Automotive Steering Motors - Global Strategic Business Report

The global market for Automotive Steering Motors was estimated at US$1.8 Billion in 2023 and is projected to reach US$2.2 Billion by 2030, growing at a CAGR of 2.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Automotive Steering Motors Market - Key Trends & Drivers Summarized

What Are Automotive Steering Motors, and Why Are They Essential in Modern Vehicles?

Automotive steering motors are a critical component in modern vehicle steering systems, particularly in electric power steering (EPS) systems, which are gradually replacing traditional hydraulic steering mechanisms. These motors help control the vehicle's steering by converting electrical energy into mechanical torque, allowing drivers to steer the vehicle with greater precision and ease. The adoption of EPS systems has been driven by the demand for more energy-efficient and lightweight automotive components. Unlike hydraulic systems, which constantly require engine power, EPS systems powered by steering motors only use energy when the driver is actively steering. This not only improves fuel efficiency but also reduces emissions, making steering motors a key technology in the push toward more sustainable automotive solutions. Additionally, these motors are integral to advanced driver-assistance systems (ADAS) and autonomous driving technologies, where precise and reliable steering control is paramount.

How Are Technological Innovations Shaping the Automotive Steering Motors Market?

Technological innovations are playing a pivotal role in the development and performance enhancement of automotive steering motors. The transition from hydraulic power steering to electric power steering has accelerated advancements in motor design, making them more efficient, compact, and durable. Key developments include the integration of brushless DC motors, which offer higher efficiency, lower maintenance, and longer operational life compared to traditional brushed motors. Furthermore, sensor technologies embedded within steering motors allow for real-time monitoring and precise feedback, which enhances the safety and performance of EPS systems. These sensors are crucial for enabling semi-autonomous and fully autonomous driving systems, as they provide the necessary data for steering control and vehicle stability. In addition, advancements in artificial intelligence and machine learning are improving the adaptive capabilities of steering motors, allowing vehicles to adjust their steering responses based on driving conditions. This fusion of electronics, software, and motor technology is shaping the future of smart and autonomous vehicles, making automotive steering motors an integral part of the next generation of transportation.

Why Are Regulatory Standards and Consumer Preferences Driving the Adoption of Steering Motors?

Government regulations and shifting consumer preferences are significantly impacting the adoption of automotive steering motors. Regulatory bodies in regions such as North America, Europe, and Asia are enforcing stringent fuel efficiency and emissions standards, compelling automakers to adopt lighter, more energy-efficient systems like EPS, which relies on steering motors. These regulations align with broader global efforts to reduce the automotive industry's carbon footprint, further driving the shift from hydraulic to electric steering systems. At the same time, consumers are increasingly prioritizing vehicles that offer advanced safety features, smooth handling, and enhanced fuel economy - all of which are made possible by electric power steering systems with high-performance motors. The growing demand for electric vehicles (EVs) and hybrid vehicles also contributes to the widespread adoption of steering motors, as these vehicles rely heavily on electric components to minimize weight and optimize power usage. Consequently, the combination of regulatory mandates and consumer demand for sustainable, efficient, and safe vehicles is fueling the expansion of the automotive steering motor market.

What Is Fueling the Growth of the Global Automotive Steering Motors Market?

The growth in the global automotive steering motors market is driven by several factors, most notably the increasing shift toward electric power steering (EPS) systems, advancements in automotive technology, and rising demand for electric and hybrid vehicles. One key driver is the growing preference for EPS over hydraulic systems due to its energy efficiency, which reduces fuel consumption and emissions, making it more compliant with stringent global environmental regulations. Technological advancements, including the development of more efficient and durable brushless motors, integrated sensors, and AI-driven adaptive steering systems, are further propelling market growth. The increasing adoption of electric and autonomous vehicles is another significant factor, as these vehicles require sophisticated steering motors to support autonomous driving features and enhance vehicle control. Lastly, the rising demand for vehicles with advanced safety and driver assistance systems (ADAS) is boosting the need for high-performance steering motors, which are critical to the accurate control required by these systems. Together, these factors ensure continued growth in the automotive steering motors market as automakers focus on innovation and sustainability.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Passenger Cars End-Use segment, which is expected to reach US$1.5 Billion by 2030 with a CAGR of a 3.1%. The Commercial Vehicles End-Use segment is also set to grow at 2.4% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $489.8 Million in 2023, and China, forecasted to grow at an impressive 5.7% CAGR to reach $444.0 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Automotive Steering Motors Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Automotive Steering Motors Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Automotive Steering Motors Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Automotive Steering Motors market such as ABLIC Inc., Bosch Mobility Solutions, HL Mando Corp., Infineon Technologies AG, Johnson Electric Holdings Limited and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 25 companies featured in this Automotive Steering Motors market report include:

• ABLIC Inc.
• Bosch Mobility Solutions
• HL Mando Corp.
• Infineon Technologies AG
• Johnson Electric Holdings Limited
• JTEKT Corporation
• Knorr-Bremse Commercial Vehicle Systems GmbH
• MAHLE GmbH
• Mitsuba Corporation
• Mitsubishi Electric India Pvt. Ltd. (MITSUBISHI Electric Automation)