What Drives Growth in Global Automobiles Market?

To convert electric energy into mechanical energy we require electric motors. Without motors, we cannot use our vehicles. The essential thought of an electric engine is truly basic, you place power into it toward one side and a hub turns at the flip side giving you the ability to drive a machine.

Global automotive motors market is projected to grow at a CAGR of over 6% over next five years, in value terms backed by growing technological advancements, growing production and sales volume of vehicles and rising demand for active safety systems.

Automobile manufacturers have built up the present automobiles with extraordinarily enhanced security frameworks and numerous essential wellbeing highlights, making new vehicles more secure than any time in recent memory. Vehicle stability, new lighting systems, advance driver assistance, advance braking systems and many more have been improved many levels up which makes automobiles safer than ever and easy to operate. To run these technologies, vehicle manufacturer requires motors. Hence, these active safety systems are driving the automotive motors market globally.

Growing Vehicle Production, Globally:

                                                                                                                                                     Source: OICA

Growing Vehicle Sales, Globally (In Million Units):

                                                                                                   Source: OICA JATMA, ACEM, ACEA & TechSci Research

Prominent factors influencing the global automotive motors market are increasing vehicles sales and vehicle production globally. Moreover, increasing electric vehicle sales and production electric are some of the other major factors which are boosting the growth of the automotive motors market as more safety features and more electrification need more motor systems in the vehicle. Therefore, growing penetration of electric vehicles and government initiatives for electric vehicles globally expected to aid the global automotive motor market during 2017-2022.

Download sample report: https://www.techsciresearch.com/sample-report.aspx?cid=1281

Which Country plays the major role in support of automotive motors?

Plug-in electric vehicle sales are increasing at a highest rate from 2015-2017 in Unites States. Most of the electric cars like Chevrolet Bolt EV and the new Toyota Prius Prime are playing a major role in the growth of electric vehicle sales.

According to IEA (International Energy Agency), out of the total stock of electric vehicles globally, 28% of the total stock is being maintained by United States. In the United States, the states of California, Washington and Oregon jointly organised a wide network of DC fast-charging stations. For these charging stations, the manufacturers require the motors for conversion of energy. Thus, the increasing demand of electric vehicles and their charging station drives the automotive motor market in United States.

                                                                                                                                                                    Source: IEA

Government of United States is also supporting Electric Vehicles and has introduced many policies to support them. Some of the policies are mentioned below:

Three Giant Automakers: General Motors, Ford and FAC US, have more than 200 manufacturing plants, R&D services and different offices, which straightforwardly utilize around 232,000 U.S. laborers in thirty-two states. Every year around $ 18Billion is spent in research and developments of automobiles in United States.Source: IEA

According to Select USA, in 2016, the sales of light vehicles reached 17.5 Million units. Overall, the country is the second largest in the vehicle production and sales market of automobiles globally. Increasing production and sales in the country drives the automotive motor market.

Conclusion: Global automotive motors market is projected to grow at a CAGR of over 6% during the forecast period, in value terms backed on growing technological advancements, growing production volume of vehicles and rising demand for active safety systems. Moreover, the vehicles are becoming more electric which will further boost the demand of automotive motors over the next five years.