Global Automotive Steering Motor Market 2019-2023 | 9% CAGR Projection Over the Next Five Years | Technavio
The automotive steering motor market size is poised to grow by USD 2.06 billion during the period 2019-2023, according to the latest market research report by Technavio.
The automotive steering motor market size is poised to grow by USD 2.06 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive steering motor market 2019-2023 (Graphic: Business Wire)
Increasing technological advancements and the growing need for high fuel economy have led to the development of EPS in modern vehicles. In the EPS system, the power from the battery and the charging system is used to run the electric motor rather than a belt-driven pump as in the case of hydraulic power steering systems. In addition, EPS requires less horsepower from the engine and provides better fuel efficiency and improved performance. These benefits are forecast to boost the demand for electric steering motors. Thus, the increased adoption of EPS in modern vehicles will drive the growth of the automotive steering motors market.
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As per Technavio, the increasing penetration of steer-by-wire technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Steering Motor Market: Increasing Penetration of Steer-By-Wire Technology
With the help of electrically connected motors, the steer-by-wire technology helps to remove the physical connection between the steering wheel and the steering system. It also helps to change the direction of the wheels. In steer-by-wire, the vehicle computer gets the command from the connected device and the computer itself sends the command to the wheels. Better handling and safety are some of the benefits of steer-by-wire technology. It reduces the cost of production and allows for a wide array of designs. Thus, the adoption of steer-by-wire technology is expected to increase which will have a positive impact on the growth of the market during the forecast period.
“Factors such as the increasing penetration of EHPS in heavy commercial vehicles, and the development of an all-electric power steering system for trucks and buses will have a positive impact on the growth of the automotive steering motor market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Steering Motor Market: Segmentation Analysis
This market research report segments the automotive steering motor market by application (passenger car and commercial vehicles), steering type (EPS and EHPS), and geographical regions (APAC, EMEA, and Americas).
The APAC region led the market in 2018, followed by EMEA and the Americas, respectively. The APAC region is expected to continue dominating the market during the forecast period with the highest incremental growth owing to the rising demand for vehicles from China, South Korea, and India.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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