Global Automotive Motor market is valued approximately USD 27.31 billion in 2018 and is anticipated to grow with a growth rate of more than 6% over the forecast period 2019-2026. An automotive motor is a machine that converts an electrical energy provided through the battery or engine unit to mechanical energy. The basic principle of an automotive motor is “Mechanical force is produced by the mutual induction of magnetic field and electric current. . The automotive motors market is driving due to the factors such as increasing global vehicle production, rising demand of electric vehicles, increasing demand for advanced automotive systems and demand for safety features and convenience. For instance: According to the Electric Vehicle Initiative, the Japan’s automotive strategy with respect to co-operative approach across industrial stakeholders, aims to reduce greenhouse emission by 80% from producing electric vehicle by domestic automakers till 2050. Similarly, in China, the State Grid Corporation of China plan to build 1,200,000 charging point by 2020 and automakers such as SAIC Motors targeted to build 20,000 charging point by 2020 whereas BAIC Group and NIO targeted to build 4100 battery-swapping station. Hence, the rising investment by automakers in electric vehicle surge the growth of market. Whereas, weight and cost reduction are the factor hampering the growth of market over the forecast years. However, the Electrification of commercial vehicle and huge number of applications employing use of electric motors is a lucrative opportunity for the growth of market.
The regional analysis of Global Automotive Motor Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is account for the largest market share in the Global Automotive Motor Market due to the presence of key market player in the developing economy coupled with rising vehicle productions. Whereas, the Asia Pacific is also the fastest growing region owing to the rising installation of upgraded technology features containing anti-lock braking system and start stop system