Automotive Power Steering Motor Market Overview
The automotive power steering motor market was valued at USD 11.65 billion in 2020, and it is expected to reach USD 16.55 billion by 2026, growing at a CAGR of 5.98% during the forecast period (2021-2026). With the gradual removal of lockdowns in several countries and the growing number of e-commerce are rising the demand for commercial vehicles. Many countries are reopening their international borders, and there has been an increase in freight and logistics activities. All these factors are expected to drive the demand for automobiles, thereby supporting the growth of the automotive power steering motor market.
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Automotive Power Steering Motor Market - Geographical Overview
Asia-Pacific is likely to dominate the automotive power steering motor market
The Asia-Pacific power steering motor market is primarily driven by growing vehicle production and sales, rapid electrification of vehicles, rising stringency of emission norms, and increasing disposable income of consumers, which, in turn, is increasing the demand for vehicle sales, owing to a growing preference for safety and comfort. The growth in the adoption of electric vehicles is expected to offer several revenue generation opportunities for players offering power steering motors to OEMs across the Asia-Pacific region. In September 2021, Volvo Trucks acquired the JMC Heavy Duty Vehicle Co. Ltd, a subsidiary of Jiangling Motors Co. Ltd, which includes manufacturing sites in Taiyuan, Shanxi province, China. The company is planning to produce its new heavy-duty trucks such as Volvo FH, Volvo FM, and Volvo FMX for domestic customers by the end of 2022.
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Key Highlights of the Automotive Power Steering Motor Market
- The automotive power steering motor market is a moderately consolidated market with existing market players holding the most significant shares and with new players entering the market. Some of the key players in the market are Denso Corporation, Mitsubishi Electric, Mitsuba Corporation, Showa Corporation, JTEKT Corporation, and others.
- The use of power steering in passenger cars is growing rapidly, owing to its numerous advantages, such as the lack of hoses or fluids in the entire steering system. Some of the major drivers fueling the market growth include the increased adoption of EPS in modern vehicles and the increased penetration of steer-by-wire technology. The demand for power steering is expected to rise as the overall demand for passenger vehicles increases.
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List of Key Players in the Automotive Power Steering Motor Market
- JTEKT Corporation
- Nexteer Automotive
- ZF Friedrichshafen AG
- Robert Bosch GmbH
- NSK Ltd
- Showa Corporation (Hitachi Astemo)
- Thyssenkrupp AG
- Delphi Automotive (Borgwarner Inc.)
- Hyundai Mobis Co. Ltd
- Mando Corp.
- DY Auto
- Denso Corporation
- Mitsubishi Electric
*List Not Exhaustive
Mordor Intelligence has segmented the global automotive power steering motor market on the basis of vehicle type, power steering type, product type, demand category, and geography:
- Vehicle Type (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
- Passenger Car
- Commercial Vehicle
- Power Steering Type (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
- Electric Power Hydraulic Steering (EPHS)
- Electric Power Steering (EPS)
- Product Type (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
- Rack assist type (REPS)
- Colum assist type (CEPS)
- Pinion assist type (PEPS)
- Demand Category (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
- OEM
- Replacement
- Geography (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Rest of Europe
- Rest of the World
- Brazil
- Mexico
- United Arab Emirates
- Other Countries
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