Summary

The automotive power steering motor market is expected to grow at a strong CAGR of around 6% during the forecast period.
A power steering system is basically a mechanism that reduces the effort a driver has to apply to turn the vehicle. Before the inclusion of power steering the drivers had to apply a lot of arm strength to steer the vehicle which has made the driving experience very tiring and stressful but nowadays cars are way easier and safer to drive than they were a decade ago and the credit goes to the advanced features in new-age vehicles that improve vehicles safety, convenience, and overall driving experience and one of such advancements are happening in the field of power steering.

Steering is one of the most essential parts of the vehicle which connects the driver directly with the vehicle, power steering doesn’t allow the wheel resistance to reach the steering wheel making steering quicker and it also absorbs the shocks from uneven road surfaces hence making the ride smooth for the driver and because of these benefits today almost all modern road cars come with power steering. And in addition to already available benefits future trends are also emerging regarding the functionality of the power steering such as speed-dependent steering assistance, crosswind compensation, automated driving functions, convenience functions such as lane keeping assist, imbalance and road gradient compensation, or individual steering force settings and looking at this opportunity that the industry is presenting, companies are investing heavily in innovation and development of new products. For instance, In July 2018, Hyundai Mobis a car parts company announced the development of the EPS system which is specifically designed for autonomous vehicles. According to the company, it has two electronic circuits which are expected to maintain stability while driving.

Some of the major players operating in the market include Robert Bosch GmbH, DENSO CORPORATION, HELLA GmbH & Co. KGaA, Mitsubishi Electric Corporation, Nexteer Automotive, MAHLE GmbH, ZF Friedrichshafen AG, Nidec Industrial Solutions, Schaeffler AG, and HL Mando Corp. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst power steering types, the electric power steering segment held a dominating share of the market”
On the basis of power steering type, the market is segmented into hydraulic power steering, electric power hydraulic steering, and electric power steering. Out of all the other segments, the electric powered steering held the significant market share in 2021 owing to the benefits that it possesses over other types of power steering, electronic power steering is more direct and accurate, this type of power steering is more efficient as compared to hydraulic power steering as it does not have any kind of working fluid hence there will be no loss to viscosity, also most of the components of the electric power steering are lightweight and compact hence it has a smaller form factor, it is customizable, by just pushing the button the driver can adjust the feedback and the input from the steering wheels hence aids In having different driving modes, also there is no pump which is taking power from the engine as so happens in the hydraulic power steering hence further increasing the efficiency and the power of the engine. The electric-powered steering has been beneficial for car manufacturers also, thus gaining interest of manufacturers. For instance, Chevrolet has seen a 2.5% increase in fuel economy since switching to electronic steering due to the lack of parasitic wastage from the engine that earlier use to happen as to run the hydraulic pump of the hydraulic power steering..

“Amongst product types, the pinion assist type(P-EPS) technology is expected to grow with a significant CAGR during the forecast period.
Out of all this, the P-EPS held a significant market share in 2021, owing to the benefits such as compact design, taking less space in the vehicle, less weight, and high efficiency, which helps increase the mileage or EV range of the vehicle. Additionally, it provides steering and stability performance according to the vehicle’s speed. Furthermore, P-EPS also provides some added benefits such as it has an excellent steering feel with high rigidity and superior dynamic performance, also offers excellent safety, and comfort, and production of less noise and vibration.

“Asia Pacific dominated the automotive power steering motor market in 2021.”
The power steering motor market in the Asia Pacific region holds the largest market share and is expected to maintain its growth throughout the forecast period. The growth of both passenger vehicles and commercial vehicles is fueling the growth because of the rise in economic activity, huge infrastructure capex by the governments and rapid urbanization. For instance, according to the United Nations conference on trade and development (UNCTAD), All over the world, a growing proportion of the population is living in cities. In 2011, 52% lived in urban areas. The share of the urban population was projected to have increased to 56.5 per cent in 2021. It is generally higher in the developed (79.5% in 2021) than in the developing world (51.8 %). Over the last ten years, urbanization has been most pronounced in developing economies, especially in Asia Pacific, which saw the urban rate increase from 43.3% in 2011 to 50 % in 2021.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global automotive power steering motor market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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