Electric Power Steering Motor Market Expected to Grow at a CAGR of 8.2% Over 2023-2030, Reveals MarkWide Research Report
According to a new report published by MarkWide Research, titled “Electric Power Steering Motor Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030,” the global electric power steering motor market is projected to experience significant growth, achieving a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period from 2023 to 2030. The increasing demand for enhanced driving experience and improved vehicle efficiency are key drivers of this growth.
The report provides comprehensive insights into the electric power steering motor market’s current scenario and future prospects. It examines the factors influencing market dynamics, including drivers, challenges, opportunities, and trends. Electric power steering (EPS) systems replace traditional hydraulic power steering, offering smoother handling, reduced energy consumption, and enhanced driver comfort.
The growing emphasis on fuel efficiency, vehicle safety, and reduced emissions drives the adoption of electric power steering systems. EPS systems contribute to improved fuel economy by reducing the energy required to turn the steering wheel and providing dynamic control based on driving conditions.
Moreover, advancements in electric motor technology and sensor systems are contributing to the growth of the electric power steering motor market. Brushless electric motors and steer-by-wire technologies offer precise control, reduced maintenance requirements, and integration with advanced driver assistance systems (ADAS).
The Asia-Pacific region is anticipated to dominate the electric power steering motor market during the forecast period. The region’s growing automotive production, rising disposable income, and increasing demand for passenger vehicles contribute to the market’s growth. North America and Europe also exhibit significant growth potential due to the adoption of electric and hybrid vehicles and the focus on vehicle safety.
Key players in the electric power steering motor market include Robert Bosch GmbH, ZF Friedrichshafen AG, NSK Ltd., Nexteer Automotive Group Limited, and JTEKT Corporation. These companies are investing in research and development to innovate EPS technologies, improve system integration, and enhance driving performance.
In conclusion, the global electric power steering motor market is on the verge of significant expansion, with a projected CAGR of 8.2% during the forecast period 2023-2030. The increasing demand for improved vehicle dynamics and energy-efficient steering systems drive the market’s growth. As automotive technology evolves, electric power steering motors play a pivotal role in enhancing driving experiences and shaping the future of vehicle control.
For comprehensive insights and detailed information about the electric power steering motor market, readers are encouraged to refer to the complete report available from MarkWide Research. The report offers detailed analysis of market trends, growth drivers, challenges, and opportunities, providing a holistic view of the evolving global electric power steering motor market.