Electric Power Steering Motor Market Size, Share, Trends, Growth Outlook

Electric Power Steering Motor Market is estimated to increase at a growth rate of 6.4% CAGR over the forecast period from 2024 to 2030.

The global Electric Power Steering Motor Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Type (Column Type, Pinion Type, Dual Pinion Type), By Component (Steering Rack/Column, Sensor, Steering Motor, Others), By Vehicle (Passenger Cars, Commercial Vehicles).

An Introduction to Global Electric Power Steering Motor Market, 2024

The Electric Power Steering Motor Market is experiencing substantial growth in 2024, driven by the increasing adoption of electric power steering systems in modern vehicles for improved handling, comfort, and fuel efficiency. Electric power steering motors replace traditional hydraulic power steering systems with electrically assisted steering mechanisms, offering smoother operation, enhanced responsiveness, and reduced energy consumption. As automotive manufacturers strive to meet stringent fuel economy standards and enhance driver assistance features, electric power steering motors have become integral components in passenger cars, trucks, and commercial vehicles. With advancements in motor technology, sensor integration, and control algorithms, electric power steering systems deliver precise and adaptive steering assistance tailored to driving conditions and driver preferences. Moreover, the elimination of hydraulic components reduces maintenance costs, simplifies vehicle packaging, and enhances overall vehicle dynamics. Additionally, the integration of electric power steering systems with advanced driver-assistance systems (ADAS) and autonomous driving features further enhances vehicle safety and driving comfort, driving market demand and innovation in electric power steering motor technology.

Electric Power Steering Motor Competitive Landscape

The global Electric Power Steering Motor market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Electric Power Steering Motor Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Electric Power Steering Motor Market Industry include- Denso Corp, GKN PLC, Hitachi Automotive Systems Ltd, Hubei Henglong Auto System Group, Hyundai Mobis Co. Ltd, JTEKT Corp, Mitsubishi Electric Corp, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, Thyssenkrupp Presta AG, ZF Friedrichshafen AG.

Electric Power Steering Motor Market Trend: Increasing Adoption of Electric Power Steering Systems

A prominent trend in the Electric Power Steering Motor Market is the increasing adoption of electric power steering (EPS) systems in the automotive industry. Electric power steering systems offer several advantages over traditional hydraulic power steering systems, including improved fuel efficiency, enhanced vehicle dynamics, and integration with advanced driver assistance systems (ADAS). Automakers are increasingly transitioning towards EPS systems to meet fuel economy regulations, enhance vehicle performance, and improve the overall driving experience for consumers. This trend is driven by the growing demand for electric vehicles (EVs) and the automotive industry's focus on electrification and sustainability.

Electric Power Steering Motor Market Driver: Advancements in Automotive Technology and Safety Features

A key driver in the Electric Power Steering Motor Market is advancements in automotive technology and safety features. As vehicles become more technologically advanced and equipped with sophisticated safety systems, the demand for electric power steering motors that can seamlessly integrate with these technologies is on the rise. Electric power steering systems play a crucial role in enabling features such as lane-keeping assistance, adaptive cruise control, and automated parking, enhancing vehicle safety and driver convenience. Automakers are increasingly incorporating EPS systems into their vehicle models to leverage these advancements and stay competitive in the market.

Electric Power Steering Motor Market Opportunity: Integration with Autonomous Driving Systems

An opportunity within the Electric Power Steering Motor Market lies in the integration of EPS systems with autonomous driving systems. As the automotive industry moves towards autonomous vehicles (AVs), there is a growing need for advanced steering systems that can support autonomous driving functionalities. Electric power steering motors with enhanced precision, responsiveness, and adaptability can enable smoother and more accurate vehicle control in autonomous mode, contributing to the overall safety and reliability of AVs. Manufacturers can capitalize on this opportunity by developing EPS systems specifically designed for integration with autonomous driving platforms, offering features such as redundant steering control and adaptive steering assist algorithms. By aligning their products with the evolving needs of the autonomous vehicle market, manufacturers can position themselves for long-term success and growth in the Electric Power Steering Motor Market.

Electric Power Steering Motor Market Segmentation

By Type
Column Type
Pinion Type
Dual Pinion Type
By Component
Steering Rack/Column
Sensor
Steering Motor
Others
By Vehicle
Passenger Cars
Commercial VehiclesGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa

Electric Power Steering Motor Companies

Denso Corp
GKN PLC
Hitachi Automotive Systems Ltd
Hubei Henglong Auto System Group
Hyundai Mobis Co. Ltd
JTEKT Corp
Mitsubishi Electric Corp
Nexteer Automotive Group Ltd
NSK Ltd
Robert Bosch GmbH
Thyssenkrupp Presta AG
ZF Friedrichshafen AG
*- List not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Electric Power Steering Motor Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Electric Power Steering Motor Market Size Outlook, $ Million, 2021 to 2030
3.2 Electric Power Steering Motor Market Outlook by Type, $ Million, 2021 to 2030
3.3 Electric Power Steering Motor Market Outlook by Product, $ Million, 2021 to 2030
3.4 Electric Power Steering Motor Market Outlook by Application, $ Million, 2021 to 2030
3.5 Electric Power Steering Motor Market Outlook by Key Countries, $ Million, 2021 to 2030

4 Market Dynamics
4.1 Key Driving Forces of Electric Power Steering Motor Industry
4.2 Key Market Trends in Electric Power Steering Motor Industry
4.3 Potential Opportunities in Electric Power Steering Motor Industry
4.4 Key Challenges in Electric Power Steering Motor Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Electric Power Steering Motor Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Electric Power Steering Motor Market Outlook by Segments
7.1 Electric Power Steering Motor Market Outlook by Segments, $ Million, 2021- 2030
By Type
Column Type
Pinion Type
Dual Pinion Type
By Component
Steering Rack/Column
Sensor
Steering Motor
Others
By Vehicle
Passenger Cars
Commercial Vehicles

8 North America Electric Power Steering Motor Market Analysis and Outlook To 2030
8.1 Introduction to North America Electric Power Steering Motor Markets in 2024
8.2 North America Electric Power Steering Motor Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Electric Power Steering Motor Market size Outlook by Segments, 2021-2030
By Type
Column Type
Pinion Type
Dual Pinion Type
By Component
Steering Rack/Column
Sensor
Steering Motor
Others
By Vehicle
Passenger Cars
Commercial Vehicles

9 Europe Electric Power Steering Motor Market Analysis and Outlook To 2030
9.1 Introduction to Europe Electric Power Steering Motor Markets in 2024
9.2 Europe Electric Power Steering Motor Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Electric Power Steering Motor Market Size Outlook by Segments, 2021-2030
By Type
Column Type
Pinion Type
Dual Pinion Type
By Component
Steering Rack/Column
Sensor
Steering Motor
Others
By Vehicle
Passenger Cars
Commercial Vehicles

10 Asia Pacific Electric Power Steering Motor Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Electric Power Steering Motor Markets in 2024
10.2 Asia Pacific Electric Power Steering Motor Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Electric Power Steering Motor Market size Outlook by Segments, 2021-2030
By Type
Column Type
Pinion Type
Dual Pinion Type
By Component
Steering Rack/Column
Sensor
Steering Motor
Others
By Vehicle
Passenger Cars
Commercial Vehicles

11 South America Electric Power Steering Motor Market Analysis and Outlook To 2030
11.1 Introduction to South America Electric Power Steering Motor Markets in 2024
11.2 South America Electric Power Steering Motor Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Electric Power Steering Motor Market size Outlook by Segments, 2021-2030
By Type
Column Type
Pinion Type
Dual Pinion Type
By Component
Steering Rack/Column
Sensor
Steering Motor
Others
By Vehicle
Passenger Cars
Commercial Vehicles

12 Middle East and Africa Electric Power Steering Motor Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Electric Power Steering Motor Markets in 2024
12.2 Middle East and Africa Electric Power Steering Motor Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Electric Power Steering Motor Market size Outlook by Segments, 2021-2030
By Type
Column Type
Pinion Type
Dual Pinion Type
By Component
Steering Rack/Column
Sensor
Steering Motor
Others
By Vehicle
Passenger Cars
Commercial Vehicles

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
Denso Corp
GKN PLC
Hitachi Automotive Systems Ltd
Hubei Henglong Auto System Group
Hyundai Mobis Co. Ltd
JTEKT Corp
Mitsubishi Electric Corp
Nexteer Automotive Group Ltd
NSK Ltd
Robert Bosch GmbH
Thyssenkrupp Presta AG
ZF Friedrichshafen AG

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Type
Column Type
Pinion Type
Dual Pinion Type
By Component
Steering Rack/Column
Sensor
Steering Motor
Others
By Vehicle
Passenger Cars
Commercial Vehicles