Market Share of Automotive Power Steering Motor Industry
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
