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Market Snapshot

CAGR:6.89

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	6.89

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Report Overview

Automotive Power Steering Motor Market Analysis Report 2023-2032

The Automotive Power Steering Motor Market is poised to experience a Compound Annual Growth Rate (CAGR) of 8.15% between 2022 and 2032. Over this period, the market size is expected to witness a substantial increase of USD 1,897.45 million. The growth of this market is driven by a combination of factors, including the increasing demand for advanced power steering solutions, the need for improved fuel efficiency, and the ongoing trend towards vehicle electrification. The market comprises systems and components designed to provide power assistance in steering, enhancing vehicle maneuverability and reducing driver effort.

Automotive Power Steering Motor Market Overview

Drivers

A key driver behind the expansion of the Automotive Power Steering Motor Market is the growing consumer demand for vehicles with power steering capabilities. Power steering systems make it easier for drivers to steer their vehicles, particularly at lower speeds or when parking, reducing driver fatigue and improving overall safety. As these benefits become more apparent to consumers, the demand for power steering-equipped vehicles is on the rise.

Furthermore, stringent fuel efficiency regulations have pushed automakers to adopt power steering systems that can help reduce fuel consumption. Electric power steering (EPS) systems, in particular, are known for their efficiency compared to traditional hydraulic systems.

Trends

An important trend shaping the Automotive Power Steering Motor Market is the integration of advanced driver assistance systems (ADAS) with power steering. These systems, such as lane-keeping assist and adaptive cruise control, require precise control over the steering system. Power steering motors equipped with sensors and actuators are integral to enabling these ADAS features, enhancing vehicle safety and automation.

Moreover, the trend toward vehicle electrification is driving innovation in power steering technology. Electric and hybrid vehicles often feature advanced power steering motors that can adapt to different driving scenarios and contribute to the overall electrification of the vehicle.

Restraints

The increasing complexity of power steering systems can pose challenges in terms of maintenance and repair. As these systems become more sophisticated, repair and replacement costs may rise, potentially deterring some vehicle owners from opting for power steering-equipped vehicles.

Moreover, there are concerns regarding the environmental impact of power steering motors, particularly the disposal of old or damaged units. Proper recycling and disposal practices for these components need to be established to mitigate environmental risks.

Automotive Power Steering Motor Market Segmentation By Vehicle Type

The passenger car segment is expected to be a prominent growth segment within the Automotive Power Steering Motor Market. Consumer demand for power steering in passenger vehicles continues to grow, driven by the need for comfort and the increasing adoption of advanced safety features. Power steering systems enhance the overall driving experience and are now commonly found in various passenger car models.

Additionally, commercial vehicles are also adopting power steering systems, particularly heavy-duty trucks and buses. These systems improve vehicle maneuverability, making large commercial vehicles easier to operate and enhancing driver safety.

Automotive Power Steering Motor Market Segmentation By Power Steering Type

Electric power steering (EPS) is projected to experience significant growth during the forecast period. EPS systems offer high energy efficiency, quick response, and flexibility in adjusting steering assistance based on driving conditions. As vehicle electrification becomes more prevalent, EPS systems are a natural fit for improving fuel efficiency and integrating with other electric vehicle components.

Another crucial power steering type within the Automotive Power Steering Motor Market is hydraulic power steering (HPS). Although EPS is gaining ground, HPS is still used in many vehicles due to its reliability and cost-effectiveness.

Regional Overview:

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The Asia-Pacific (APAC) region is anticipated to be a key driver of the global Automotive Power Steering Motor Market growth. APAC is home to some of the world's largest automotive markets, and as consumer preferences for power steering continue to evolve, the demand for these systems is expected to surge.

The market experienced temporary fluctuations during the COVID-19 pandemic as immediate health and economic challenges took precedence. However, as the automotive industry adapts to new consumer demands for enhanced safety and driving comfort, the market for power steering motors is poised to witness renewed growth.

Automotive Power Steering Motor Market Customer Landscape

The Automotive Power Steering Motor Market report offers insights into the adoption patterns of the market, ranging from early adopters to laggards. The report examines adoption rates across different regions based on vehicle types and technological preferences. Moreover, the report delves into key criteria influencing purchase decisions, including safety, cost, and efficiency.

These insights assist companies in formulating effective strategies for market entry and growth.

Major Automotive Power Steering Motor Market Companies

Prominent players in the Automotive Power Steering Motor Market are implementing diverse strategies to bolster their market presence. These strategies include product innovation, strategic collaborations, mergers and acquisitions, geographic expansion, and technological advancements.

Sample list of major companies in the market:

PowerSteer Automotive Technologies
ElectraDrive Systems
PrecisionSteer Corporation
GreenWheel Dynamics
DriveAssist Motors

Qualitative and quantitative analyses of these companies offer valuable insights into the competitive landscape. This analysis enables stakeholders to comprehend market dynamics and assess the strengths and weaknesses of key players.

Segment Overview

The Automotive Power Steering Motor Market report provides revenue forecasts on a global, regional, and country level. The report also includes an analysis of emerging trends and growth opportunities spanning from 2019 to 2032.

Vehicle Type Outlook (USD Million, 2019 - 2032)

Passenger Cars
Commercial Vehicles
Others

Power Steering Type Outlook (USD Million, 2019 - 2032)

Electric Power Steering (EPS)
Hydraulic Power Steering (HPS)
Other Power Steering Types

Geography Outlook (USD Million, 2019 - 2032)

North America

United States
Canada

Europe

United Kingdom
Germany
France
Rest of Europe

APAC

China
Japan
India
Rest of APAC

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Automotive Power Steering Motor MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. Automotive Power Steering Motor MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Automotive Power Steering Motor Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. Automotive Power Steering Motor MARKET BY vehicle type landscape

SIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Passenger Car

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 Commercial Vehicle

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. Automotive Power Steering Motor MARKET BY Demand category INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 OEM

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 Replacement

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. Automotive Power Steering Motor MARKET REGIONAL OUTLOOK

7.1. Automotive Power Steering Motor Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Automotive Power Steering Motor Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Automotive Power Steering Motor Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Automotive Power Steering Motor Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Automotive Power Steering Motor Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Automotive Power Steering Motor Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 JTEKT Corp

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2 Nexteer Automotive

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3 ZF TRW

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4 Bosch Corporation

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5 NSK

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6 Company 6

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7 Company 7

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8 Company 8

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9 Company 9

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10 Company 10

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Automotive Power Steering Motor Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032