Covid-19 Impact on Automotive Motors Market Analysis, Trends, Growth and Forecast 2020 to 2025
The global Automotive Motors Market size is projected to grow from USD 20.3 billion in 2020 to USD 25.7 billion by 2025, at a CAGR of 4.8%. The base year for the report is 2019, and the forecast period is from 2020 to 2025. Rapid technological changes in the automotive industry for fuel efficient systems and governments stringent emission norms policies are likely to boost the automotive motors market. The adoption of electric power is considered to be the highest among other fuel types. This is because of government support toward EV infrastructure and fewer safety issues. Apart from passenger vehicles, now trucks and buses, are undergoing a major shift to achieve zero emissions. Manufacturers such as Daimler, AB Volvo, Yutong, and BYD are constantly developing different types of electric commercial vehicles such as buses, trucks, and vans to meet customer demand. Cities such as London, Moscow, Beijing, Paris, and Los Angeles plan to phase o...