The global automotive steering motor market is expected to post a CAGR of nearly 9% during the period 2019-2023, according to the latest market research report by Technavio.
Technavio predicts the global automotive steering motor market to post a CAGR of nearly 9% by 2023.
A key factor driving the growth of the increased adoption of EPS in modern vehicles. Continuous advancements are driving the steering systems in the automotive industry. They have grown from purely mechanical hydraulic steering to completely electronic steer-by-wire systems. Some recent advancements help in enhancing the ease of driving and bolstering on-road safety. One of the major drivers leading to technological advancements is the demand for high fuel economy, which has resulted in the development of EPS.
This market research report on the global automotive steering motor market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing penetration of steer-by-wire technology as one of the key emerging trends in the global automotive steering motor market:
Global automotive steering motor market: Increasing penetration of steer-by-wire technology
With the help of electrically connected motors, the steer-by-wire technology helps to remove the physical connection between the steering wheel and the steering system. It also helps to change the direction of the wheels. In steer-by-wire, the vehicle computer gets the command from the connected device and the computer itself sends the command to the wheels.
“Better handling and safety are some of the benefits of steer-by-wire technology. Implementing the steer-by-wire on different cars is easier, as there are no physical connections between the steering wheel and steering. It reduces the cost of production and allows for a wide array of designs,” says a senior analyst at Technavio for research on automotive components.
Global automotive steering motor market: Segmentation analysis
This market research report segments the global automotive steering motor market by application (passenger car and commercial vehicles), steering type (EPS and EHPS), and geographical regions (APAC, EMEA, and the Americas).
The passenger car segment held the largest market share in 2018, accounting for nearly 87% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 45%. This region is expected to dominate the market through 2023, with nearly 4% increase in its market share.
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