Market Size of Automotive Power Steering Motor Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.93 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Power Steering Motor Market Analysis
The Automotive Power Steering Motor Market size is expected to grow from USD 17.45 billion in 2023 to USD 23.28 billion by 2028, registering a CAGR of 6.93% during the forecast period (2023-2028).
The market for automotive power steering motors witnessed steady growth, driven by the increasing demand for vehicles equipped with power steering systems. As consumers seek vehicles with enhanced driving comfort and ease of steering, power steering systems, including electric power steering (EPS), became standard features in many automobiles.
Among regions, Asia-Pacific is anticipated to dominate the automotive power steering motor market. The Asia-Pacific power steering motor market is primarily driven by growing vehicle production and sales, rapid electrification of vehicles, rising stringency of emission norms, and increasing disposable income of consumers. It, in turn, is increasing the demand for vehicles, owing to the growing preference for safety and comfort.
