Global Electric Power Steering Motors Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The Global Electric Power Steering (EPS) Motors Market exhibits a diversified landscape across various vehicle segments, including Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), and Off-Highway Vehicles. In the passenger car segment, electric power steering systems have become ubiquitous, driven by consumer demand for enhanced driving comfort and fuel efficiency. Additionally, stringent emissions regulations have prompted automakers to adopt electric power steering motors as part of their efforts to reduce vehicle weight and improve fuel economy.

Similarly, electric power steering systems are gaining traction in the light commercial vehicle (LCV) segment, where efficiency and maneuverability are critical for urban delivery and transportation operations. LCV manufacturers are increasingly integrating electric power steering motors to enhance vehicle handling and optimize fuel consumption, aligning with growing environmental awareness and sustainability initiatives.

In the heavy commercial vehicle (HCV) and off-highway vehicle segments, electric power steering systems are emerging as key technologies to improve vehicle safety and operational efficiency. HCVs, such as trucks and buses, benefit from the precise control and responsiveness offered by electric power steering motors, enhancing driver comfort and reducing fatigue during long-haul journeys. Off-highway vehicles, including construction equipment and agricultural machinery, rely on electric power steering systems to enhance maneuverability and productivity in challenging terrain conditions.

Global Electric Power Steering Motors Segment Analysis

In this report, the Global Electric Power Steering Motors Market has been segmented by Vehicles Type, Sales Channel, Motor Power and Geography.

The segmentation by Vehicle Type encompasses a wide spectrum of vehicles, including passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and off-highway vehicles. Each vehicle category presents unique demands and challenges, thereby shaping the adoption patterns of electric power steering motors across different segments of the automotive industry.

Moreover, the segmentation by Sales Channel sheds light on the distribution channels through which electric power steering motors are marketed and sold. This could include OEMs (Original Equipment Manufacturers), aftermarket suppliers, online retail platforms, and authorized dealerships. Understanding the various sales channels helps stakeholders strategize their distribution networks and optimize their market reach.

Additionally, segmentation by Motor Power categorizes electric power steering motors based on their output capacity, ranging from low-power motors suitable for compact vehicles to high-power motors required for heavy-duty applications. This segmentation enables manufacturers to tailor their product offerings to specific vehicle requirements and performance criteria.

Global Electric Power Steering Motors Market, Segmentation by Vehicles Type

The Global Electric Power Steering Motors Market has been segmented by Vehicles Type into Passenger Cars, Light Commercial Vehicles (LVC), Heavy commercial Vehicles (HCV) and Off-Highway Vehicles.

Passenger Cars, the market segmentation extends to Light Commercial Vehicles (LCVs), which comprise vans, pickup trucks, and small delivery trucks used for commercial purposes. Electric power steering motors play a crucial role in LCVs, contributing to improved handling, safety, and efficiency in urban delivery and transportation operations. Moreover, the inclusion of Heavy Commercial Vehicles (HCVs) and Off-Highway Vehicles further highlights the versatility of electric power steering motors across diverse automotive applications, ranging from long-haul trucks and buses to construction equipment and agricultural machinery.

By segmenting the market based on Vehicle Type, stakeholders gain valuable insights into the specific requirements and preferences of different automotive segments, enabling them to tailor their product offerings, marketing strategies, and research and development efforts to meet the evolving needs of each segment. This targeted approach fosters innovation, market expansion, and competitive differentiation in the Global Electric Power Steering Motors Market.

Global Electric Power Steering Motors Market, Segmentation by Sales Channel

The Global Electric Power Steering Motors Market has been segmented by Sales Channel into Original Equipment Manufacturers (OEM) and Aftersales.

This segment accounts for a significant portion of the market, driven by the growing demand for electric power steering systems in new vehicles.Conversely, the Aftersales segment caters to the replacement and repair market, offering electric power steering motors for vehicles already in circulation. As vehicles age or encounter mechanical issues, the need for component replacement arises, presenting opportunities for aftermarket suppliers and service providers. Aftersales channels encompass a diverse range of distributors, retailers, and authorized service centers that supply electric power steering motors to vehicle owners, mechanics, and repair shops. This segment plays a vital role in maintaining the performance and safety of vehicles over their operational lifespan, contributing to the overall aftermarket ecosystem.

By segmenting the market by Sales Channel, stakeholders gain insights into the distinct distribution channels and customer touchpoints involved in the procurement and servicing of electric power steering motors. Understanding the dynamics of OEM and Aftersales channels enables manufacturers, distributors, and service providers to align their strategies, investments, and offerings to meet the diverse needs of automotive manufacturers, dealerships, and end-users worldwide. This segmentation approach enhances market visibility, customer engagement, and competitive positioning in the Global Electric Power Steering Motors Market.

Global Electric Power Steering Motors Market, Segmentation by Motor Power

The Global Electric Power Steering Motors Market has been segmented by Motor Power into Less than 300 Watts, 300 600 Watts and More than 600 Watts.

The category of Less than 300 Watts typically encompasses compact and lightweight vehicles, such as city cars, subcompact cars, and small hatchbacks. Electric power steering motors in this range are designed to deliver sufficient torque and assistive force for steering maneuverability in urban environments and low-speed driving conditions. They prioritize energy efficiency and compact size to meet the needs of smaller vehicles while ensuring responsive steering control.

In contrast, the 300-600 Watts segment caters to a broader range of vehicles, including midsize sedans, crossover SUVs, and light trucks. Motors in this category offer enhanced power output to accommodate heavier vehicles and diverse driving conditions, such as highway cruising and moderate off-road terrain. They strike a balance between performance, efficiency, and packaging constraints, delivering reliable steering assistance across a wide range of driving scenarios.

Lastly, the More than 600 Watts category addresses the requirements of larger and heavier vehicles, such as full-size SUVs, trucks, and commercial vehicles. Motors in this segment provide robust power output to support heavier steering loads and demanding driving conditions, including towing, hauling, and off-road applications. They are engineered for durability, reliability, and high-performance steering control, ensuring optimal handling and safety for vehicles in the upper weight and power range.

Global Electric Power Steering Motors Market, Segmentation by Geography

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

Global Electric Power Steering Motors Market Share (%), by Geographical Region, 2023

North America, being a mature automotive market, is characterized by a high penetration of electric power steering systems in vehicles. The region's strong emphasis on vehicle safety, fuel efficiency, and technological innovation drives the adoption of electric power steering motors. Additionally, stringent regulatory standards and consumer preferences for advanced automotive technologies contribute to the steady demand for these components in North America.

Europe is another prominent market for electric power steering motors, driven by the region's leading automotive manufacturers, stringent emissions regulations, and growing demand for fuel-efficient vehicles. European OEMs prioritize the integration of electric power steering systems to enhance vehicle performance, comfort, and sustainability, driving market growth across passenger cars, commercial vehicles, and off-highway applications.

Asia Pacific emerges as the fastest-growing region in the Global Electric Power Steering Motors Market, fueled by the rapid expansion of the automotive industry, particularly in emerging economies such as China, India, and Southeast Asian countries. Rising vehicle production, increasing consumer purchasing power, and government initiatives promoting electric vehicle adoption propel the demand for electric power steering motors across diverse vehicle segments in the Asia Pacific region.

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

Drivers, Restraints and Opportunity Analysis

Drivers :

• Rising Demand for Electric Vehicles (EVs)
• Improved Fuel Efficiency

• Enhanced Safety and Maneuverability - The Global Electric Power Steering Motors Market is witnessing significant growth driven by the increasing emphasis on enhanced safety and maneuverability in vehicles. Electric power steering systems have emerged as integral components in modern automotive design, offering superior steering control and responsiveness to drivers, thereby enhancing overall vehicle safety. By replacing traditional hydraulic systems, electric power steering motors enable precise steering adjustments, reducing the risk of oversteering or understeering in various driving conditions.

  Moreover, electric power steering motors contribute to improved maneuverability, particularly in tight spaces and challenging driving scenarios. These systems provide variable assist levels, adjusting steering effort based on vehicle speed, road conditions, and driver input. As a result, drivers experience smoother steering operation, enhanced handling, and greater confidence behind the wheel, enhancing overall vehicle maneuverability and control.

Restraints :

• Higher Initial Cost

• Limited Availability of Skilled Labor - The Global Electric Power Steering Motors Market grapples with a notable challenge: the limited availability of skilled labor. As automotive manufacturers transition towards electric power steering systems to meet evolving regulatory requirements and consumer preferences, the demand for skilled technicians and engineers proficient in electric power steering technology has surged. However, the supply of adequately trained and experienced personnel has not kept pace with the increasing demand, resulting in a shortage of skilled labor across the industry.

  This shortage of skilled labor adversely impacts various facets of the electric power steering motors market, including manufacturing, installation, maintenance, and repair. Manufacturers face challenges in recruiting and retaining qualified personnel to design, produce, and quality test electric power steering components efficiently. Moreover, the shortage of skilled technicians and service personnel poses obstacles for automotive dealerships and repair facilities in diagnosing and addressing electric power steering-related issues effectively, potentially leading to longer downtimes and increased service costs for vehicle owners.

Opportunity :

• Growing Demand for Autonomous Vehicles
• Government Regulations on Emissions

• Focus on Lightweighting Vehicles - The Global Electric Power Steering Motors Market is witnessing a notable focus on lightweighting vehicles as automotive manufacturers strive to enhance fuel efficiency, reduce emissions, and improve overall vehicle performance. Lightweighting, achieved through the use of advanced materials and component optimization, has become a key strategy in the automotive industry to address increasingly stringent regulatory standards and meet consumer demands for more environmentally friendly vehicles.

  Electric power steering motors play a crucial role in lightweighting initiatives by offering compact, energy-efficient solutions that contribute to overall vehicle weight reduction. These motors leverage advanced engineering techniques and materials to deliver robust performance while minimizing size and weight, thereby optimizing vehicle handling dynamics and energy consumption. By replacing traditional hydraulic steering systems with electrically assisted alternatives, automakers can further reduce vehicle weight, simplify system architecture, and enhance driving comfort and responsiveness.

Key players in Global Electric Power Steering Motors Market include

• Robert Bosch GmbH
• Johnson Electric Holdings Limited
• LG Innotek
• Nidec Corporation
• SKF Group

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