Automotive Power Steering Motor Market Size
| 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 |
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.
Automotive Power Steering Motor Market Trends
Increasing Demand for Vehicles Equipped With Power Steering Systems.
Power steering systems significantly reduce the physical effort required by drivers to turn the steering wheel. It makes it easier to maneuver vehicles, especially at low speeds or when parking. Drivers no longer need to exert as much force on the wheel, reducing fatigue during long drives and making the vehicle more accessible to a broader range of individuals, including those with limited physical strength.
Consumer preferences shifted toward vehicles with advanced features that provide a more comfortable and convenient driving experience. Power steering systems align with these preferences and contribute to a positive perception of the vehicle's overall quality.
As power steering systems became standard features in many modern vehicles, consumers expect them. Automakers responded to this demand by incorporating power steering into their vehicle models, making it a standard feature or an available option across various segments, from compact cars to SUVs and trucks.
- In October 2022, Toyota commenced mass production of the Toyota bZ4X equipped with JTEKT's steer-by-wire (SBW) technology.
- In August 2022, with the increasing demand for electric power steering systems in China, German automotive supplier ZF is allocating USD 47.42 million for the expansion of a plant in Shanghai. The investment is projected to boost sales of electric power steering systems by more than USD 0.14 billion by 2024 compared to the current year.
Asia-Pacific Region Likely to Dominate the Market During the Forecast Period
The Asia-Pacific power steering market is primarily driven by growing vehicle production and sales. Technological advancements are being made to APS motors to meet government safety standards and emission norms. As the EPS demand increases in the region, OEMs and vehicle manufacturers are launching new vehicles with EPS and forming alliances to enlarge their market share.
Rapid urbanization is a prominent trend in many Asia-Pacific countries. As people move to urban areas, there is a growing need for vehicles that can navigate congested city streets and offer ease of parking. Power steering systems that make urban driving more manageable are in high demand. The Asia-Pacific region witnessed a growing interest in electric and hybrid vehicles (EVs and HEVs). Many of these vehicles are equipped with electric power steering (EPS) systems, contributing to the demand for power steering motors.
- In September 2022, Geely and Hella collaborated to develop a series of production-ready steer wire (SBW) systems with plans for its implementation starting in 2026.
- In November 2021, ThyssenKrupp extended its partnership with Changzhou National Hi-Tech District and reaffirmed its dedication to investing an extra USD 200 million to create a worldwide facility for automotive electronic power steering (EPS) systems in China.
Automotive Power Steering Motor Industry Overview
The automotive power steering motor market is moderately consolidated, with existing market players holding the most significant shares and new players entering the market. For the edge over competitors, companies are entering joint venture partnerships and launching new products with advanced technology. For instance,
- In the year 2022, Bosch Automotive Steering allocated USD 23 million towards investments and dedicated USD 18 million to research and development efforts. During the past 12 months, the company also welcomed over 200 new employees in production and support roles.
- In October 2022, NIO entered into a strategic cooperation agreement with ZF outlining their collaboration in the development of steer-by-wire (SBW) products.
Automotive Power Steering Motor Market Leaders
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Denso Corporation
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Mitsubishi Electric
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Mitsuba Corporation
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Showa Corporation
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JTEKT Corporation
*Disclaimer: Major Players sorted in no particular order
Automotive Power Steering Motor Market News
- May 2023: Bosch disclosed its intention to conclude investments totaling USD 140 million by the end of 2023. It was previously communicated that these projects were receiving government support in the form of a USD 33 million grant.
- March 2022: Yamaha recently announced the development of a prototype electric power steering (EPS) support system for motorcycles. This system serves as a rider aid designed to enhance motorcycle stability and agility.
- March 2022: Nexteer obtained a contract for its 48 V iBSG eDrive product from a prominent Chinese domestic OEM. Production is scheduled to commence in the first half of 2022. This launch establishes a solid foundation and entry point for the company's exploration into other eDrive applications and expanding its customer base.
Automotive Power Steering Motor Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Ease of Steering
4.2 Market Restraints
4.2.1 Cost and Price Sensitivity
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value USD)
5.1 By Vehicle Type
5.1.1 Passenger Car
5.1.2 Commercial Vehicle
5.2 By Power Steering Type
5.2.1 Hydraulic Power Steering (HPS)
5.2.2 Electric Power Hydraulic Steering (EPHS)
5.2.3 Electric Power Steering (EPS)
5.3 By Product Type
5.3.1 Rack Assist type (REPS)
5.3.2 Column Assist type (CEPS)
5.3.3 Pinion Assist type (PEPS)
5.4 By Demand Category
5.4.1 OEM
5.4.2 Aftermarket
5.5 By Geography
5.5.1 North America
5.5.1.1 US
5.5.1.2 Canada
5.5.1.3 Rest of North America
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 UK
5.5.2.3 France
5.5.2.4 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 India
5.5.3.2 China
5.5.3.3 Japan
5.5.3.4 South Korea
5.5.3.5 Rest of Asia-Pacific
5.5.4 Rest of the World
5.5.4.1 Brazil
5.5.4.2 Mexico
5.5.4.3 UAE
5.5.4.4 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 JTEKT Corporation
6.2.2 Nexteer Automotive
6.2.3 ZF Friedrichshafen AG
6.2.4 Robert Bosch GmbH
6.2.5 NSK Ltd
6.2.6 Showa Corporation (Hitachi Astemo)
6.2.7 Thyssenkrupp AG
6.2.8 Delphi Automotive (Borgwarner Inc.)
6.2.9 Hyundai Mobis Co. Ltd
6.2.10 Mando Corp.
6.2.11 DY Auto
6.2.12 Denso Corporation
6.2.13 Mitsubishi Electric
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Power Steering Motor Industry Segmentation
An automotive power steering motor is an essential component of a vehicle power steering system. It is an electric motor that assists the driver in turning the steering wheel, making it easier to control the direction of the vehicle, especially at low speeds and during parking maneuvers. The power steering motor is responsible for providing additional force or torque to the steering mechanism, reducing the physical effort required from the driver to turn the wheels.
The automotive power steering motor market is segmented by vehicle type, power steering type, product type, demand category, and geography. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By power steering type, the market is segmented into hydraulic power steering (HPS), electric power hydraulic steering (EPHS), and electric power steering (EPS). By product type, the market is segmented into rack assist type (REPS), column assist type (CEPS), and pinion assist type (PEPS). By demand category, the market is segmented into OEM and aftermarket. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. The report offers market size in value USD.
| By Vehicle Type | |
| Passenger Car | |
| Commercial Vehicle |
| By Power Steering Type | |
| Hydraulic Power Steering (HPS) | |
| Electric Power Hydraulic Steering (EPHS) | |
| Electric Power Steering (EPS) |
| By Product Type | |
| Rack Assist type (REPS) | |
| Column Assist type (CEPS) | |
| Pinion Assist type (PEPS) |
| By Demand Category | |
| OEM | |
| Aftermarket |
| By Geography | |||||||
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Automotive Power Steering Motor Market Research FAQs
What is the current Automotive Power Steering Motor Market size?
The Automotive Power Steering Motor Market is projected to register a CAGR of 6.93% during the forecast period (2024-2029)
Who are the key players in Automotive Power Steering Motor Market?
Denso Corporation, Mitsubishi Electric, Mitsuba Corporation, Showa Corporation and JTEKT Corporation are the major companies operating in the Automotive Power Steering Motor Market.
Which is the fastest growing region in Automotive Power Steering Motor Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Power Steering Motor Market?
In 2024, the Asia-Pacific accounts for the largest market share in Automotive Power Steering Motor Market.
What years does this Automotive Power Steering Motor Market cover?
The report covers the Automotive Power Steering Motor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Power Steering Motor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Power Steering Motor Industry Report
Statistics for the 2024 Automotive Power Steering Motor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Power Steering Motor analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
