NEW YORK, Aug. 1, 2024 /PRNewswire/ — The global automotive steering motor market size is estimated to grow by USD 456.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.5% during the forecast period. key developments is driving market growth, with a trend towards continuous advances in automotive steering technology. However, increasing cost pressure from demand-side poses a challenge. Key market players include Allied Motion Technologies Inc., AMK Holding GmbH and Co. KG, BorgWarner Inc., Brose Fahrzeugteile SE and Co. KG, DENSO Corp., Hitachi Ltd., HL Mando Co. Ltd., Hyundai Motor Group, Johnson Electric Holdings Ltd., LG Innotek Co. Ltd., MAHLE GmbH, Melrose Industries Plc, Mitsuba Corp., Nexteer Automotive Group Ltd., Nidec Corp., NSK Ltd., Robert Bosch GmbH, thyssenkrupp AG, Toyota Motor Corp., and ZF Friedrichshafen AG.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Market Driver

The automotive steering market is experiencing advancements due to increasing environmental concerns and emission norms. Manufacturers are investing heavily in research and development to improve engine efficiency and reduce emissions. This has led to innovations in steering system design and technology. The integration of electronics and safety systems is a key trend, with companies like DENSO introducing driving support systems and Nexteer Automotive Corporation developing new electronic architectures. Electromechanical steering systems are gaining popularity, offering improvements in comfort, efficiency, handling, and safety. These factors contribute to the expected growth of the global automotive steering market during the forecast period. 

The Automotive Steering Motor market is experiencing significant trends in 2021. Mining equipment manufacturers are integrating steering motors into heavy machinery for improved maneuverability. Advanced Driver Assistance Systems (ADAS) like parallel parking, lanekeeping assist, and highway assist are driving demand for steering motors in cars. Autonomous mobility and connected cars are also boosting the market, with steering-mounted electronics and automobile dashboard-based features becoming increasingly popular. However, challenges such as lockdowns, manufacturing plant closures, travel bans, and logistics disruptions have impacted production. Steering motor manufacturers are focusing on failsafe mechanisms to ensure safety. Steering wheel torque sensors and Electronic Control Units (ECUs) are key components. The dual-pinion segment is gaining traction due to its fuel economy benefits and improved steering feel. Key players include ZF, manufacturers of Electric Power Steering (EPS), and those focusing on hybrid systems. Steering wheel speed and position sensors, non-contact sensors from companies like LeddarTech, and steering-assisted safety features like Anti-Skid Reactive (ASR) and Dynamic Steering Response (DSR) are also shaping the market. Vehicle production, sales, and emission norms for luxury vehicles are influencing the market landscape. 

Discover 360° analysis of this market. For complete information, schedule your consultation – Book Here!

Market Challenges

In the current automotive industry, component manufacturers encounter challenges with stringent quality requirements and cost pressures from Original Equipment Manufacturers (OEMs) due to increasing consumer demand and intense competition. Electronic components, particularly functional electronics like electric steering systems, face the highest cost pressure. OEMs demand high-quality components at restricted prices, pushing cost pressures across the value chain. To maintain profitability, automakers explore options such as outsourcing manufacturing to low-cost countries like China, South Korea, and Taiwan. However, rising labor costs in these countries may challenge the sustainability of low production costs in the forecast period. To remain competitive, stakeholders must devise growth strategies while maintaining quality and controlling costs.The Automotive Steering Motor market faces several challenges in various vehicle segments. In the passenger car segment, the shift to Electric Vehicles (EVs) and Electrified Power Steering (EPS) systems is a major trend. However, the implementation of these systems in Heavy-duty vehicles, Pickups, and Commercial Vehicles, including Tractors and Construction Equipment, poses unique challenges due to their weight and power requirements. Key players like Schaeffler, Infineon Technologies, and OEMs are investing in developing lightweight steering solutions to address these challenges. However, cost and profitability remain critical factors, especially in the context of evolving emissions standards and automotive electrification. Policies and incentives play a crucial role in shaping the market. For instance, the European Union’s CO2 emissions standards and the US’s Low Emission Vehicle (LEV) program are driving the adoption of EPS systems. The market for steering motors includes steering columns, steering boxes, and electric components like motors and vehicle control units. Hydraulic power steering systems continue to dominate, but electrically assisted systems are gaining popularity due to their fuel efficiency and environmental benefits. In conclusion, the Automotive Steering Motor market is undergoing significant changes due to the shift to EVs and electrification, weight requirements, and emissions standards. Companies must innovate to meet these challenges while ensuring cost-effectiveness and profitability.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This automotive steering motor market report extensively covers market segmentation by

Application 1.1 Passenger car1.2 Commercial vehicleGeography 2.1 APAC2.2 Europe2.3 North America2.4 South America2.5 Middle East and Africa

1.1 Passenger car- The Automotive Steering Motor Market is experiencing significant growth due to the increasing demand for electric and hybrid vehicles. These vehicles require an electric steering system, which is driving the market forward. Major automakers are investing in research and development to improve fuel efficiency and reduce emissions, making electric steering motors an essential component. Additionally, the growing trend towards autonomous driving is also expected to boost market growth. Overall, the Automotive Steering Motor Market is poised for continued expansion in the coming years.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Automotive Steering Motor Market is experiencing significant growth due to the shift towards electrification in the automotive industry. Emissions standards are driving the demand for Electrically Assisted Power Steering (EAPS) systems, which reduce CO2 emissions by up to 10% compared to traditional hydraulic power steering. The passenger car segment and Electric Vehicles (EVs) are the major consumers of steering motors. OEMs are integrating steering-mounted electronics and automobile dashboard-based systems, including radio and music, cruise control, and climate control, into steering motors. However, the market is facing challenges due to lockdowns and travel bans, which have affected the production of vehicles and the logistics of raw material shipments. Infineon Technologies and other key players are investing in research and development to improve the efficiency and performance of steering motors. The construction of operational plants and the manufacturing of electric components are also crucial for the growth of the steering motor market.

Market Research Overview

The Automotive Steering Motor Market is experiencing significant growth due to the increasing adoption of automotive electrification and emissions standards. Electric Vehicles (EVs) and Electrically Assisted Power Steering (EAPS) systems are becoming increasingly popular in both the passenger car segment and commercial vehicles. Hydraulic power steering is being gradually replaced by Electrically Assisted Steering (EAS) systems, which use electric components and motors to assist the driver. The vehicle control unit plays a crucial role in managing the steering system, ensuring safety features such as Advanced Driver Assistance Systems (ADAS), lane keeping assist, and highway assist function optimally. The steering market is not limited to automobiles alone, with construction and mining equipment also adopting steering motor technology for improved maneuverability and fuel economy. Steering-mounted electronics and automobile dashboard-based systems, including radio and music, cruise control, climate control, call answering, and steering-assisted safety features, are driving market growth. The market has been impacted by various factors, including lockdowns, manufacturing plant closures, travel bans, and logistics disruptions. However, the shift towards autonomous mobility, connected cars, and failsafe mechanisms is expected to offset these challenges. Steering wheel sensors, torque sensors, and ECUs are essential components of the steering system, with non-contact sensors and LeddarTech’s LiDAR technology playing a significant role in enhancing steering accuracy. Manufacturers of EPS, such as Infineon Technologies, ZF, AKC, and Schaeffler, are investing in hybrid systems and developing lightweight steering solutions to improve cost and profitability. The market also includes steering columns, steering boxes, and steering systems for pickups, heavy-duty vehicles, and tractors. Policies and incentives are driving the adoption of steering motor technology in luxury vehicles, with emission norms and steering wheel speed and position sensors playing a crucial role in ensuring fuel economy and steering feel.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationPassenger CarCommercial VehicleGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-steering-motor-market-size-is-set-to-grow-by-usd-456-2-million-from-2024-2028–key-developments-boost-the-market-technavio-302211317.html

SOURCE Technavio