Automotive motor Market Size Revenue Growth, Revenue Share, Business Insights, Forecast By 2032
Market Overview: Automobiles, as opposed to their counterparts that run on fuel, are powered by electricity. Such vehicles use an electric motor to power themselves instead of internal combustion engines, which need a steady supply of energy from batteries to function. In these kinds of vehicles, a variety of batteries are used. Lithium-ion, molten salt, zinc-air, and various nickel base designs are all included. The electric vehicle was primarily designed to replace the conventional ways of travel as they lead to environmental pollution. In addition, the global automotive motor market has been expected to increase at a CAGR of 51 %, with a significant value during the projected period of 2023-2032 . The increasing production of the vehicles, ongoing technological advancements in such segments and the rising demand for energy-efficient vehicles are expected to drive the automotive motor market over the predicted years. Get Free Sample PDF Brochure ...