Global Automotive Steering Motor Market 2019-2023
About this market
Increasing penetration of steer-by-wire technology to gain traction in the market. The steer-by-wire helps to remove the physical connection between the steering wheel and the steering system will help of electrically connected motors. Technavio’s analysts have predicted that the automotive steering motor market will register a CAGR of almost 9% by 2022.
Increased adoption of EPS in modern vehicles
The steering systems have evolved from purely mechanical hydraulic steering to completely electronic steer-by-wire-systems.
Increasing cost pressure from demand side
In the current automotive industry scenario, the automotive component manufacturers are facing challenges in terms of quality requirements and cost pressure from demand side.
For the detailed list of factors that will drive and challenge the growth of the automotive steering motor market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Techman-Head Group and Brackett Aircraft Company the competitive environment is quite intense. Factors such as the increased adoption of EPS in modern vehicles and the increasing penetration of steer-by-wire technology, will provide considerable growth opportunities to automotive steering motor manufactures. Bosch, Brose Fahrzeugteile, DENSO, Johnson Electric, MAHLE, and SKF are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Automotive Steering Motor Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive steering motor market: Bosch, Brose Fahrzeugteile, DENSO, Johnson Electric, MAHLE, and SKF.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing penetration of steer-by-wire technology.”
According to the report, one of the major drivers for this market is the increased adoption of EPS in modern vehicles.
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