What is Electric Power Steering Motor Market?
Power steering is used to reduce the effort required of the driver to turn the steering wheel. It is suitable for use at high speeds and Optimized noise level and torque ripple of the electric motor. Some of the major benefits of electric power steering motor are highly precise steering assistance, extremely compact size and others. An increasing number of vehicle production across the world, increasing the number of customers from Asia Pacific region and the rising number of people prefer for comfort driving has increased the demand for Electric Power Steering Motor in market.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | MITSUBA Corporation (Japan), FZB (India), Nidec Corporation (Japan), Johnson Electric (Hong Kong), MAHLE GmbH (Germany), Toshiba Corporation (Japan), JTEKT Corporation TYO (Japan), Robert Bosch GmbH (Germany), Hitachi, Ltd. (Japan), General Ricambi S.P.A. (Italy) and LG Innotek (South Korea) |
The market study is being classified by Type (Pinion Assist Type, Rack Assist Type and Column Assist Type), by Application (Passenger Car and Commercial Vehicle {Light Commercial Vehicle (LCV), Medium Commercial Vehicles (MCV), Heavy Commercial Vehicle (HCV)}) and major geographies with country level break-up. According to AMA, the Global Electric Power Steering Motor market is expected to see steady growth rate.
MITSUBA Corporation (Japan), FZB (India), Nidec Corporation (Japan), Johnson Electric (Hong Kong), MAHLE GmbH (Germany), Toshiba Corporation (Japan), JTEKT Corporation TYO (Japan), Robert Bosch GmbH (Germany), Hitachi, Ltd. (Japan), General Ricambi S.P.A. (Italy) and LG Innotek (South Korea) are some of the key players profiled in the study.
Manufacturers of Electric Power Steering, Raw Material Suppliers for Electric Power Steering, Traders, Distributors, and Suppliers of Electric Power Steering, Worldwide Automobile Associations and Others Research Analyst at AMA predicts that Germany Vendors will contribute to the maximum growth of Global Electric Power Steering Motor market throughout the forecasted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Electric Power Steering Motor market by Type, Application and Region.
On the basis of geography, the market of Electric Power Steering Motor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing adoption of automotive vehicle production across the world. For instance, according to chinaembassy.org, China Association of Automobile Manufacturers has announced annual sales rose more than 46.15% year on year to 13.64 million units. Output augmented 48.3% to 13.79 million units. Therefore, it will enhance market growth.
Market Trend
- Technology Advancement in Electric Power Steering Motor
Restraints
- Higher Cost of EPS as Compared to Traditional Steering Systems
Opportunities
- Penetration in commercial vehicles and Enabling ADAS features in EPS
Challenges
- Maintaining market against steer-by-wire technology
Market Leaders and some development strategies
In 2017, the Robert Bosch GmbH (Germany) Company has acquired the Albertini Cesare S.p.A. (Italy) Company which produces cast housings primarily for the automotive industry. Therefore, this acquisition has helped the company to strengthen and diversify its business and product portfolio on a global scale.
In 2017, the ZF Company has developed an advanced steering wheel concept for automated and HMI solutions. Therefore, this launched will increase the product portfolio of the company.