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Global Automotive Steering Motor Market 2019-2023| Increasing Penetration of Steer-By-Wire Technology to Encourage Growth| Technavio

January 6, 2019

LONDON--(BUSINESS WIRE)--Jan 6, 2019--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 .

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Technavio predicts the global automotive steering motor market to post a CAGR of nearly 9% by 2023. (Graphic: Business Wire)

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 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.

This report is available at a USD 1,000 discount for a limited time only:

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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Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20190106005074/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

www.technavio.com

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INDUSTRY KEYWORD: AUTOMOTIVE RESEARCH OTHER SCIENCE GENERAL AUTOMOTIVE SCIENCE

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 01/06/2019 04:40 AM/DISC: 01/06/2019 04:40 AM

http://www.businesswire.com/news/home/20190106005074/en

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