Global Electric Power Steering Motor Market Overview
As per MRFR analysis, the Electric Power Steering Motor Market Size was estimated at 26.85 (USD Billion) in 2022.
The Electric Power Steering Motor Market is expected to grow from 28.28 (USD Billion) in 2023 to 45.0 (USD Billion) by 2032. The Electric Power Steering Motor Market CAGR (growth rate) is expected to be around 5.3% during the forecast period (2024 - 2032).
Key Electric Power Steering Motor Market Trends Highlighted
The Electric Power Steering Motor Market is experiencing significant growth driven by several key factors. Increasing demand for fuel-efficient vehicles is propelling the adoption of electric power steering systems, as they enhance fuel efficiency compared to traditional hydraulic systems.
Moreover, stricter government regulations regarding emissions and safety standards are pushing automotive manufacturers to integrate advanced steering technologies. As consumers become more aware of the benefits of electric steering systems, manufacturers are focusing on developing innovative solutions that improve driving experience, which further accelerates market growth.
Opportunities are emerging in various segments of the electric power steering market. The rise of electric and hybrid vehicles opens up new avenues for growth, as these vehicles often require advanced steering solutions.
Additionally, advances in technology, such as the integration of artificial intelligence and automation, offer substantial opportunities for creating responsive and user-friendly systems.
The shift towards autonomous driving also signifies a shift in steering technology, enhancing the demand for efficient electric power steering systems. Recent trends indicate a growing emphasis on lightweight and compact steering motors, which contribute to overall vehicle performance and efficiency.
Automotive manufacturers are increasingly prioritizing the development of smart steering systems that can adapt to driving conditions, enhancing safety and comfort.
Additionally, collaborations between automakers and technology firms to innovate steering solutions have gained momentum, further influencing market dynamics. The continuous evolution of consumer preferences towards enhanced vehicle performance and safety features will likely shape the future landscape of the electric power steering motor market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Steering Motor Market Drivers
Growing Adoption of Advanced Driver Assistance Systems (ADAS)
The increasing integration of Advanced Driver Assistance Systems (ADAS) into vehicles is one of the most significant drivers for the Electric Power Steering Motor Market. ADAS includes features that improve vehicle safety and enhance steering response, such as lane departure warning, adaptive cruise control, and automatic emergency braking.
Electric power steering (EPS) systems play a crucial role in these technologies by providing precise steering control and feedback to the driver. As the automotive industry shifts toward safety and automation, the demand for electric power steering motors is expected to rise substantially.
This trend is further compounded by regulatory pressures as governments worldwide implement stricter safety standards and encourage manufacturers to incorporate ADAS features into new vehicle models.
Thus, the growing consumer preference for vehicles equipped with advanced safety technologies drives the demand for electric power steering motors, positioning this segment for remarkable growth in the coming years.
Increasing Fuel Efficiency Requirements
As global fuel efficiency standards become more stringent, automotive manufacturers are increasingly turning to electric power steering systems to help meet these requirements. The Electric Power Steering Motor Market is significantly supported by the shift away from traditional hydraulic systems, which are often less efficient.
Electric power steering (EPS) systems offer the advantage of reducing energy consumption and improving fuel economy by providing only the necessary amount of assistance based on driving conditions.
This enhanced fuel efficiency not only contributes to cost savings for consumers but also aligns with the global push for sustainability and reduced carbon emissions. As a result, automakers are investing in electric power steering technologies, further driving the market's growth.
Technological Advancements and Innovations
The rapid pace of technological advancements and innovations in automotive engineering is another crucial driver for the Electric Power Steering Motor Market. Continuous improvements in electric power steering technology, such as the integration of electronic controls, sensor technology, and intelligent algorithms, enhance the performance and functionality of steering systems.
These innovations lead to better steering feel, feedback, and responsiveness, which are essential for enhanced driver experience.
Additionally, advancements in manufacturing processes and materials have made electric power steering motors more reliable and cost-effective. As the industry embraces new technologies, the adoption of EPS systems is expected to increase, fostering market growth and evolving the landscape of the automotive sector.
Electric Power Steering Motor Market Segment Insights:
Electric Power Steering Motor Market Type Insights
The Electric Power Steering Motor Market shows a diverse range of types, reflecting the varied demands of the automotive industry. The Column Assist Electric Power Steering was valued at 6.5 USD Billion, demonstrating its role in enhancing vehicle control and providing better maneuverability, which drives its adoption across numerous vehicle types.
Following closely, the Pinion Assist Electric Power Steering held a valuation of 7.0 USD Billion, indicating its popularity due to its straightforward design and ease of integration with steering mechanisms, effectively balancing cost and performance for manufacturers and consumers alike.
The Rack Assist Electric Power Steering led with a valuation of 8.0 USD Billion in 2023, dominating the market owing to its efficiency and compact design, crucial for modern vehicles that demand space-saving solutions without compromising performance.
Lastly, Integrated Electric Power Steering, valued at 6.78 USD Billion, emphasized innovation by combining steering and assistive functions, appealing to the shift towards more integrated automotive systems.
Each of these segments plays a vital role, with Rack Assist Electric Power Steering holding the majority in market valuation and signifying its importance in the shift towards more efficient and effective steering systems in the automotive industry, while the growing valuation trends from 2023 to 2032 suggest a robust demand across all types, favoring advancements in technology and evolving consumer preferences in vehicle dynamics and safety.
Overall, the Electric Power Steering Motor Market segmentation demonstrates a strategic focus on enhancing vehicle performance and safety, driven by increasing automotive production and demand for advanced steering technologies.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Steering Motor Market Vehicle Type Insights
The Electric Power Steering Motor Market has shown significant growth, particularly in the Vehicle Type segment, comprising Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles. Passenger Cars dominate this market, reflecting their importance in daily transportation, followed closely by Light Commercial Vehicles that cater to small business needs.
Heavy Commercial Vehicles are also vital due to the logistics and transportation industry's demands. Electric Vehicles are gaining traction, driven by increasing environmental awareness and government regulations, making them a key area for growth.
The increasing adoption of electric power steering systems in these different vehicle categories is fueled by enhanced driving comfort, superior fuel efficiency, and reduced emissions. However, challenges such as high initial costs and technological complexities remain.
Despite these hurdles, the market presents numerous opportunities for innovations and advancements in steering technologies, reinforcing the relevance of the Electric Power Steering Motor Market in the overall automotive landscape.
Electric Power Steering Motor Market Component Insights
The Component segment plays a critical role in enhancing vehicle steering performance, safety, and efficiency.
Among the various components, the Motor is essential as it directly influences the steering feel and responsiveness, while the Electronic Control Unit (ECU) manages dynamics for optimized performance and efficiency. The Torque Sensor is significant for providing feedback to ensure precise torque delivery and improved safety in braking dynamics.
Additionally, the Gearbox component, which facilitates power transmission and control, dominates a substantial portion of the market due to its critical role in steering system design. The combined impact of these components underlines the importance of advancing technology and innovation in the Electric Power Steering system.
With trends leaning toward electric vehicles and enhanced automotive features, the Electric Power Steering Motor Market is geared up for sustained expansion, driven by ongoing demand for lightweight and energy-efficient solutions.
Electric Power Steering Motor Market Sales Channel Insights
The increasing demand for efficient and responsive steering systems in the automotive industry has spurred growth across various sales channels. Original Equipment Manufacturers play a pivotal role, providing essential components during the vehicle assembly process, which enables them to dominate in terms of volume.
The aftermarket channel is also gaining importance, driven by the rising trend of vehicle maintenance and part replacement, catering to consumers seeking quality and reliability. Additionally, the Replacements category remains significant as aging vehicles increase the need for robust and efficient electric power steering motor solutions, ensuring safety and performance.
Overall, the Electric Power Steering Motor Market revenue is influenced by these channels' unique dynamics, with the market growth propelled by technological advancements and advancements in automotive safety features. Key challenges like fluctuating raw material costs still remain, yet opportunities for expansion in emerging markets could drive further enhancement in the industry.
Electric Power Steering Motor Market Regional Insights
The Electric Power Steering Motor Market is poised for significant growth, with diverse regional dynamics shaping its development. In 2023, North America held a valuation of 7.68 USD Billion, making it a key player in the market due to its advanced automotive industry and increasing adoption of electric vehicles.
Europe followed closely with a valuation of 8.49 USD Billion, driven by stringent regulations promoting fuel efficiency and safety features. The APAC region, worth 9.55 USD Billion, represented the largest segment, reflecting a booming automotive market and increasing consumer demand for advanced steering technologies.
Meanwhile, South America, valued at 1.82 USD Billion, is gradually emerging, supported by a growing automotive sector, although it remains a smaller player in comparison. The Middle East and Africa (MEA) also contributed with a valuation of 1.74 USD Billion, as the region gradually shifts towards more fuel-efficient technologies.
The market growth across these regions is supported by rising vehicle production, increasing safety standards, and advancements in steering system technologies. Each region presents unique opportunities and challenges that are vital for stakeholders to consider in their strategic planning.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Power Steering Motor Market Key Players and Competitive Insights:
The Electric Power Steering Motor Market has been witnessing significant growth driven by the increasing demand for fuel-efficient vehicles and advancements in automotive technology.
Competitive insights reveal that this market is characterized by a mix of established players and emerging companies that are innovating to improve vehicle handling, reduce energy consumption, and enhance driver experience.
The emphasis on sustainability and government regulations pushing for electric and hybrid vehicles are also fostering competition among key players. As manufacturers strive to develop more efficient systems, partnerships and collaborations for research and development are becoming more common, with companies eager to introduce cutting-edge solutions that can cater to evolving consumer preferences.
Calsonic Kansei plays a notable role in the Electric Power Steering Motor Market, demonstrating a strong presence through its commitment to innovation and quality. The company has established itself as a reliable supplier known for its advanced engineering capabilities that promote high-performance steering systems.
One of Calsonic Kansei's strengths lies in its extensive research and development initiatives, which enable it to stay ahead of the curve in technological advancements in power steering systems.
Furthermore, their strategic partnerships with OEMs facilitate a robust market presence, enhancing their ability to meet diverse customer needs, especially in the burgeoning segments that prioritize electric power steering solutions for improved vehicle efficiency and driving comfort.
Mahindra and Mahindra also hold a significant position within the Electric Power Steering Motor Market, leveraging its deep-rooted expertise in the automotive sector. The company is known for producing reliable and cost-effective electric steering solutions, catering to a varied clientele both regionally and internationally.
Mahindra and Mahindra's strengths are underscored by its strong brand reputation and extensive distribution network, which ensures the availability of its products across multiple markets. The company's commitment to sustainable practices through the development of electric power steering systems reflects its adaptive strategies in align with current market trends.
Moreover, its focus on customer-centric innovations helps to meet evolving industry demands, positioning Mahindra and Mahindra as a formidable player in the competitive landscape of electric power steering motors for modern vehicles.
Key Companies in the Electric Power Steering Motor Market Include:
- Calsonic Kansei
- Mahindra and Mahindra
- JTEKT
- Hitachi
- Hyundai Mobis
- TRW Automotive
- Mitsubishi Electric
- Denso
- Thyssenkrupp
- Nexteer Automotive
- ZF Friedrichshafen
- Electra
- GKN Automotive
- Bosch
- Valeo
Electric Power Steering Motor Market Developments
Recent developments in the Electric Power Steering Motor Market have shown a notable increase in technology advancements and collaborations among key players such as Calsonic Kansei, JTEKT, and Hyundai Mobis.
Companies are focusing on electric power steering systems that enhance fuel efficiency and provide improved vehicle control. Growth in autonomous vehicles has further invigorated this market, as manufacturers like ZF Friedrichshafen and Denso are investing in research and development to integrate steering technologies into automated driving systems.
Mergers and acquisitions have also been prominent, with notable activities involving TRW Automotive acquiring assets in steering technologies that enhance their product portfolio, while Nexteer Automotive has aligned partnerships with industry leaders to expand its market reach. Mitsubishi Electric and Valeo are enhancing their operational capabilities, supporting overall market growth.
As the demand for electric vehicles continues to rise, the market valuation for companies in the electric power steering sector sees substantial growth, positively affecting the overall landscape of vehicle manufacturing and contributing to advancements in safety and vehicle dynamics.
Electric Power Steering Motor Market Segmentation Insights
- Electric Power Steering Motor Market Type Outlook
- Column Assist Electric Power Steering
- Pinion Assist Electric Power Steering
- Rack Assist Electric Power Steering
- Integrated Electric Power Steering
- Electric Power Steering Motor Market Vehicle Type Outlook
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- Electric Power Steering Motor Market Component Outlook
- Motor
- Electronic Control Unit
- Torque Sensor
- Gearbox
- Electric Power Steering Motor Market Sales Channel Outlook
- Original Equipment Manufacturers
- Aftermarket
- Replacements
- Electric Power Steering Motor Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
26.85(USD Billion) |
| Market Size 2023 |
28.28(USD Billion) |
| Market Size 2032 |
45.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.3% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Calsonic Kansei, Mahindra and Mahindra, JTEKT, Hitachi, Hyundai Mobis, TRW Automotive, Mitsubishi Electric, Denso, Thyssenkrupp, Nexteer Automotive, ZF Friedrichshafen, Electra, GKN Automotive, Bosch, Valeo |
| Segments Covered |
Type, Vehicle Type, Component, Sales Channel, Regional |
| Key Market Opportunities |
Growing demand for EVs, Lightweight steering solutions, Advanced driver-assistance systems, Integration with IoT technology, Expansion in emerging markets |
| Key Market Dynamics |
Growing demand for fuel efficiency, Increasing adoption of electric vehicles, Technological advancements in automation, Rising investment in automotive safety, Government regulations promoting vehicle electrification |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Electric Power Steering Motor Market is expected to be valued at 45.0 USD Billion by 2032.
The expected compound annual growth rate (CAGR) for the Electric Power Steering Motor Market from 2024 to 2032 is 5.3%.
The Asia Pacific (APAC) region is projected to have the highest market value at 15.3 USD Billion by 2032.
The Column Assist Electric Power Steering segment is expected to reach a market size of 10.3 USD Billion by 2032.
Major players in the market include Calsonic Kansei, Mahindra and Mahindra, JTEKT, and Hitachi.
The Rack Assist Electric Power Steering segment was valued at 8.0 USD Billion in 2023.
The market value for North America is expected to be 12.23 USD Billion by 2032.
The Integrated Electric Power Steering market size is expected to reach 11.2 USD Billion by 2032.
The growth drivers include increased demand for fuel-efficient vehicles and advancements in automotive technology.
Challenges may include stringent regulations and competition from alternative steering technologies.
