Micro Motor Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Automotive Micro Motor Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LANDON, GREATER LANDON, UK, November 13, 2023 /EINPresswire.com/ — The global automotive micro motor market, which recorded a value of $2.74 billion in 2022, is projected to reach $2.9 billion in 2023, exhibiting a steady compound annual growth rate (CAGR) of 5.7%. Despite the disruptive impact of the Russia-Ukraine conflict on global economic recovery from the COVID-19 pandemic, the automotive micro motor market is expected to expand, reaching an estimated value of $3.57 billion by 2027. The ongoing geopolitical tensions have triggered economic sanctions, commodity price surges, and supply chain interruptions, leading to inflationary pressures across various goods and services, significantly impacting global markets.
Key Drivers: Surge in Demand for Luxury Cars
The surge in the demand for luxury cars is anticipated to be a primary driver propelling the growth of the automotive micro motor market. These micro motors play a critical role in facilitating the operation of various advanced features in luxury cars, including electric sunroofs, environmental purification systems, and power antennae, among others. Notably, the increased demand for luxury cars has been witnessed in prominent luxury car companies such as Audi and Mercedes-Benz India, reporting significant growth in their retail sales. This surge in demand for luxury vehicles is expected to directly fuel the expansion of the automotive micro motor market.
Gain comprehensive insights into the global automotive micro motor market through a detailed sample report:
Trends: Strategic Collaborations Shaping the Market Dynamics
Strategic collaborations between key players have emerged as a prominent trend gaining momentum in the automotive micro motor market. These collaborations aim to foster the development of new technologies and products within the sector. For instance, in June 2021, Local Motors, a leading manufacturer of autonomous vehicles, announced a strategic partnership with Protean Electric, a specialist in automotive micro motor technology, to accelerate the development of electric autonomous vehicles and advanced micro motor technologies.
• Type: AC Micro Motor, DC Micro Motor
• Power Consumption: 48V, 25V-48V, 12V-24V, Less than 11V
• Technology: Brushed, Brushless
• Application: Passenger Vehicle, Commercial Vehicle
Key Market Players: Driving Innovation and Advancements
Prominent players such as ABB, Johnson Electric, and Denso are actively driving innovation and advancements in the automotive micro motor market, positioning themselves at the forefront of market growth.
Geographical Insights: Asia-Pacific Leads, Followed by Other Key Regions
Asia-Pacific emerged as the largest region in the automotive micro motor market in 2022, with significant contributions from Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The comprehensive market report offers detailed insights into regional dynamics, market trends, and growth opportunities, providing a comprehensive understanding of the global market landscape.
Access the complete report for an in-depth analysis of the global automotive micro motor market:
Automotive Micro Motor Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Automotive Micro Motor Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on automotive micro motor market size, automotive micro motor market drivers and trends, automotive micro motor market major players, competitors’ revenues, market positioning, and market growth across geographies. The automotive micro motor market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Global Automotive Micro Motor Market Set to Reach $3.57 Billion by 2027