DUBLIN--(BUSINESS WIRE)--The "Automotive Power Steering Motor Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Automotive power steering motor market was valued at USD 11.65 billion in 2020, and it is expected to reach USD 16.55 billion by 2026, growing at a CAGR of 5.98% during the forecast period (2021-2026).

Companies Mentioned

  • JTEKT Corporation
  • Nexteer Automotive
  • ZF Friedrichshafen AG
  • Robert Bosch GmbH
  • NSK Ltd
  • Showa Corporation (Hitachi Astemo)
  • Thyssenkrupp AG
  • Delphi Automotive (Borgwarner Inc.)
  • Hyundai Mobis Co. Ltd
  • Mando Corp.
  • DY Auto
  • Denso Corporation
  • Mitsubishi Electric

Key Market Trends

Passenger Car Segment Expected to Lead the Market

The use of power steering in passenger cars is growing rapidly, owing to its numerous advantages, such as the lack of hoses or fluids in the entire steering system. Some of the major drivers fueling market growth include the increased adoption of EPS in modern vehicles and the increased penetration of steer-by-wire technology. The demand for power steering is expected to rise as the overall demand for passenger vehicles increases.

In 2020, the global car sales were around 63.8 million, which in 2019 were 74.9 million, due to COVID-19, which impacted the economic activities all around the world, and strict lockdowns were enforced in several countries to contain the spread of virus. This is one of the major reasons for less sales of cars during 2020.

Though COVID-19 impacted the sales of passenger cars, owing to short-term restrictions on production and manufacturing facilities, the market started gaining its momentum as economic activities resumed worldwide. Currently, China is the largest consumer of automotive power steering systems, with about one-third of the global passenger cars sales in the country.

Furthermore, with the growing focus on safety and comfort, the manufacturers are now focusing on incorporating EPS technology in the entry-level segment cars, in turn, propelling the demand for power steering motors in passenger cars.

Asia-Pacific Region Likely to Dominate the Market During the Forecast Period

Asia-Pacific power steering market is primarily driven by growing vehicle production and sales . To meet government safety standards and emission norms, technological advancements are being made to APS motors. As the EPS demand is growing in the region, OEMs and Vehicle manufacturers are launching new vehicles with EPS and forming alliances to enlarge their market share.

For instance in 2019, NSK Ltd. entered a joint venture with Rane Group to form Rane NSK Steering Systems Pvt. Ltd. (RNSS). This joint venture company established a production base for electric power steering systems in Gujarat, India.

The growth in the adoption of electric vehicles is expected to offer several revenue generation opportunities for players offering power steering motors to OEMs across Asia-Pacific region. Moreover, increase in demand for vehicles, especially commercial vehicles, is encouraging OEMs to establish their presence across the region.

For instance in September 2021, Volvo Trucks acquired the JMC Heavy Duty Vehicle Co. Ltd, a subsidiary of Jiangling Motors Co. Ltd, which includes manufacturing sites in Taiyuan, Shanxi province, China. The company is planning to produce its new heavy-duty trucks such as Volvo FH, Volvo FM, and Volvo FMX for domestic customers by the end of 2022.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Drivers

4.2 Market Restraints

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 Power Steering Type

5.2.1 Electric Power Hydraulic Steering (EPHS)

5.2.2 Electric Power Steering (EPS)

5.3 By Product Type

5.3.1 By Rack assist type (REPS)

5.3.2 Column assist type (CEPS)

5.3.3 Pinion assist type (PEPS)

5.4 By Demand Category

5.4.1 OEM

5.4.2 Replacement

5.5 By Geography

5.5.1 North America

5.5.1.1 United States

5.5.1.2 Canada

5.5.1.3 Rest of North America

5.5.2 Europe

5.5.2.1 Germany

5.5.2.2 United Kingdom

5.5.2.3 France

5.5.2.4 Rest of Europe

5.5.3 Asia-Pacific

5.5.3.1 India

5.5.3.2 China

5.5.3.3 Japan

5.5.3.4 South Korea

5.5.3.5 Rest of Asia-Pacific

5.5.4 Rest of the World

5.5.4.1 Brazil

5.5.4.2 Mexico

5.5.4.3 United Arab Emirates

5.5.4.4 Other Countries

6 COMPETITIVE LANDSCAPE

6.1 Vendor Market Share

6.2 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/up3g5h

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900