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A steering motor, situated on the steering column or steering gear, imparts torque to the steering column, aiding the driver in turning the steering wheel. Currently, steer-by-wire technology is gaining traction, eliminating the physical link between the steering wheel and car wheels, utilizing electrically controlled motors for directional changes and driver feedback. The surge in Electronic Power Steering (EPS) adoption in modern vehicles propels the automotive steering motors market. EPS systems offer advantages, such as reduced fuel consumption and lower carbon emissions.
The rising adoption of EPS in modern vehicles, technological advancements, especially in developing economies, significantly fuels market growth. Increased adoption of EPS and the penetration of steer-by-wire technology are major growth drivers. The global automotive market experiences robust growth, driven by steady demand for passenger and commercial vehicles, particularly in developing nations like India, China, and Brazil.
North America is poised to dominate market growth due to a high number of vendors and a robust presence in the automotive industry. The U.S. holds the largest market share, followed by Canada and Mexico. Europe, with its significant automotive sector, sees leading countries like the U.K., Germany, and France driving growth. China leads the Asia-Pacific market, with India and Japan following suit. South America, especially Brazil, anticipates growth in the automotive steering motors market. In the Middle East & Africa, countries like Saudi Arabia and South Africa witness increased demand for passenger and commercial vehicles.
The global automotive steering motors market is categorized by type into Electric Power Steering (EPS) and Electro-Hydraulic Power Steering (EHPS). EPS, driven by environmental concerns and fuel efficiency, holds the highest value share in Japan and European countries. EHPS serves as a revolutionary replacement for belt-driven power steering pumps, offering substantial energy savings.
By application, the market is segmented into Passenger Cars and Commercial Vehicles. The increasing production of passenger vehicles globally creates opportunities for the adoption of automotive steering technologies, including EPS and EHPS.
Intense competition exists among notable vendors, including SKF, Nidec Corporation, Mitsuba Corp., MinebeaMitsumi Inc., Broad-Ocean Technologies, Johnson Electric Holdings Limited, Robert Bosch GmbH, Brose Fahrzeugteile GmbH & Co. KG, MAHLE GmbH, and Denso Corporation.
Key companies are focusing on strengthening their presence in emerging economies, aligning with the shifting growth in the automotive market. The incorporation of advanced technologies to meet changing customer demands and intensifying activities in electronics and mechatronics are strategic approaches to provide better systems solutions for electric vehicles.
· In 2018, the Indian government revised tax slabs to promote vehicle sales, with a focus on the sports vehicles segment.
· The Dubai Chamber of Commerce and Industry formed the Automotive Manufacturers Business Group in 2018 to enhance focus on the automotive sector.
· Bosch operated its Electric Power Steering (EPS) business solely with Honda in the Japan market as of April 2016.
· In 2015, the German Federal Ministry of Economic Affairs and Energy funded R&D projects focused on Advanced Driver Assistance Systems (ADAS).
· Honda launched vehicles equipped with DP-EPS and R-EPS in 2013 and 2015, respectively.
By Type: Electric Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS)
By Application: Passenger Cars, Commercial Vehicles
By Regions: North America, Europe, APAC, Middle East and Africa, LATAM.
The global market is projected to grow at a CAGR of 2.3% during the forecast period, 2023-2031.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65457
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