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Automotive Power Steering Motor Market Size (2024 - 2029)

The automotive power steering motor market is projected to experience significant growth, driven by the rising demand for vehicles featuring advanced power steering systems that enhance driving comfort. This market expansion is particularly pronounced in the Asia-Pacific region, where factors such as increased vehicle production, rapid electrification, stricter emission regulations, and higher consumer disposable income are contributing to a surge in demand. The growing preference for safety and comfort in vehicles further fuels this market's development.

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Market Size of Automotive Power Steering Motor Industry

Automotive Power Steering Motor Market Summary
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

Automotive Power Steering Motor Market 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 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
North America
US
Canada
Rest of North America
Europe
Germany
UK
France
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Brazil
Mexico
UAE
Other Countries
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Automotive Power Steering Motor Market Size Summary

The automotive power steering motor market is experiencing steady growth, driven by the increasing consumer demand for vehicles equipped with power steering systems, particularly electric power steering (EPS). These systems have become standard features in many modern automobiles, enhancing driving comfort and ease of steering. The Asia-Pacific region is expected to dominate the market, fueled by rising vehicle production and sales, rapid vehicle electrification, and stricter emission norms. The region's growing disposable income and urbanization trends further boost the demand for vehicles with advanced features like power steering, which facilitate easier maneuverability in congested urban environments.

The market is moderately consolidated, with established players holding significant shares and new entrants seeking to gain a foothold. Companies are engaging in joint ventures and investing in advanced technologies to maintain a competitive edge. Notable developments include Toyota's mass production of the bZ4X with steer-by-wire technology and ZF's expansion in Shanghai to meet the rising demand for EPS systems. Collaborations and strategic investments, such as those by Geely and Hella, ThyssenKrupp, and Bosch, highlight the industry's focus on innovation and market expansion. These efforts are supported by government grants and partnerships, underscoring the industry's commitment to advancing power steering technologies.

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Automotive Power Steering Motor Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Ease of Steering

    2. 1.2 Market Restraints

      1. 1.2.1 Cost and Price Sensitivity

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value USD)

    1. 2.1 By Vehicle Type

      1. 2.1.1 Passenger Car

      2. 2.1.2 Commercial Vehicle

    2. 2.2 By Power Steering Type

      1. 2.2.1 Hydraulic Power Steering (HPS)

      2. 2.2.2 Electric Power Hydraulic Steering (EPHS)

      3. 2.2.3 Electric Power Steering (EPS)

    3. 2.3 By Product Type

      1. 2.3.1 Rack Assist type (REPS)

      2. 2.3.2 Column Assist type (CEPS)

      3. 2.3.3 Pinion Assist type (PEPS)

    4. 2.4 By Demand Category

      1. 2.4.1 OEM

      2. 2.4.2 Aftermarket

    5. 2.5 By Geography

      1. 2.5.1 North America

        1. 2.5.1.1 US

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Rest of North America

      2. 2.5.2 Europe

        1. 2.5.2.1 Germany

        2. 2.5.2.2 UK

        3. 2.5.2.3 France

        4. 2.5.2.4 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 India

        2. 2.5.3.2 China

        3. 2.5.3.3 Japan

        4. 2.5.3.4 South Korea

        5. 2.5.3.5 Rest of Asia-Pacific

      4. 2.5.4 Rest of the World

        1. 2.5.4.1 Brazil

        2. 2.5.4.2 Mexico

        3. 2.5.4.3 UAE

        4. 2.5.4.4 Other Countries

Automotive Power Steering Motor Market Size FAQs

The Automotive Power Steering Motor Market is projected to register a CAGR of 6.93% during the forecast period (2024-2029)

Denso Corporation, Mitsubishi Electric, Mitsuba Corporation, Showa Corporation and JTEKT Corporation are the major companies operating in the Automotive Power Steering Motor Market.

Automotive Power Steering Motor Market Report Snapshots

Automotive Power Steering Motor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)