Automotive Power Steering Motor Market Overview
The automotive power steering motor market was valued at USD 11.65 billion in 2020, and it is expected to reach USD 16.55 billion by 2026, growing at a CAGR of 5.98% during the forecast period (2021-2026). With the gradual removal of lockdowns in several countries and the growing number of e-commerce are rising the demand for commercial vehicles. Many countries are reopening their international borders, and there has been an increase in freight and logistics activities. All these factors are expected to drive the demand for automobiles, thereby supporting the growth of the automotive power steering motor market.
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Automotive Power Steering Motor Market – Geographical Overview
Asia-Pacific is likely 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, which, in turn, is increasing the demand for vehicle sales, owing to a growing preference for safety and comfort. The growth in the adoption of electric vehicles is expected to offer several revenue generation opportunities for players offering power steering motors to OEMs across the Asia-Pacific region. In September 2021, Volvo Trucks acquired the JMC Heavy Duty Vehicle Co. Ltd, a subsidiary of Jiangling Motors Co. Ltd, which includes manufacturing sites in Taiyuan, Shanxi province, China. The company is planning to produce its new heavy-duty trucks such as Volvo FH, Volvo FM, and Volvo FMX for domestic customers by the end of 2022.
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Key Highlights of the Automotive Power Steering Motor Market
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List of Key Players in the Automotive Power Steering Motor Market
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Mordor Intelligence has segmented the global automotive power steering motor market on the basis of vehicle type, power steering type, product type, demand category, and geography:
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