Electric Power Steering Motor Market by Product Type (AC Motor, DC Motor), by Vehicle Type (Passenger Car, Commercial Vehicles), by North America (U.S., Canada, Mexico), by Europe (UK, Germany, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Sweden, Belgium), by Asia Pacific (China, India, Japan, South Korea, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, New Zealand), by Latin America (Brazil, Mexico, Argentina, Chile, Colombia, Peru), by MEA (UAE, Saudi Arabia, South Africa, Egypt, Turkey, Israel, Nigeria, Kenya) Forecast 2024-2032
The size of the Electric Power Steering Motor Market was valued at USD 25.32 USD Billion in 2023 and is projected to reach USD 66.25 USD Billion by 2032, with an expected CAGR of 14.73% during the forecast period. Electric Power Steering motors are parts that are widely used in present-day steering systems; they supply the levels of force needed to operate a steering wheel with considerable ease with little effort from the driver. These motors substitute hydraulic systems providing higher fuel efficiency and increased control. There are three basic forms of EPS motor, these are column-mounted EPS motor, rack-mounted EPS motor, and pinion-mounted EPS motor, and each type is suited to a particular vehicle form. These are reduced power consumption, compatibility with ADAS, and enhanced steering feel ACS. EPS Motor is an important feature predominantly used in cars, LCVs, HCVs, and electric vehicles to enhance its comfort, safety, and environmental compliance. They are applied not only to cars, trucks, and buses but are vital to modern automotive systems.
Electric Power Steering Motor Market Trends
The market is driven by the growing popularity of hybrid and electric vehicles, as electric power steering motors improve fuel efficiency and reduce emissions. Governments worldwide are implementing regulations that mandate fuel efficiency standards, further driving the demand for electric power steering motors. Technological advancements, such as the development of more efficient and compact motors, are also contributing to market growth.
The increasing demand for fuel-efficient vehicles is a primary driving force for the electric power steering motor market. Electric power steering motors reduce engine load, resulting in improved fuel economy. Rising fuel costs and environmental concerns have led consumers to opt for vehicles with improved fuel efficiency.
Government regulations also play a significant role in the growth of the electric power steering motor market. Governments in various countries have implemented regulations that mandate fuel economy standards, encouraging the adoption of technologies that improve fuel efficiency.
Technological advancements are another major factor propelling the market growth. Manufacturers are continuously developing more efficient and compact electric power steering motors, which meet the demanding requirements of modern vehicles.
Despite the growth opportunities, the electric power steering motor market faces certain challenges and restraints:
Asia-Pacific is projected to be the dominant region in the electric power steering motor market, driven by the growing automotive industry in the region, particularly in China and India.
In terms of vehicle type, the passenger car segment is expected to hold a larger market share, as electric power steering motors are primarily used in passenger vehicles due to their fuel-saving benefits.
Key players in the electric power steering motor market include:
The report offers a comprehensive analysis of the electric power steering motor market, covering key market insights, trends, driving forces, challenges, segmentation, competitive landscape, regional dynamics, and future growth prospects.
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 14.73% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 14.73% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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