Global Automotive Power Steering Motor Market (2021-2026) – Growth, Trends, COVID-19 Impact, and Forecast – ResearchAndMarkets.com
DUBLIN – (COMMERCIAL THREAD) – The report “Automotive Power Steering Motor Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” has been added to ResearchAndMarkets.com offer.
The automotive power steering motor market was valued at USD 11.65 billion in 2020 and is expected to reach USD 16.55 billion by 2026, with a CAGR of 5.98% during the forecast period (2021-2026 ).
ZF Friedrichshafen AG
Robert Bosch GmbH
Showa Corporation (Hitachi Astemo)
Delphi Automobile (Borgwarner Inc.)
Hyundai Mobis Co. Ltd
Key market trends
Passenger car segment expected to dominate the market
The use of power steering in passenger cars is growing rapidly, due to its many advantages, such as the absence of hoses or fluids in the entire steering system. Some of the main drivers of market growth include the increased adoption of EPS in modern vehicles and the increased penetration of wire steering technology. The demand for power steering is expected to increase as the overall demand for passenger vehicles increases.
In 2020, global car sales were around 63.8 million, up from 74.9 million in 2019, due to COVID-19, which has impacted economic activities around the world, and strict lockdowns have been applied in several countries to contain the spread of the virus. This is one of the main reasons for the decline in car sales in 2020.
Although COVID-19 has had an impact on passenger car sales, due to short-term restrictions on production and manufacturing facilities, the market has started to gain momentum with the resumption of economic activities in the region. world. Currently, China is the largest consumer of automotive power steering systems, with around one-third of global passenger car sales in the country.
Additionally, with the growing emphasis on safety and comfort, automakers are now focusing on integrating EPS technology into the entry-level car segment, which in turn is propelling demand for engines. power steering in passenger cars.
The Asia-Pacific region is likely to dominate the market during the forecast period
The power steering market in Asia Pacific is primarily driven by growth in vehicle production and sales. To meet government safety and emission standards, technological advancements are being made for APS engines. As demand for PSE increases in the region, OEMs and automakers are launching new vehicles with PSE and forming alliances to expand their market share.
For example, in 2019, NSK Ltd. formed a joint venture with Rane Group to form Rane NSK Steering Systems Pvt. Ltd. (RNSS). This joint venture established an electric power steering systems production base in Gujarat, India.
The growth in electric vehicle adoption is expected to provide several revenue-generating opportunities for players offering power steering motors to OEMs in the Asia-Pacific region. Additionally, increasing demand for vehicles, especially utility vehicles, is encouraging OEMs to establish their presence in the region.
For example, in September 2021, Volvo Trucks acquired JMC Heavy Duty Vehicle Co. Ltd, a subsidiary of Jiangling Motors Co. Ltd, which includes manufacturing sites in Taiyuan, Shanxi Province, China. The company plans to produce its new heavy-duty trucks such as Volvo FH, Volvo FM and Volvo FMX for domestic customers by the end of 2022.
Main topics covered:
2 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
4.1 Market drivers
4.2 Market restrictions
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Threat of new entrants
4.3.2 Bargaining power of buyers / consumers
4.3.3 Bargaining power of suppliers
4.3.4 Threat of substitute products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By vehicle type
5.1.1 Passenger car
5.1.2 Commercial vehicle
5.2 By type of power steering
5.2.1 Electric hydraulic steering (EPHS)
5.2.2 Electric power steering (EPS)
5.3 By product type
5.3.1 By type of rack assistance (REPS)
5.3.2 Column assistance type (CEPS)
5.3.3 Pinion assist type (PEPS)
5.4 By category of request
5.5 By geography
5.5.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.5.4 Rest of the world
220.127.116.11 United Arab Emirates
18.104.22.168 Other countries
6 COMPETITIVE LANDSCAPE
6.1 Supplier market share
6.2 Company profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/up3g5h