According to The Business Research Company’s Automotive Micro Motor , The automotive micro motor market size has grown steadily in recent years. It will grow from <b>$2.85 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. </b> The growth in the historic period can be attributed to fuel efficiency regulations, consumer demand for enhanced vehicle features, global economic conditions, regulatory standards for vehicle safety.
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The automotive micro motor market size is expected to see steady growth in the next few years. It will grow to <b>$3.5 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. </b> The growth in the forecast period can be attributed to growing adoption of autonomous vehicles, increasing focus on sustainability and eco-friendly transportation, shift towards shared mobility services, integration of micro motors in emerging automotive markets. Major trends in the forecast period include electrification of vehicles, connectivity and iot in automotive systems, lightweight materials for improved efficiency, 3d printing in automotive manufacturing, integration of renewable energy sources in vehicle power systems.The increasing demand for luxury cars is expected to propel the growth of the automotive micro motor market. Automotive micro motors serve a critical role in the system that allows components such as electric sunroofs, environmental purification, power antennae and other advanced features to operate. The growing demand for luxury cars is expected to increase demand for micro motors. For instance, German luxury car company, Audi, reported a two-fold increase in retail sales in India in 2021, from 1,639 units in 2020 to 3,293 units in 2021. Another German luxury vehicles company, Mercedes-Benz India sold 4,101 units in the 2021 July-September quarter, up from 2,060 units in the same quarter of 2020. Therefore, the rising demand for luxury automobiles is expected to drive the automotive micro motors market.
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The automotive micro motor market covered in this report is segmented –
1) By Type: AC Micro Motor, DC Micro Motor
2) By Power Consumption: 48V, 25V-48V, 12V-24V, Less than 11V
3) By Technology: Brushed, Brushles
4) By Application: Passenger Vehicle, Commercial VehicleStrategic collaborations between companies are a key trend gaining popularity in the automotive micro motor Market. Companies manufacturing micro motors are undergoing partnerships and collaboration to develop new technologies and products. For instance, in June 2021, Local Motors, a manufacturer of autonomous vehicles announced a strategic partnership with protean electric to accelerate development of automotive micro motors and electric autonomous vehicles.The automotive micro motor market report table of contents includes:
1. Executive Summary
2. Automotive Micro Motor Market Characteristics
3. Automotive Micro Motor Market Trends And Strategies
4. Automotive Micro Motor Market – Macro Economic Scenario
5. Global Automotive Micro Motor Market Size and Growth
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26. South America Automotive Micro Motor Market
27. Brazil Automotive Micro Motor Market
28. Middle East Automotive Micro Motor Market
29. Africa Automotive Micro Motor Market
30. Automotive Micro Motor Market Competitive Landscape And Company Profiles
Top Major Players:
- Asea Brown Boveri Ltd
- Buhler Motor Gmbh
- Constar Micro Motor Co. Ltd
- Johnson Electric
- Nidec Corporation
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