The global automotive power steering motor market is anticipated to grow at a significant CAGR of 5.6% during the forecast period (2022-2028). A steering motor, that can be mounted on the steering column or the steering gear, transmits torque to the steering column and assists the driver in steering. Steer-by-wire technology is currently gaining popularity. By using electrically-driven motors to change the direction of the wheels and provide feedback to the driver, it eliminates the physical link between the steering wheel and the car’s wheels.
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Over the forecast period, the market is expected to rise due to the rising demand for fuel-efficient automobiles with effective steering systems. One of the key automotive steering system market trends is the government’s strict rules for vehicle fuel efficiency. The increased need for a smooth and comfortable driving experience is expected to drive the market for automotive steering systems to new heights. In addition, increased demand for high-tech automotive steering systems from developing nations, such as India and China is expected to drive market expansion throughout the forecast period.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-
- In October 2021, MCEPS, a modular column assist electric power steering system, was announced by Nexteer. OEMs will benefit from the cost-effectiveness of this system, which is flexible enough to fulfill a wide range of OEM requirements.
- In September 2021, JMC Heavy Duty Vehicle Co. Ltd, a subsidiary of Jiangling Motors Co. Ltd, with manufacturing facilities in Taiyuan, Shanxi Province, China, was acquired by Volvo Trucks. By the end of 2022, Volvo intends to develop new heavy-duty trucks for domestic consumers, such as the Volvo FH, Volvo FM, and Volvo FMX.
- In January 2021, Nissan unveiled the 2018 Rogue, which features a JTEKT Electric Power Steering System with a Gen2 in-house Microcontroller Unit (MCU). This greatly improved the EPS performance of JTEKT’s products.
- In October 2020, for mass production, ZF introduced a new next-generation AKC active rear-axle steering system. The Steer-by-Wire technology allows for a rear steering angle of up to 10 degrees, and the system provides agility for longer electric vehicles.
- In May 2020, JTEKT opened a new R&D facility in Halifax, Canada, to further boost the company’s global ECU development for vehicle steering and driveline products, as well as serve future electrification needs.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Vehicle Type
- By Power Steering Type
- By Product Type
- By Demand Category
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
· Competitive Landscape- Denso Corp., Mitsubishi Electric Corp., Mitsuba Corp., Showa Corp., and JTEKT Corp., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Automotive Power Steering Motor Market Report by Segment
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Power Steering Type
- HPS
- EPHS
- EPS
By Product Type
- REPS
- CEPS
- PEPS
By Demand Category
- OEM
- Aftermarket
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