Global Automotive Steering Motor Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The global automotive steering motor market is a dynamic sector driven by advancements in vehicle technology, safety standards, and the growing demand for electric vehicles (EVs). Steering motors play a crucial role in modern automotive systems, offering precise control and efficiency in steering operations. As automotive manufacturers continue to focus on enhancing driver experience and vehicle performance, the market for steering motors is expected to witness significant growth over the coming years.

One of the primary drivers of this market is the increasing adoption of electric power steering (EPS) systems. EPS systems offer several advantages over traditional hydraulic systems, including improved fuel efficiency, reduced vehicle weight, and enhanced responsiveness. As governments worldwide tighten emissions regulations and consumers prioritize eco-friendly vehicles, the demand for EPS-equipped vehicles is projected to rise, thereby boosting the automotive steering motor market.

Technological innovations such as steer-by-wire systems are reshaping the automotive steering landscape. These systems replace mechanical and hydraulic linkages with electronic controls, offering greater flexibility in vehicle design and driving experience. By eliminating traditional components, steer-by-wire systems contribute to lighter vehicle architectures and pave the way for autonomous driving functionalities. As automakers invest in research and development to perfect these technologies, the market for automotive steering motors is anticipated to expand further.

The shift towards autonomous and semi-autonomous vehicles represents a significant opportunity for steering motor manufacturers. These vehicles require advanced steering systems capable of integrating with sensors, cameras, and AI-driven algorithms to ensure safe and reliable autonomous operations. As automotive OEMs race to develop fully autonomous vehicles, the demand for sophisticated steering motors that can support these innovations is poised to grow substantially.

Global Automotive Steering Motor Segment Analysis

In this report, the Global Automotive Steering Motor Market has been segmented by Application, Steering Type and Geography.

Global Automotive Steering Motor Market, Segmentation by Application

The Global Automotive Steering Motor Market has been segmented by Application into Passenger vehicles and Commercial vehicles.

Passenger vehicles encompass a broad spectrum, including sedans, hatchbacks, SUVs, and crossover vehicles. The demand for automotive steering motors in passenger vehicles is driven by the increasing consumer preference for advanced safety features, enhanced driving experience, and the integration of electric power steering (EPS) systems. These systems offer benefits such as improved fuel efficiency, reduced emissions, and smoother steering control, thereby enhancing the overall vehicle performance and comfort for passengers.

Commercial vehicles, on the other hand, constitute a diverse category ranging from light commercial vehicles (LCVs) to heavy-duty trucks and buses. The use of steering motors in commercial vehicles is crucial for ensuring operational efficiency, especially in logistics and transportation sectors where reliability and durability are paramount. The adoption of electric power steering in commercial vehicles is growing due to regulatory mandates aimed at reducing fuel consumption and emissions, alongside the operational advantages of EPS systems in maneuverability and driver comfort.

Global Automotive Steering Motor Market, Segmentation by Steering Type

The Global Automotive Steering Motor Market has been segmented by Steering Type into Electric power steering (EPS) and Electro-hydraulic power steering (EHPS).

Electric Power Steering (EPS) systems have emerged as a leading choice in the automotive sector due to their efficiency and versatility. EPS systems replace traditional hydraulic systems with electric motors that assist in steering, resulting in reduced energy consumption and enhanced vehicle control. This technology is increasingly favored by automakers for its ability to adjust steering feel and response according to driving conditions and vehicle speed. EPS systems contribute to improved fuel efficiency and are compatible with modern vehicle electrification trends, making them a preferred option for both conventional and electric vehicles.

Electro-hydraulic Power Steering (EHPS) integrates hydraulic assistance with electronic control, offering a blend of hydraulic reliability and electric precision. EHPS systems utilize an electric motor to drive a hydraulic pump, which then provides steering assistance based on the driver's input and vehicle requirements. Although EHPS systems have been overshadowed by EPS in recent years, they continue to be utilized in certain vehicle segments where a balance between hydraulic responsiveness and electronic integration is desired.

Global Automotive Steering Motor Market, Segmentation by Geography

In this report, the Global Automotive Steering Motor Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Automotive Steering Motor Market Share (%), by Geographical Region, 2023

North America holds a significant share in the global automotive steering motor market, driven by a mature automotive industry and high consumer demand for advanced vehicle technologies. The region is characterized by stringent safety norms and a strong presence of automotive manufacturers focusing on electric and hybrid vehicles. Additionally, innovations in autonomous driving technologies further propel the demand for sophisticated steering motor solutions.

Europe, renowned for its leading automotive manufacturers and robust engineering capabilities, remains a pivotal market for automotive steering motors. Stringent emission regulations and increasing adoption of electric vehicles (EVs) drive the demand for efficient and lightweight steering motor systems. Moreover, advancements in vehicle connectivity and the integration of steering systems with advanced driver-assistance systems (ADAS) contribute to market growth in the region.

Asia Pacific emerges as the fastest-growing region in the automotive steering motor market, fueled by rapid industrialization, urbanization, and expanding middle-class population. Countries like China, Japan, and South Korea are at the forefront of automotive production and technology adoption, making them crucial markets for steering motor manufacturers. The shift towards electric mobility and the presence of leading automotive component suppliers further enhance market opportunities across the region.

Middle East and Africa and Latin America present evolving landscapes for the automotive steering motor market. These regions experience varying degrees of automotive industry development and infrastructure expansion. While Latin America benefits from improving economic conditions and rising consumer purchasing power, Middle East and African countries focus on infrastructure development and increasing vehicle electrification initiatives.

This report provides an in depth analysis of various factors that impact the dynamics of Global Automotive Steering Motor Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Electric vehicle adoption
• Increasing vehicle safety standards
• Demand for advanced driver assistance

• Fuel efficiency regulations: The global automotive steering motor market is increasingly influenced by stringent fuel efficiency regulations imposed by governments worldwide. These regulations aim to reduce carbon emissions and improve overall vehicle efficiency, pushing automakers to innovate in their steering systems. Electric power steering (EPS) motors have gained significant traction due to their efficiency advantages over traditional hydraulic systems. EPS systems contribute to fuel savings by operating only when steering input is required, unlike hydraulic systems that constantly consume energy from the engine.

  Regulations such as the Corporate Average Fuel Economy (CAFE) standards in the United States and the Euro 6 emissions standards in Europe are compelling automakers to adopt advanced steering technologies. These standards impose strict limits on vehicle emissions, encouraging the use of lightweight materials and efficient components like EPS motors. The shift towards electric and hybrid vehicles further underscores the importance of steering motor efficiency, as electric vehicles (EVs) rely heavily on energy-saving technologies to extend their range.

  In response to these regulations, automotive manufacturers are investing in research and development to enhance the performance and efficiency of steering motors. This includes improving motor design, integrating advanced control algorithms, and optimizing power management systems. As the automotive industry continues to evolve towards sustainable mobility solutions, steering motor technology will play a crucial role in achieving compliance with global fuel efficiency standards while meeting consumer expectations for performance and driving experience.

Restraints

• High initial investment costs
• Complexity in integration
• Dependency on automotive industry growth

• Limited charging infrastructure support: Limited charging infrastructure support remains a critical challenge facing the global automotive steering motor market. As automakers continue to invest heavily in electric vehicles (EVs) and hybrid technology, the availability and accessibility of charging stations emerge as a crucial factor influencing consumer adoption. Insufficient infrastructure can deter potential buyers concerned about the convenience and reliability of charging their vehicles. This issue is particularly pronounced in regions or countries where the development of charging networks lags behind the pace of EV adoption, creating a barrier to widespread market penetration.

  The reliance on charging infrastructure extends beyond consumer concerns to affect the strategic planning and rollout of automotive steering motor technologies. Electric power steering (EPS) systems, which are integral to modern electric and hybrid vehicles, rely on consistent and accessible power sources to function optimally. Inadequate charging infrastructure can therefore impede the seamless integration and performance of EPS systems, impacting vehicle handling and efficiency. Automakers and infrastructure developers face the challenge of synchronizing investments in both vehicle electrification and charging networks to ensure a cohesive and supportive ecosystem for EVs and associated technologies.

  Addressing the issue of limited charging infrastructure support requires a coordinated effort among automakers, governments, and private stakeholders. Governments play a pivotal role in incentivizing the expansion of charging networks through subsidies, grants, and regulatory frameworks that encourage private investment. Collaboration between automakers and charging infrastructure providers is also essential to strategically deploy charging stations in high-traffic areas and along major travel routes, alleviating consumer concerns about range anxiety. Additionally, advancements in battery technology and charging solutions, such as fast-charging capabilities and wireless charging options, offer promising avenues to enhance the usability and convenience of EVs, thereby bolstering the market for automotive steering motor technologies in the long term.

Opportunities

• Advancements in autonomous vehicle technology
• Growing urbanization and traffic congestion
• Shift towards electric powertrains

• Emerging markets expansion: The global automotive steering motor market is experiencing significant growth driven by the expansion into emerging markets. Emerging markets such as China, India, Brazil, and others are witnessing rapid urbanization, rising disposable incomes, and increasing demand for vehicles. These factors contribute to the growing automotive sector in these regions, thereby boosting the demand for steering motors. As consumers in these markets become more affluent, they are increasingly opting for vehicles equipped with advanced technologies, including electric power steering systems that utilize steering motors. This trend is propelling the expansion of the automotive steering motor market into these regions.

  Stringent regulations regarding fuel efficiency and emissions are pushing automakers worldwide to adopt electric power steering systems over traditional hydraulic systems. Steering motors play a crucial role in enhancing the efficiency of these systems by reducing power consumption and improving vehicle handling. As a result, there is a rising adoption of electric power steering systems in both developed and emerging markets, further fueling the demand for automotive steering motors.

  Technological advancements such as the development of brushless DC motors and integrated motor control units are driving innovation within the automotive steering motor market. These advancements not only improve the performance and reliability of steering systems but also contribute to reducing the overall weight and size of steering components. As automakers aim to meet consumer expectations for comfort, safety, and performance, the demand for more efficient and technologically advanced steering motors is expected to grow, particularly in emerging markets where the automotive industry is rapidly evolving. Overall, the expansion into emerging markets presents significant opportunities for companies operating in the global automotive steering motor market to capitalize on growing demand and technological advancements.

Key players in Global Automotive Steering Motor Market include:

• Bosch Limited
• Mitsubishi Electric Corporation
• NSK Ltd
• Denso Corporation
• Nexteer Automotive
• Johnson Electric Holdings Limited
• Thyssenkrupp Presta AG
• Mando Corporation
• JTEKT Corporation
• Robert Bosch GmbH

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis