The Automotive Power Steering (APS) Motor Market is anticipated to register a CAGR greater than 6.65% during the forecast period (2020 - 2025).
Automotive Power Steering (APS) Motor is an integral component of any vehicle due to its basic functionality of allowing the driver to steer the car by augmenting steering efforts needed to turn the steering wheel. Factors such as extensive ownership of personal vehicles and growing technological advancements will see the rise of the APS Motor market.
The electric power steering (EPS) motor is an alternative to traditional steering systems, such as hydraulic and electro-hydraulic motor. The rising popularity of self-driving vehicles is fueling the demand growth in the electric power steering system market and the EPS Motor across the world. Vehicles that are equipped with EPS tend to have a reduced overall weight, which further increases fuel efficiency.
Both China and India are world’s leading markets with a combined market share of over 55%. Due to growing affordability and disposable incomes rise, the Asia-Pacific region is seeing a rise in personal automotive. Other emerging markets also include South East Asian Countries like Indonesia and Vietnam, which also saw positive growth. In India, government policies such as 'Make in India' initiative to improve the manufacturing sector in the nation, will also see a bright future for the EPS Motor market.
Key Market Trends
Electric Power Steering (EPS) Motors Is the Largest Segment for The Market
The electric motor provides a lower cogging torque for the better driving experience, improving the interaction between the permanent magnets of the rotor and the stator slots of the Permanent Magnet (PM) machine. Traditional steering systems required the driver to continually make minor steering corrections to compensate for irregularities, such as road camber or crosswinds. But, modern Electric Power Steering Motors automatically assists the driver in case they encounter such barriers. The Electric Power Steering control unit can register if the driver is continuously counter steering, and itself automatically compensate for the correction. This makes driving more comfortable and less stressful.
APS Motor today is much lighter, offering improved fuel efficiency. Exhaust gas regulatory bodies like Euro-6 in Europe have taken initiatives to reduce carbon footprint. By increasing Electric Power Steering Motors' weight by developing advanced and compact motors. Lightweight motors contribute to fuel efficiency and enhance environmental performance.
There is a demand for higher steering power, to improve driver comfort and feedback without losing power assistance, especially at the slower speed. For instance, in the 2017 Honda CR-V, EPS incorporates dual pinion gears and a variable gear ratio for enhanced low-speed maneuverability without sacrificing high-speed stability. Physical steering from the driver and the electric motor is utilized by dual pinion EPS. Non-contact torque sensor measures the driver's steering effort, and an ECU determines how much electric motor assist in adding, with the result claimed to produce seamless, natural-feeling steering in all situations.
The Asia-Pacific Will Dominate the Automotive Power Steering Motor Market
The Asia-Pacific APS market is primarily driven by growing vehicle production and sales . To meet government safety standards and emission norms, technological advancements are being made to APS motors.
India is an emerging economy where Power Steering Motor implementation in passenger cars is overgrowing, owing to its advantages, such as no hoses or fluids required in the steering system, thereby, reducing the repair and maintenance costs.
However, in India, for every minute, a serious road accident occurs, and 16 die every hour. Power Steering motors significantly makes driving safer. Companies such as Infiniti Q50 incorporated adaptive steering in vehicles whose sensors continuously monitor the position of the steering wheel. Also, these torque sensors are integrated into the EPS system. The torque sensors measure the effort applied by the driver to steer the vehicle .
Currently, less than 40% of the passenger cars are running with EPS technology. Although, stringent government regulations regarding fuel efficiency will drive the growth of the segment for Fully Electric Power Steering (EPS) segment. In 2019, the Indian government modified the tax reforms gasoline, diesel, and hybrid cars to promote sales for automobiles.
The Automotive Power Steering Motor Market is consolidated with existing market players such as JTEKT, NSK Ltd., ZF TRW, Nexteer Automotive, Rane Group, Sono Koyo Steering which hold the most significant shares. To have the edge over its competitors' companies are making joint-ventures, partnerships, launching new products with advanced technology.
For instance, in 2018, Datsun India launched newer models of Datsun GO and GO+, which are equipped with speed-sensitive electric power steering. Tata Motors has launched the Nexon HyprDrive Shelf-Shift Gears model, which features automatic manual transmission (AMT) technology.
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