Electric Power Steering Motors Market Growing Worldwide with New Innovations; Industry Analysis & Forecast up to 2028

Electric Power Steering Motors Market: Introduction

In the past few decades, the automotive industry has undergone several phases of improvements and modifications. During the past few years, auto manufacturers have been increasingly integrating electrical and electronics in their vehicles. This trend has led to the development of electric power steering systems. Electric power steering systems enhance directional control and passenger safety while reducing engine loading and subsequently, improving fuel efficiency. Electric power steering motors are used to replace the hydraulic actuation mechanism in power steering systems. Electric power steering motors can be classified as AC motors and DC motors. The AC motors segment is expected grow at a high pace in the global electric power steering motors market as compared to the DC motors segment. Electric power steering motors have been witnessing substantial demand as they significantly reduce steering effort and provide precision turning.

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Electric Power Steering Motors Market: Dynamics

The rapidly growing automotive industry around the globe, particularly in emerging markets such as India, China, Indonesia, Thailand, Mexico and Brazil, is considered to be the key driving factor for the growth of global electric power steering motors market. With growing environment concerns, auto manufacturers are increasingly switching over to electric power steering systems from hydraulic steering assist systems in order to reduce vehicle weight and increase fuel efficiency. This trend across the automotive industry is expected to aid the growth of the electric power steering motors market during the forecast period. Moreover, rising technological advancements, increasing demand for enhanced ease of driving and bolstering on-road safety along with the high reliability of electric power steering systems are expected to drive innovation in the electric power steering motors market. Manufacturers are investing on enhancing the precision, reliability, efficiency and power output of electric power steering motors to develop sophisticated and robust steering mechanisms.

Electric Power Steering Motors Market: Segmentation

Based on vehicle type, the global electric power steering motors market has been segmented as:

Passenger Cars
Light Commercial Vehicles (LVC)
Heavy commercial Vehicles (HCV)
Off-Highway Vehicles

Based on product type the global electric power steering motors market has been segmented as:

AC Motors
DC Motors

Based on sales channel the global electric power steering motors market has been segmented as:

Original Equipment Manufacturers (OEM)
Aftersales

Based on motor power the global electric power steering motors market has been segmented as:

Less than 300 Watts
300 – 600 Watts
More than 600 Watts

Electric Power Steering Motors Market: Regional Overview

The demand for electric power steering motors is expected to grow at significant rate in mature regions such as North America and Western Europe. The increasing adoption of electronics in automotive production in order to enhance the ease of driving and bolster safety is estimated to be another factor driving the demand for electric power steering motors during the forecast period. The Japan electric power steering motors market is expected to grow at a rapid pace among other regions, owing to the high penetration of electronic power steering systems. The Asia Pacific excluding Japan region is pegged to emerge as a lucrative market for electric power steering motors, owing to the increasing automotive production in countries such as China, India and ASEAN. Further, the increasing number of government-led initiatives to support domestic manufacturing and attract foreign direct investment in countries such as India are expected to create a significant growth opportunity for the electric power steering motors market during the forecast period. The positive economic outlook, coupled with a favorable political scenario, in Latin America is driving investments in the automotive industry in the region, which in turn is set to induce the growth of electric power steering motors market.

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Electric Power Steering Motors Market: Market Participants

Examples of some of the market participants operating in the global electric power steering motors market include:

Robert Bosch GmbH
Johnson Electric Holdings Limited
LG Innotek
Nidec Corporation
SKF Group
MAHLE GmbH
STMicroelectronics

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This release was published on openPR.