Electric Power Steering Motor Market Size, Share & Industry Analysis, By Product Type (AC Motor, DC Motor), By Vehicle Type (Passenger Car, Commercial Vehicles) and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI103648 | Status : Ongoing

KEY MARKET INSIGHTS

The steering system is the most important component in any vehicle. The steering system is a set of component that controls the direction of a vehicle. The electric power steering motor is powered with a DC voltage. In the past few years, there has been a tremendous development in the automotive industry. The automobile manufacturers are adopting new technologies and innovating new automotive system in their vehicle models. Large use of electrical and electronic components are being used in the vehicles which is leading to the growth of the electric power steering motor market. Growing adoption from hydraulic steering assist system to an electric power assist steering system that proven to be a more precise and effortless guidance system. Increasing the adoption of electric power steering is expected to boost the growth of electric power steering motor market.

Globally, owing to the rapid growth of automotive industry, adoption of advanced technology, changing preferences from hydraulic steering assist system to an electric power assist steering system, and also the increasing demand for the ease of driving, the electric power steering motor market is expected to dominate on a global level.

Key Market Driver -

Increasing vehicle production, adoption of new technologies are driving the growth of electric power steering motor market.

Key Market Restraint -

Low adoption of power steering in low segment vehicles is expected to hamper the growth of the market.

Key Players Covered in the Automotive Steering System Market:

Some of the major companies that are present in the electric power steering motor market include Robert Bosch GmbH, Nidec Corporation, MAHLE GmbH, LG Innotek, LG Innotek, and Johnson Electric Holdings Limited among the other players.

Market Segmentation:

The global electric power steering motor market has been segmented into product type, vehicle type, and region. By product type, the market is further divided sinto AC motor and DC motor. The DC motor is widely used as compared to the AC motor. These motors allow faster and precise application of torque. Based on vehicle type, the electric power steering system is segmented into commercial vehicles and passenger cars. The passenger car segment is anticipated to dominate the market over the forecast period. The increasing investment by automotive manufacturers to develop technological advancements in electric power steering systems is expected to drive the growth of the market.

Regional Analysis:

Geographically, the electric power steering motor market is segmented into North America, Europe, Asia Pacific, and the rest of the World. The Asia Pacific is expected to dominate the electric power steering motor system market owing to increasing sales and production of vehicles in this region. The Asia Pacific is one of the major hubs for the manufacturing of vehicles. Developing countries like India, China, and Japan are expected to manufacture vehicles with advanced technologies, which in turn manufacture more electric power steering systems. The growing need for vehicles contributes to the increase in disposable income, growing economy, increasing urbanization, and living standards in the Asia Pacific region. The next dominant region in this market in North America. North America is a significant region for the electric power steering market. Growing investments in technology and development in the automotive steering system are expected to propel the growth of the market. Europe is also expected to steady growth in this market over the forecast period.

To gain extensive insights into the market, Request for Customization

Segmentation

ATTRIBUTE	DETAILS
By Product Type	AC Motor DC Motor
By Vehicle Type	Passenger Car Commercial Vehicles
By Geography	North America (USA, Canada, and Mexico) Europe (Germany, France, U.K., and Rest of Europe) Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific) Rest of the World

REQUEST SAMPLE

SPEAK TO ANALYST

Electric Power Steering Motor Market Report

PUBLISHING STATUS: Ongoing
BASE YEAR: 2023
HISTORICAL DATA: 2019-2022

Multi-report Purchase Plan

Automotive & Transportation Clients

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry

Get in Touch with Us

US +1 833 909 2966 ( Toll Free )

UK +44 808 502 0280 ( Toll Free )
+91 744 740 1245 (APAC)
[email protected]