|Fastest Growing Market:||Europe|
|Largest Market:||Asia Pacific|
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The Automotive power steering motor market was valued at USD 11.65 billion in 2020, and it is expected to reach USD 16.55 billion by 2026, growing at a CAGR of 5.98% during the forecast period (2021-2026).
There had been an increase in the global demand for passenger cars and commercial vehicles till 2018. In 2019, due to the slowdown in the economy, there was a slight decline in vehicle sales. This decline continued in 2020, due to the outbreak of COVID-19, which caused several vehicle and component manufacturing facilities to shut down temporarily. This is hindering the growth of the market studied.
However, with the gradual removal of lockdowns in several countries, the demand for vehicles has slightly increased. Also, with the growing number of e-commerce activities, the demand for commercial vehicles has increased. Many countries are reopening their international borders, and there has been an increase in freight and logistics activities. All these factors are expected to drive the demand for automobiles, thereby supporting the growth of the automotive power steering motor market.
Among regions, Asia-Pacific region anticipated to dominate the automotive power steering motor market. The Asia-Pacific power steering motor market is primarily driven by growing vehicle production and sales, rapid electrification of vehicles, rising stringency of emission norms, and increasing disposable income of consumers, which, in turn, is increasing the demand for vehicle sales, owing to growing preference for safety and comfort.
Scope of the Report
The Automotive Power Steering (APS) Motor market report covers the latest trends, COVID-19 impact, and technological developments in the market. The Scope of the report covers segmentation based on Vehicle type, Steering type, Product Type, Demand Category, and Geography.
By Vehicle type, the market is segmented into Passenger Car and Commercial Vehicles. By Power Steering Type, the market is segmented into Electric power hydraulic steering (EPHS) and Electric Power Steering (EPS)).
By Product Type, the market is segmented into Rack assist type (REPS), Column assist type (CEPS), Pinion assist type (PEPS)). By Demand Category, the market is segmented into OEM, Replacement.
By Geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. For each segment, the market sizing and forecast have been done on basis of value (USD billion).
|By Vehicle Type|
|By Power Steering Type|
|Electric Power Hydraulic Steering (EPHS)|
|Electric Power Steering (EPS)|
|By Product Type|
|By Rack assist type (REPS)|
|Colum assist type (CEPS)|
|Pinion assist type (PEPS)|
|By Demand Category|
Key Market Trends
Passenger Car Segment Expected to Lead the Market
The use of power steering in passenger cars is growing rapidly, owing to its numerous advantages, such as the lack of hoses or fluids in the entire steering system. Some of the major drivers fueling market growth include the increased adoption of EPS in modern vehicles and the increased penetration of steer-by-wire technology. The demand for power steering is expected to rise as the overall demand for passenger vehicles increases.
- In 2020, the global car sales were around 63.8 million, which in 2019 were 74.9 million, due to COVID-19, which impacted the economic activities all around the world, and strict lockdowns were enforced in several countries to contain the spread of virus. This is one of the major reasons for less sales of cars during 2020.
Though COVID-19 impacted the sales of passenger cars, owing to short-term restrictions on production and manufacturing facilities, the market started gaining its momentum as economic activities resumed worldwide. Currently, China is the largest consumer of automotive power steering systems, with about one-third of the global passenger cars sales in the country.
Furthermore, with the growing focus on safety and comfort, the manufacturers are now focusing on incorporating EPS technology in the entry-level segment cars, in turn, propelling the demand for power steering motors in passenger cars.
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Asia-Pacific Region Likely to Dominate the Market During the Forecast Period
Asia-Pacific power steering market is primarily driven by growing vehicle production and sales . To meet government safety standards and emission norms, technological advancements are being made to APS motors. As the EPS demand is growing in the region, OEMs and Vehicle manufacturers are launching new vehicles with EPS and forming alliances to enlarge their market share. For instance,
- In 2019, NSK Ltd. entered a joint venture with Rane Group to form Rane NSK Steering Systems Pvt. Ltd. (RNSS). This joint venture company established a production base for electric power steering systems in Gujarat, India.
The growth in the adoption of electric vehicles is expected to offer several revenue generation opportunities for players offering power steering motors to OEMs across Asia-Pacific region. Moreover, increase in demand for vehicles, especially commercial vehicles, is encouraging OEMs to establish their presence across the region. For instance,
- In September 2021, Volvo Trucks acquired the JMC Heavy Duty Vehicle Co. Ltd, a subsidiary of Jiangling Motors Co. Ltd, which includes manufacturing sites in Taiyuan, Shanxi province, China. The company is planning to produce its new heavy-duty trucks such as Volvo FH, Volvo FM, and Volvo FMX for domestic customers by the end of 2022.
Based on such developments, Asia-pacific region expected to dominate the market during the forecast period.
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The Automotive Power Steering Motor Market is a moderately consolidated market with existing market players holding the most significant shares and with new players entering the market. To have the edge over its competitor's companies are making joint ventures, partnerships, launching new products with advanced technology. For instance,
- China’s SAIC announced a strategic partnership with ZTE and DIAS Automotive Electronic Systems Co. Ltd in Oct 2021, to develop automotive operating systems. SAIC has set up a team to provide solutions for intelligent connected vehicles. Consequently, intelligent electric-powered steering systems will be mass-produced later, after complete product and technology research.
- Nexteer Automotive announced the production of a Single Pinion Assist Electric Power Steering system (SEPS), in August 2019. This is expected to aid the A_C segment vehicles for Nexteer customers like BMW and PSA. The hardware and software integration of this system enables ADAS features, like lane keeping, park assist, active return to center, traffic jam assist and more.
Some of the key players in the market are Denso Corporation, Mitsubishi Electric, Mitsuba Corporation, Showa Corporation, JTEKT Corporation and Others.
- In October 2021, Nexteer announced MCEPS, a modular column assist electric power steering system. This system offers cost-effectiveness to the OEMs and flexibility to meet a wide range of OEM requirements.
- In January 2021, Nissan’s new Rogue equipped with JTEKT Electric Power Steering System with Gen2 in-house Microcontroller Unit (MCU). This maximized the EPS performance of JTEKT’s products immensely.
- In September 2020, Denso announced the development of new electric power steering motor control unit for improved vehicle handling, safety, first feature in the tata harrier released in June 2020.
- In October 2020, BorgWarner announced its acquisition of Delphi Technologies, the combination of which is expected to strengthen BorgWarner’s electronics and power electronics capabilities and scale and enable it to become a prominent player in global business.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Passenger Car
5.1.2 Commercial Vehicle
5.2 By Power Steering Type
5.2.1 Electric Power Hydraulic Steering (EPHS)
5.2.2 Electric Power Steering (EPS)
5.3 By Product Type
5.3.1 By Rack assist type (REPS)
5.3.2 Colum assist type (CEPS)
5.3.3 Pinion assist type (PEPS)
5.4 By Demand Category
5.5 By Geography
5.5.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.5.4 Rest of the World
126.96.36.199 United Arab Emirates
188.8.131.52 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 JTEKT Corporation
6.2.2 Nexteer Automotive
6.2.3 ZF Friedrichshafen AG
6.2.4 Robert Bosch GmbH
6.2.5 NSK Ltd
6.2.6 Showa Corporation (Hitachi Astemo)
6.2.7 Thyssenkrupp AG
6.2.8 Delphi Automotive (Borgwarner Inc.)
6.2.9 Hyundai Mobis Co. Ltd
6.2.10 Mando Corp.
6.2.11 DY Auto
6.2.12 Denso Corporation
6.2.13 Mitsubishi Electric
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Automotive Power Steering Motor Market market is studied from 2018 - 2026.
What is the growth rate of Automotive Power Steering Motor Market ?
The Automotive Power Steering Motor Market is growing at a CAGR of 5.98% over the next 5 years.
What is Automotive Power Steering Motor Market size in 2018?
The Automotive Power Steering Motor Market is valued at 11.65 Billion USD in 2018.
What is Automotive Power Steering Motor Market size in 2026?
The Automotive Power Steering Motor Market is valued at 16.55 Billion USD in 2026.
Which region has highest growth rate in Automotive Power Steering Motor Market ?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Automotive Power Steering Motor Market ?
Asia Pacific holds highest share in 2020.
Who are the key players in Automotive Power Steering Motor Market ?
Denso Corporation, Mitsubishi Electric, Mitsuba Corporation, Showa Corporation, JTEKT Corporation are the major companies operating in Automotive Power Steering Motor Market .