Automotive Steering Motor Market 2024-2028: Size and Increasing cost pressure from demand-side; growth driven by the Application, Some of key Companies Positioned Strategically

The automotive steering motor market size by Application (Passenger car and Commercial vehicle) and Geography (APAC, Europe, North America, South America, and Middle East and Africa), is forecast to increase by USD 456.2 million. The market is expected to grow at a CAGR of   4.5% between 2024 and 2028.

• In the highly competitive automotive industry, automotive component manufacturers are under immense pressure to deliver high-quality products at reduced costs to meet OEMs' stringent cost parameters. This pressure is particularly felt in the segment of functional electronics, which includes automotive steering motors. OEMs, in turn, are compelled to offer advanced features to consumers while keeping prices in check, leading to a ripple effect of cost pressure throughout the value chain. This category, which also encompasses regulatory compliance electronics and differentiating electronics, experiences the most significant cost pressure due to the high demand for functional electronics such as electric steering systems. To remain profitable, stakeholders must devise effective growth strategies and optimize their supply chains to manage these cost pressures and meet the evolving demands of the market.
• The Automotive Steering Motor market is experiencing significant growth, driven by the increasing demand for electric and hybrid vehicles. These vehicles rely on electric steering systems, which utilize steering motors to provide steering assistance. Additionally, the adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies is further fueling market expansion. Manufacturers are investing heavily in research and development to produce more efficient and cost-effective steering motor solutions.

Access the full report to know who are the other key countries segment-wise forecast and historic data

Some of the Key Companies:

• Allied Motion Technologies Inc.
• AMK Holding GmbH and Co. KG
• BorgWarner Inc.
• Brose Fahrzeugteile SE and Co. KG
• DENSO Corp.
• Hitachi Ltd.
• HL Mando Co. Ltd.
• Hyundai Motor Group
• Johnson Electric Holdings Ltd.
• LG Innotek Co. Ltd.
• MAHLE GmbH
• Melrose Industries Plc
• Mitsuba Corp.
• Nexteer Automotive Group Ltd.
• Nidec Corp.
• NSK Ltd.
• Robert Bosch GmbH
• thyssenkrupp AG
• Toyota Motor Corp.
• ZF Friedrichshafen AG

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