Market Overview

The global automotive power steering motor market is growing at a steady pace due to the increasing demand for better steering systems in vehicles. The power steering motor is a crucial component in modern vehicles, providing assistance to the driver for steering the vehicle. The growing preference for electric power steering (EPS) systems over hydraulic power steering (HPS) systems is one of the major factors driving the growth of the market.

This report provides a comprehensive analysis of the global automotive power steering motor market, including market size, market share, growth drivers, challenges, and opportunities. The report also covers key industry trends, regional analysis, competitive landscape, segmentation, and SWOT analysis.

Meaning of Automotive Power Steering Motor

An automotive power steering motor is a device that provides assistance to the driver for steering a vehicle. It is an essential component of modern vehicles, providing improved handling, better control, and a more comfortable driving experience. The power steering motor works by using an electric or hydraulic system to assist the driver in turning the wheels of the vehicle. The system automatically adjusts the steering force required, making it easier for the driver to steer the vehicle.

Executive Summary

The Automotive Power Steering Motor Market is a growing industry that is driven by increasing demand for more efficient and comfortable driving experiences. Power steering motors help to provide the driver with easier control over the steering wheel, making it easier to navigate through difficult terrain and park in tight spaces. The market is driven by the growth of the automotive industry, as well as the increasing popularity of electric and hybrid vehicles. Additionally, advancements in technology and the development of new materials are helping to drive down costs and increase the efficiency of power steering motors. The market is highly competitive, with numerous players vying for market share through product innovation, pricing strategies, and mergers and acquisitions. Despite these challenges, the Automotive Power Steering Motor Market is expected to continue to grow over the coming years, as automakers continue to invest in new technologies and consumer demand for more advanced and efficient vehicles increases.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

The global automotive power steering motor market is driven by the increasing demand for electric power steering (EPS) systems over hydraulic power steering (HPS) systems. EPS systems are more efficient, reliable, and provide better fuel efficiency, making them a preferred choice for modern vehicles.

The rising demand for electric and hybrid vehicles is also driving the growth of the market. Electric and hybrid vehicles require power steering motors to provide assistance to the driver, creating a significant demand for these motors in the market.

The Asia-Pacific region is the largest market for automotive power steering motors, accounting for the majority of the market share. The region is witnessing significant growth due to the increasing demand for vehicles and the rising disposable income of consumers.

Market Drivers

1. Increasing Demand for Electric Power Steering (EPS) Systems

The increasing demand for electric power steering (EPS) systems is one of the major drivers of the market. EPS systems are more efficient, reliable, and provide better fuel efficiency, making them a preferred choice for modern vehicles. The use of EPS systems also reduces the weight of the vehicle, resulting in better handling and improved fuel economy.

2. Rising Demand for Electric and Hybrid Vehicles

The rising demand for electric and hybrid vehicles is also driving the growth of the market. Electric and hybrid vehicles require power steering motors to provide assistance to the driver, creating a significant demand for these motors in the market. The increasing adoption of electric and hybrid vehicles is expected to drive the growth of the market in the coming years.

3. Growing Preference for Comfortable and Safe Driving Experience

The growing preference for comfortable and safe driving experience is another major driver of the market. Power steering motors provide assistance to the driver, making it easier to turn the wheels of the vehicle. This results in improved handling, better control, and a more comfortable driving experience for the driver.

Market Restraints

1. High Cost of Electric Power Steering (EPS) Systems

The high cost of electric power steering (EPS) systems is one of the major restraints of the market. EPS systems are more expensive than hydraulic power steering (HPS) systems, making them less affordable for some consumers.

2. Complex Design and Maintenance Requirements

The complex design and maintenance requirements of power steering systems are another major restraint of the market. Power steering systems require regular maintenance and repairs, which can be time-consuming and costly. The complex design of these systems can also make it challenging for technicians to diagnose and fix issues, further increasing maintenance costs.

3. Limited Availability of Raw Materials

The limited availability of raw materials required for the production of power steering motors is another significant restraint of the market. Raw materials, such as rare earth metals, copper, and aluminum, are required to manufacture these motors. The limited availability of these materials can lead to supply chain disruptions, resulting in increased production costs and delayed delivery times.

Market Opportunities

1. Growing Demand for Autonomous Vehicles

The growing demand for autonomous vehicles is one of the major opportunities in the market. Autonomous vehicles require advanced power steering systems that can assist the vehicle in navigating through various road conditions. The increasing adoption of autonomous vehicles is expected to drive the demand for power steering motors in the market.

2. Increasing Investment in R&D

The increasing investment in research and development (R&D) is another major opportunity in the market. Manufacturers are investing in developing advanced power steering systems that are more efficient, reliable, and cost-effective. The development of these systems is expected to create new growth opportunities for players in the market.

3. Emerging Markets

The growing demand for vehicles in emerging markets, such as India and China, is another significant opportunity in the market. The rising disposable income of consumers in these markets is driving the demand for vehicles, which is expected to increase the demand for power steering motors in the market.

Market Dynamics

The global automotive power steering motor market is highly competitive, with several players operating in the market. The market is driven by various factors, including technological advancements, increasing demand for electric and hybrid vehicles, and growing preference for comfortable and safe driving experience.

The market is also influenced by various trends, such as the increasing adoption of electric power steering (EPS) systems, growing demand for autonomous vehicles, and increasing investment in research and development (R&D).

Regional Analysis

The Asia-Pacific region is the largest market for automotive power steering motors, accounting for the majority of the market share. The region is witnessing significant growth due to the increasing demand for vehicles and the rising disposable income of consumers. The region is also home to several major players in the market, such as Mitsubishi Electric Corporation, Hitachi Automotive Systems, and Robert Bosch GmbH.

North America and Europe are also significant markets for automotive power steering motors. The market in these regions is driven by the increasing adoption of electric and hybrid vehicles, growing preference for comfortable and safe driving experience, and increasing investment in research and development (R&D).

Competitive Landscape

Leading Companies in the Automotive Power Steering Motor Market:

1. JTEKT Corporation
2. Bosch Limited
3. Mitsubishi Electric Corporation
4. Nexteer Automotive Group Limited
5. NSK Ltd.
6. Mitsuba Corporation
7. Nidec Corporation
8. Denso Corporation
9. Mabuchi Motor Co., Ltd.
10. ZF Friedrichshafen AG

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The global automotive power steering motor market is segmented based on type, vehicle type, sales channel, and region.

Based on type, the market is segmented into electric power steering (EPS) motors and hydraulic power steering (HPS) motors.

Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).

Based on sales channel, the market is segmented into original equipment manufacturers (OEMs) and aftermarket.

Category-wise Insights

1. By Type

The electric power steering (EPS) motors segment is expected to grow at a faster pace during the forecast period. The increasing adoption of electric power steering (EPS) systems is driving the demand for EPS motors in the market. These motors provide better fuel efficiency, improved handling, and reduced weight, making them a preferred choice for modern vehicles.

2. By Vehicle Type

The passenger cars segment is the largest market for automotive power steering motors, accounting for the majority of the market share. The rising demand for passenger cars, increasing disposable income of consumers, and growing preference for comfortable and safe driving experience are driving the growth of the segment.

3. By Sales Channel

The original equipment manufacturers (OEMs) segment is the largest market for automotive power steering motors, accounting for the majority of the market share. The increasing demand for vehicles and the rising adoption of electric power steering (EPS) systems are driving the demand for power steering motors in the OEMs segment.

Key Benefits for Industry Participants and Stakeholders

1. Market Size and Growth Analysis

This report provides a comprehensive analysis of the global automotive power steering motor market, including market size, market share, and growth analysis. This analysis helps industry participants and stakeholders in making informed decisions regarding investments and business strategies.

2. Regional Analysis

This report provides a detailed analysis of the automotive power steering motor market in various regions, including North America, Europe, Asia-Pacific, and Rest of the World. This analysis helps industry participants and stakeholders in understanding the market dynamics and trends in different regions.

3. Competitive Landscape

This report provides a detailed analysis of the competitive landscape of the global automotive power steering motor market, including market share analysis and company profiles of key players. This analysis helps industry participants and stakeholders in understanding the competitive environment and formulating effective business strategies.

SWOT Analysis

Strengths:

1. Growing demand for electric power steering (EPS) systems
2. Rising demand for electric and hybrid vehicles
3. Increasing preference for comfortable and safe driving experience

Weaknesses:

1. High cost of electric power steering (EPS) systems
2. Complex design and maintenance requirements
3. Limited availability of raw materials

Opportunities:

1. Growing demand for autonomous vehicles
2. Increasing investment in research and development (R&D)
3. Emerging markets

Threats:

1. Intense competition from existing players
2. Disruptions in the supply chain due to the limited availability of raw materials
3. Regulatory challenges

Market Key Trends

1. Increasing Adoption of Electric Power Steering (EPS) Systems

The increasing adoption of electric power steering (EPS) systems is one of the major trends in the market. EPS systems are more efficient, reliable, and provide better fuel efficiency, making them a preferred choice for modern vehicles.

2. Growing Demand for Autonomous Vehicles

The growing demand for autonomous vehicles is another major trend in the market. Autonomous vehicles require advanced power steering systems that can assist the vehicle in navigating through various road conditions.

3. Increasing Investment in R&D

The increasing investment in research and development (R&D) is another major trend in the market. Manufacturers are investing in developing advanced power steering systems that are more efficient, reliable, and cost-effective.

Covid-19 Impact

The Covid-19 pandemic has significantly impacted the global automotive power steering motor market. The pandemic has led to disruptions in the supply chain, reduced demand for vehicles, and halted production activities. However, the market is expected to recover in the coming years, driven by the increasing demand for vehicles and the rising adoption of electric power steering (EPS) systems.

Key Industry Developments

1. In October 2020, Mitsubishi Electric Corporation launched a new power steering motor for electric power steering (EPS) systems. The new motor provides improved efficiency, reduced weight, and enhanced reliability.
2. In July 2020, Hitachi Automotive Systems announced that it had developed a new power steering motor for electric vehicles (EVs). The new motor is designed to provide improved torque control, reduced noise, and enhanced durability.

3. In April 2021, Robert Bosch GmbH announced that it had developed a new power steering system for autonomous vehicles. The new system is designed to provide enhanced stability and control in various driving conditions.

Analyst Suggestions

1. Invest in Research and Development (R&D)

Industry participants should invest in research and development (R&D) to develop advanced power steering systems that are more efficient, reliable, and cost-effective. This will help them to stay competitive in the market and meet the changing demands of consumers.

2. Focus on Emerging Markets

Industry participants should focus on emerging markets, such as India and China, to tap into the growing demand for vehicles in these markets. They should also develop products that cater to the specific needs of consumers in these markets.

3. Strengthen Supply Chain Management

Industry participants should strengthen their supply chain management to ensure a consistent supply of raw materials and components. This will help them to reduce production costs, increase efficiency, and improve delivery times.

Future Outlook

The global automotive power steering motor market is expected to grow at a steady pace during the forecast period (2023-2028), driven by the increasing demand for better steering systems in vehicles. The market is expected to reach USD XX billion by 2028, growing from USD XX billion in 2023.

The market is expected to be driven by various factors, including the increasing adoption of electric power steering (EPS) systems, growing demand for autonomous vehicles, and increasing investment in research and development (R&D). However, the market will also face various challenges, including intense competition, limited availability of raw materials, and regulatory challenges.

Conclusion

The global automotive power steering motor market is a highly competitive and dynamic market, driven by various factors, including technological advancements, increasing demand for electric and hybrid vehicles, and growing preference for comfortable and safe driving experience.

The market is expected to witness steady growth in the coming years, driven by the increasing adoption of electric power steering (EPS) systems, growing demand for autonomous vehicles, and increasing investment in research and development (R&D). Industry participants should focus on developing advanced power steering systems, strengthening their supply chain management, and tapping into the growing demand for vehicles in emerging markets to stay competitive in the market.