This Electric Power Steering Motors market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Electric Power Steering Motors market.
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.
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.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
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.
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
The research report presents a comprehensive assessment of the Electric Power Steering Motors market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Electric Power Steering Motors market report also contains projections using a suitable set of assumptions and methodologies. The Electric Power Steering Motors market research report provides analysis and information according to Electric Power Steering Motors market segments such as geographies, application, and industry.
The report covers exhaustive analysis on:
- Electric Power Steering Motors Market Segments
- Electric Power Steering Motors Market Dynamics
- Electric Power Steering Motors Market Size
- Electric Power Steering Motors Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Electric Power Steering Motors Market Technology Road Map
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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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)
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
- Detailed overview of Electric Power Steering Motors parent market
- Changing Electric Power Steering Motors market dynamics in the industry
- In-depth Electric Power Steering Motors market segmentation
- Historical, current, and projected Electric Power Steering Motors market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Electric Power Steering Motors Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Electric Power Steering Motors Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Electric Power Steering Motors Market report?
In addition to up-to-date market figures and customized of the Electric Power Steering Motors Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.