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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.
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.
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.
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.
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