The rise of passenger vehicle sales propelled the growth of the automotive power steering motor market in the APAC Region!

The automotive power steering motor market in APAC (Asia-Pacific) region is expected to grow significantly in the coming years. APAC is a region with diverse economies and infrastructure development levels, but the demand for passenger vehicles is increasing across the region due to rapid urbanization and infrastructure development. The growing adoption is also attributed to the rising incomes of people hence more households are entering the consuming class and at the same time more people are joining the workforce, as more women and youth are joining the workforce hence raising the demand for mobility and is expected to drive the market during the forecast period. Moreover, the large population of young and working-class aspirational youth is further driving the market because of their preferences like sporty design, comfortable and luxurious features, technologically advanced vehicles having voice commands, drive assists, comfortable and smooth steering systems, etc. Furthermore, China is driving the growth of the automotive power steering motor as the demand for passenger vehicles in China is very high and youth of the China is driving this growth, according to the sales data of China passenger vehicles, those aged from 21 to 30 accounted for 27 percent of car buyers in China in 2022, up from 16 percent in 2017, moreover, another major shift in car buyer demographic in China is growing number of female buyers of cars. For instance, according to a report by China’s Auto Home Research Institute, The average age of Mercedes-Benz car owners in China is less than 36, which is around 10 to 15 years younger than its customer base in Europe and the United States.

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The APAC automotive power steering motor market is expected to grow at a strong CAGR of around 6% during the forecast period (2022-2028). APAC is anticipated to emerge as the fastest-growing automotive power steering motor market primarily owing to the spur in demand for passenger vehicles in China, India, and Japan coupled with the growing demand for SUVs and premium luxury vehicles in countries like China and India are expected to drive the market during the analysis time period.

Based on power steering type, the market is segmented into hydraulic power steering, electric power hydraulic steering, and electric power steering. The electric power steering category is anticipated to witness the highest CAGR during the forecast period. In recent years, the race for making the vehicle more efficient and reducing CO2 emissions has increased among OEMs in order to be more compliant with the government’s emission norms and governments safety norms of the vehicle and also OEMs are competing over increasing fuel efficiency or the battery range of the vehicle and one way in which OEMs are doing it is by equipping the vehicles with electric power steering instead of hydraulic power steering hence removing all the heavy and complex mechanical moving parts with simpler and lighter motors, sensors and ECUs arrangements that are used in EPS, hence making vehicles lighter and more efficient.

Based on vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. A passenger vehicle is the one that holds a significant market share among the two owing to the rise in demand for personal mobility among the population due to COVID-19 and also due to the rise in discretionary income on the people’s hands. The commercial vehicle segment is also showing significant growth because of increased economic activities and increasing government and private players’ investments in infrastructure developments.

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Global Automotive Power Steering Motor Market Segmentation

Market Insight, by Power Steering Type

· Hydraulic power steering

· Electric power hydraulic steering

· Electric power steering

Market Insights, by Product Type

· Column assist type(C-EPS)

· Pinion assist type(P-EPS)

· Direct drive type(D-EPS)

· Rack assist type(R-EPS)

Market Insights, by Vehicle Type

· Passenger vehicle

· Commercial vehicle

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o U.K.

o France

o Italy

o Spain

o Rest of Europe

· APAC

o China

o Japan

o India

o South Korea

o Rest of APAC

· Rest of the World

Top Company Profiles

· Robert Bosch GmbH

· DENSO CORPORATION

· HELLA GmbH & Co. KGaA

· Mitsubishi Electric Corporation

· Nexteer automotive

· MAHLE GmbH

· ZF Friedrichshafen AG

· Nidec Industrial Solutions

· Schaeffler AG

· HL Mando Corp