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The automotive power steering motor market share is expected to increase by USD 622.5 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.45%. This automotive power steering motor market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. The automotive power steering motor market report also offers information on several market vendors, including Allied Motion Technologies Inc., BorgWarner Inc., Brose Fahrzeugteile SE and Co. KG, DENSO Corp., General Motors Co., Hitachi Astemo Americas Inc., Johnson Electric Holdings Ltd., JTEKT Corp., Komachine Co., Lucas TVS LTD., Mando Corp., Mitsubishi Electric Corp., Nexteer Automotive Group Ltd., Nidec Corp., NSK Ltd., Robert Bosch Stiftung GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG among others. Furthermore, this report extensively covers automotive power steering motor market segmentation by application (passenger cars and commercial vehicles) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
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The rise in demand from emerging APAC countries is notably driving the automotive power steering motor market growth, although factors such as balancing design complications with functional safety requirements for optimal operation may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive power steering motor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Power Steering Motor Market Driver
One of the key factors driving the global automotive power steering (APS) motor market growth is the rise in demand from emerging APAC countries due to the elevated purchasing power of consumers and significant economic growth. Automotive vendors in the market have been launching new vehicles that will augment the application of automotive power steering. For instance, in November 2021, Volkswagen AG started production of its 5-seater SUV Tiguan at its plant in Maharashtra, India. Moreover, in these markets, customers are shifting from traditional vehicles to modern cars equipped with EPS. Therefore, the growing penetration of the automotive industry, augmented with the increase in advancement in steering systems, will drive the growth of the market during the forecast period.
Key Automotive Power Steering Motor Market Trend
Continuous advances in automotive steering technology is one of the key APS motor market trends that is expected to impact the industry positively in the forecast period. The rise in the use of electronics in vehicles has encouraged automobile manufacturers to invest in integrating electronics and safety systems with automotive steering systems. The ongoing evolution of electronic steering systems enables auto manufacturers to improve the comfort, efficiency, handling, and safety of a vehicle. For instance, in September 2020, DENSO Corp. announced the development of the Electric Power Steering Motor Control Unit (EPS-MCU), which deliver improved handling and safety to vehicles. Such factors will further support the growth of the market in focus in the coming years.
Key Automotive Power Steering Motor Market Challenge
One of the key challenges to the global automotive power steering motor market growth is the balancing design complications with functional safety requirements for optimal operation. Modern systems include sensors, motors, and many other components, which increase the complexity of the systems. This is coupled with the installation restrictions in terms of space required and ideal location. An ideal location is an important factor due to the presence of computer chips in control units, which can get damaged due to electrical noise. Thus, even though companies undergo dual redundancy designs and fault tolerance considerations at each level of system design and development, increasing complexity in the total architecture limits the complete adoption of these techniques, which may negatively impact the market growth during the forecast years.
This automotive power steering motor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive power steering motor market as a part of the global auto parts and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive power steering motor market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive power steering motor market encompasses successful business strategies deployed by the key vendors. The automotive power steering motor market is fragmented and the vendors are deploying growth strategies such as product and technological innovations to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive power steering motor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive power steering motor market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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