Automotive Power Steering Motor Market: Current Analysis and Forecast (2022-2030)
Emphasis on Power Steering (Hydraulic Power Steering, Electric Power Hydraulic Steering, and Electric Power Steering), Product (Column Assist Type(C-EPS), Pinion Assist Type(P-EPS), Direct Drive Type(D-EPS), and Rack Assist Type(R-EPS)), and Vehicle Type (Passenger Vehicle and Commercial Vehicle) Region/Country.
The Automotive Power Steering Motor Market was valued at around USD 14.5 billion in 2021 and grow at a strong CAGR of around 6% during the forecast period 2022-2030.
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.
Automotive Power Steering Motor Market Report Coverage
“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.
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Table of Contents
Research Methodology for the Automotive Power Steering Motor Market Analysis
(2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive power steering motor market were the three major steps undertaken to create and analyze the adoption of automotive power steering motors in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive power steering motor market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the automotive power steering motor market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the automotive power steering motor market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as power steering type, product type, and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive power steering motor market. Further, we conducted factor analysis using dependent and independent variables such as power steering type, product type, and vehicle type of the automotive power steering motor market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive power steering motor market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive power steering motor market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive power steering motor market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global automotive power steering motor market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive power steering motor market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the power steering type, product type, and vehicle type in the global automotive power steering motor market.
The main objective of the Global Automotive Power Steering Motor Market Study
The current & future market trends of the global automotive power steering motor market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the automotive power steering motor market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the power steering type, product type, and vehicle type
- Define and analysis of the regulatory framework for the automotive power steering motor industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the automotive power steering motor market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the automotive power steering motor market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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