Authored By: Sarah
11 Jul 2024

 Automotive Steering Motor Market Size to grow by USD 456.2 million between 2024-2028

According to a research report “ Automotive Steering Motor Market” by Application (Passenger car, Commercial vehicle) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 456.2 million, at a CAGR of  4.5% during the forecast period. In the global automotive steering motor market, manufacturers are prioritizing substantial investments in research and development (R&D) to innovate and create advanced automotive steering motors. For instance, Nexteer unveiled MCEPS, a modular motor, in October 2021, which supports electric power steering systems. This cost-effective solution caters to a broad spectrum of OEM requirements. In a similar vein, Nissan's new Rogue, launched in January 2021, incorporates JTEKT's Electric Power Steering System with a Gen2 in-house microcontroller unit (MCU), enhancing the EPS performance significantly. These advancements underscore the market's growth potential during the forecast period.

Browse market data tables, figures, and in-depth TOC on “Automotive Steering Motor Market” by Application (Passenger car, Commercial vehicle) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Passenger car segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

The Automotive Steering Motor market witnesses significant growth due to the increasing demand for electric and hybrid vehicles. These vehicles integrate electric steering systems, driving the market expansion. Additionally, the implementation of advanced driver assistance systems (ADAS) in modern vehicles enhances steering motor functionality, providing a competitive edge. Market players focus on innovation and cost reduction to cater to evolving consumer preferences and regulatory requirements.

APAC is forecasted to hold the largest market size by region in 2024

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.

The Automotive Steering Motor Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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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Research Analysis Overview

The Automotive Steering Motor Market is experiencing significant growth due to the increasing integration of advanced driver-assistance systems (ADAS) in vehicles. These systems include climate control, cruise control, and radio and music systems, which are all controlled through steering-mounted electronics. The operational plants of key players in the steering motor market, including Infineon Technologies, rely on raw material shipments and logistics to maintain production. However, travel bans and lockdowns due to the COVID-19 pandemic have disrupted these supply chains. The steering market includes both hydraulic power steering and Electrically Assisted Power Steering (EAPS) systems. EAPS, which includes Electric Power Steering (EPS) and Electrically Assisted Hydraulic Power Steering (EHPS), is becoming increasingly popular due to its ability to reduce CO2 emissions and improve fuel efficiency. The market is segmented into commercial vehicles and passenger car segments, with OEMs being the major consumers. The production of vehicles and manufacturing plants in the automotive industry have been impacted by the pandemic, leading to a slowdown in the steering motor market. However, the trend towards automotive electrification and emissions standards is expected to drive growth in the long term. The market for steering motors in Electric Vehicles (EVs) is also expected to grow rapidly as the demand for zero-emission vehicles increases.

Market Research Overview

The Automotive Steering Motor Market is a significant segment of the automotive industry, encompassing various types of steering systems used in motor vehicles, tractors, and other heavy-defination-vehicles. The market includes manufacturers of Electric Power Steering (EPS) systems, such as Schaeffler, ZF, and AKC, and technology providers like LeddarTech, offering non-contact sensors for position and steering wheel speed. Profitability in the steering motor market is influenced by factors such as cost, suspension systems, powertrain technologies, and incentives from governments through policies and emission norms. Lightweight steering solutions, like the 91-kilogram steering system from ZF, are gaining popularity due to their contribution to fuel economy and reduced CO2 emissions. Manufacturers of EPS are expanding their product offerings to include steering-assisted safety features, such as DSR (Driver Status Reporting) and ASR (Automatic Stability Recovery), as well as steering-mounted electronics for call answering, climate control, cruise control, and radio and music control. The market is also influenced by operational plants, raw material shipments, logistics, and travel bans in various business areas. The production of vehicles and manufacturing plants have been impacted by lockdowns, leading to fluctuations in sales and vehicle production. The steering market includes various segments, such as hydraulic power steering, electrically assisted power steering, and dual-pinion segment, with ECUs, torque sensors, and steering wheels playing crucial roles. Failsafe mechanisms and connected cars are essential components of autonomous mobility and highway assist, lanekeeping assist, parallel parking, and ADAS (Advanced Driver Assistance Systems) systems. Additionally, the steering motor market extends to mining equipment, construction, and commercial vehicles, with Infineon Technologies providing electric components and motor solutions. The market is expected to grow with the increasing trend of automotive electrification and the evolution of emissions standards.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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