Automotive Motors Market Analysis, Size, Share, Growth, Trends, and Forecasts by 2031
Global automotive motors market was valued at $ 38.7 billion in 2022 and is likely to reach $ 61.4 billion by 2032, registering a CAGR of 4.5% over the forecast period of 2023-2032. The automotive industry is undergoing a seismic shift, driven by the global push towards electrification and stringent emissions regulations. At the heart of this transformation lies the automotive motors market, experiencing unprecedented growth and innovation. From traditional internal combustion engine (ICE) starters and alternators to the burgeoning realm of electric vehicle (EV) traction motors, the landscape is evolving rapidly.