Global Electric Power Steering Motors Market, By Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Component (Steering Wheel, Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit (ECU), Electric Motor, Bearings), Motor Type (Brush Motor, Brushless Motor), Vehicle type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Electric Power Steering Motors Market
Electric power steering motors market size is valued at USD 40,702.29 million by 2028 and is expected to grow at a compound annual growth rate of 6.27% over the forecast period of 2021 to 2028. Data Bridge Market Research report on electric power steering motors market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Automotive electric power steering consists of an electric motor to help out during the driving of a vehicle. Sensors detect the location and torque of the steering column, and a computer module applies assistive torque through the motor, which connects either to the steering gear or steering column.
The electric power steering motors market has a huge potential to grow over the forecast period of 2021 to 2028, owing to the ever-increasing vehicle production. In addition, the various global measures by OEMS to lessen complexity and weight of vehicles are also largely influencing the growth of the electric power steering motors market. Also the regulatory push towards efficient technologies as well as increasing demand for fuel-efficient vehicles are another driver flourishing the growth of electric power steering motors market, which in turn is raising the growth of the target market. Additionally, the rising competition to develop electric, self-driven or auto-pilot enabled vehicles will also boost the growth of the electric power steering motors market in the above mentioned forecast period. Likewise, the increasing research and development activities by various automotive firms and high growth of sophisticated and robust steering mechanism will also forward the product demand and enhance the growth of the electric power steering motors market in the above mentioned forecast period.
However, the market of electric power steering motors though has certain limitations which can obstruct the potential growth of the market such as the higher cost of electric power steering when compared to traditional steering systems and lack of steering feel, whereas the preserving market against steer-by-wire technology have the potential to challenge the growth of the electric power steering motors market. In addition, the penetration in commercial vehicles and enabling ADAS Features in electric power steering will further offer various growth opportunities for the electric power steering motors market in the forecast period of 2021 to 2028.
This electric power steering motors market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on electric power steering motors market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Electric Power Steering Motors Market Scope and Market Size
Electric power steering motors market is segmented on the basis of type, component, motor type and vehicle type. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the electric power steering motors market is segmented into rack assist type (REPS), column assist type (CEPS) and pinion assist type (PEPS).
- The electric power steering motors market has also been segmented on the component into steering wheel, steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit (ECU), electric motor and bearings.
- On the basis of motor type, the electric power steering motors market is segmented into brush motor and brushless motor.
- Based on vehicle type, the electric power steering motors market is segmented into passenger cars, light commercial vehicle and heavy commercial vehicle. Passenger cars have further been segmented into compact, mid-size, SUV and luxury.
Electric Power Steering Motors Market Country Level Analysis
Electric power steering motors market is analyzed and market size, volume information is provided by country, type, component, motor type and vehicle type as referenced above.
The countries covered in the electric power steering motors market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA).
Asia-Pacific leads the electric power steering motors market because of the rapid increase in sales of mid-size and compact vehicle and increase in the production of commercial and passenger vehicles in countries, such as Japan, China and South Korea within this particular region.
The country section of the electric power steering motors market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Electric Power Steering Motors Market Share Analysis
Electric power steering motors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to electric power steering motors market.
The major players covered in the electric power steering motors market report are JTEKT Corporation, Nexteer Automotive, ZF Friedrichshafen AG, Robert BoschGmbH, Melrose Industries PLC, Tenneco Inc., NSK Ltd, HYUNDAI MOBIS, thyssenkrupp AG,SHOWA CORPORATION, DENSO CORPORATION, BorgWarner Inc., ZF Steering Gear (India) Limited, Renesas Electronics Corporation, Infineon Technologies AG, Mando Corp, Rane Holdings Limited, NIDEC CORPORATION, Mitsubishi Electric Corporation and Johnson Electric Holdings Limited among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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