Automotive Power Steering Motor Market Size 2025-2029
The automotive power steering motor market size is forecast to increase by USD 668.2 million, at a CAGR of 6.5% between 2024 and 2029.
The global automotive power steering motor market is expanding, driven by rising vehicle demand in emerging economies. Continuous advances in automotive steering technology, particularly the shift toward electric power steering, are improving vehicle efficiency and enabling new functionalities. The automotive steering motor market is seeing innovation in designs that support advanced driver-assistance systems. These systems rely on precise motor control for features like lane-keeping assist. The integration of electronics and safety systems is a key focus for manufacturers, enhancing the overall functionality and safety of modern automobiles. However, balancing the design complications with functional safety requirements presents a significant challenge for optimal operation, impacting the development of next-generation steering solutions.Technological evolution in the commercial vehicle steering system and heavy-duty trucks steering system is a notable trend, with a move toward more efficient and reliable electronic solutions. The development of the automotive rack and pinion steering system continues to refine vehicle handling and responsiveness. As systems become more complex, integrating components like the automotive steering torque sensor and ensuring fail-safe operation becomes critical. The increasing use of electronics in vehicles encourages investment in systems that improve both safety and driver comfort, such as the automotive heated steering wheel, but adds to the intricacy of the overall vehicle architecture, requiring careful management of functional safety.
What will be the Size of the Automotive Power Steering Motor Market during the forecast period?
Explore in-depth regional segment analysis with market size data - historical 2019 - 2023 and forecasts 2025-2029 - in the full report.
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The evolution of the automotive power steering motor is closely linked to the development of electromechanical steering systems and advanced power steering motor design. Innovations are driven by the need for fail-safe steering operation and precise steering feedback control, especially with the integration of advanced driver assistance systems. Components like the automotive steering torque sensor are becoming more sophisticated to support features in the commercial vehicle steering system. This ongoing refinement in motor technology and control algorithms is essential for meeting future demands for vehicle automation and efficiency.The market is also witnessing a convergence of technologies, where the automotive power steering motor is a key enabler for vehicle stability control and integrated chassis control. The development of steer-by-wire technology and the automotive rack and pinion steering system architecture is redefining vehicle dynamics and driver interaction. This progression requires robust vehicle network communication protocols and cybersecurity measures to ensure system integrity. The continuous enhancement of these systems is a focal point for manufacturers aiming to deliver safer and more responsive driving experiences across various vehicle platforms.
How is this Automotive Power Steering Motor Industry segmented?
The automotive power steering motor industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019 - 2023 for the following segments.
- Application
- Type
- Electric power steering (EPS)
- Electro-hydraulic power steering (EHPS)
- Product type
- Geography
- APAC
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Europe
- Germany
- UK
- France
- Italy
- The Netherlands
- Spain
- North America
- South America
- Middle East and Africa
- Rest of World (ROW)
By Application Insights
The pc segment is estimated to witness significant growth during the forecast period.
The passenger car (PC) segment is a primary area of activity, influenced by the rising consumer adoption of SUVs and electric vehicles (EVS). The universal application of electric power steering (EPS) in these vehicles, driven by efficiency needs and the integration of advanced driver-assistance systems, sustains demand. The focus on enhancing in-vehicle comfort and safety continues to shape development, with innovations in brushless dc motors and steering torque sensors enabling more responsive and reliable performance in modern passenger vehicles.
Passenger cars account for a substantial portion of the market, representing nearly 89% of the total volume. This dominance is reinforced by the near-universal adoption of EPS in new models, replacing older hydraulic systems. The growth within this segment is highly dependent on the sales of vehicles equipped with advanced electronic features. As automakers incorporate more sophisticated vehicle stability control and driver-assist functions, the demand for high-performance power steering motors and advanced actuator control logic continues to strengthen its market position.
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The PC segment was valued at USD 1.4 billion in 2019 and showed a gradual increase during the forecast period.
Regional Analysis
APAC is estimated to contribute 70.1% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The APAC region stands as the principal market, driven by high vehicle sales and the presence of major automotive manufacturing hubs. The growth in APAC is fueled by rising disposable incomes and a strong governmental push toward electric vehicles, which inherently rely on electric power steering systems. This creates a significant demand for advanced steering components. The region's focus on technological adoption, including innovations in steer-by-wire technology and redundant sensor architecture, further cements its leadership position.
Accounting for over 70% of the global market opportunity, APAC's influence is substantial. The increasing production of passenger cars and light commercial vehicles, coupled with a shift toward developing more sophisticated electric power steering (EPS) for these segments, underpins the region's trajectory. Key automotive manufacturers in APAC are major buyers of advanced steering systems, driving continuous innovation in components like high-torque brushless motors and advanced electronic control units to meet both domestic and international demand.
Market Dynamics
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The global automotive power steering motor market is witnessing significant growth, driven by ongoing automotive steering system advancements and the widespread electromechanical steering system development. The push for EPS technology for fuel efficiency is compelling OEMs to adopt solutions featuring advanced power steering motor design. Key innovations include the increasing use of brushless DC motors for EPS systems, which offer superior performance and durability. Manufacturers are focusing on both the electric motor for column assist systems and modular rack-assist power steering to cater to diverse vehicle segments. The demand for compact motor units for power steering and lightweight electric power steering units is rising, as is the expansion of electric power steering for commercial vehicles and the evolution of mechatronic components in vehicle steering.As vehicles evolve, the focus is shifting towards more sophisticated electronic systems in steering applications. The integration of ADAS with steering motors is a critical trend, necessitating high-precision electric motor control and robust sensor fusion for steering control. This convergence is pushing the industry towards a complex steer-by-wire system architecture, where functional safety in steering systems is paramount. The increasing software complexity in steering ECUs presents challenges and opportunities, while technologies like dual actuator rear wheel steering enhance vehicle dynamics. This evolution is happening within the context of a shift towards centralized electronic vehicle architectures, reshaping the design and integration of steering systems.
What are the key market drivers leading to the rise in the adoption of Automotive Power Steering Motor Industry?
- The increasing demand for automobiles in emerging countries within APAC is a primary driver for market growth.
Rising automobile demand in developing economies is a significant factor shaping the market. This growth is linked to elevated consumer purchasing power and substantial economic expansion. With over 70% of geographic growth opportunities concentrated in these areas, the momentum is substantial. The increasing penetration of the automotive industry, coupled with advancements in steering systems, creates a strong pull for components like electric power steering motors. Consumers are shifting from traditional vehicles to modern cars equipped with electric power steering (EPS) for better fuel efficiency and advanced safety features, reinforcing the need for sophisticated actuator control logic and torque sensor integration.Continuous vehicle launches featuring advanced steering systems further stimulate demand. The introduction of new models with features like steer-by-wire technology and enhanced driver assistance systems highlights the industry's direction. These innovations augment the application of automotive power steering, necessitating more advanced brushless dc motors and precise steering torque sensors. The development of hands-free driving systems, which depend on fail-safe steering operation and redundant sensor architecture, directly increases the need for high-performance automotive power steering motors. This evolution in vehicle technology ensures sustained demand for advanced steering components.
What are the market trends shaping the Automotive Power Steering Motor Industry?
- The market is characterized by ongoing technological advancements in automotive steering systems.
Continuous advances in automotive steering technology are reshaping the market, focusing on the design and integration of safety features. The rising use of electronics encourages investment in integrating systems to improve the functionality of the overall vehicle. With the penetration of eps in new passenger cars reaching almost 100%, the industry is standardizing on electromechanical steering systems for their efficiency and handling benefits. Innovations in the automotive steer-by-wire system and automotive steering gearbox market are enabling improved comfort and vehicle dynamics. These developments in vehicle stability control and integrated chassis control will positively impact the market by enhancing the driving experience across all vehicle types.The increasing penetration of steer-by-wire technology is a major trend, eliminating the physical link between the steering wheel and the road. This technology, which relies on a robust automotive steering motor market, allows for greater flexibility in vehicle interior design and seamless integration with advanced driver-assistance systems. This shift requires extremely reliable and high-performance steering actuator latency and closed-loop torque control. The move toward this technology underscores the evolution of the electric power steering motor from a simple assist provider to a critical component in advanced vehicle control, supporting the path toward higher levels of automation.
What challenges does the Automotive Power Steering Motor Industry face during its growth?
- A significant challenge for the market is managing the design complexity of steering systems while ensuring they meet functional safety requirements for reliable operation.
The growing complexity of electronic systems and their installation presents a considerable challenge. Modern power steering systems incorporate numerous sensors, motors, and control units, leading to intricate designs. This is compounded by the industry's shift toward centralized and zonal ecu architecture, which increases software complexity and the processing demands on central controllers. Installation restrictions and the need to place control units away from electrical noise sources add further complications. With an annual market growth rate exceeding 6%, managing this complexity without compromising reliability is a primary concern for manufacturers, as it could negatively affect development timelines and costs.Instability in the automotive industry poses a significant risk. The market for power steering motors is directly tied to vehicle production and sales. Fluctuations in demand, driven by factors like rising ownership costs and the growth of shared mobility, can impact component sales. Furthermore, the need for manufacturers to increase R&D spending to comply with evolving regulatory norms can lead to higher vehicle prices, potentially dampening consumer demand. This volatility in vehicle sales creates uncertainty for component suppliers, challenging their production planning and investment strategies, and can hamper the consistent growth of the market for components like brushless dc motors and steering torque sensors.
Exclusive Customer Landscape
The automotive power steering motor market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the automotive power steering motor market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, automotive power steering motor market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Allied Motion Technologies Inc. - The company provides automotive power steering motors, including compact, high-torque brushless motors designed for integration into modern steering systems, catering to both OEM and end-user applications.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Allied Motion Technologies Inc.
- BorgWarner Inc.
- Brose Fahrzeugteile SE and Co. KG
- DENSO Corp.
- General Motors Co.
- Hitachi Astemo Americas Inc.
- HL Mando Co. Ltd.
- Johnson Electric Holdings Ltd.
- JTEKT Corp.
- Lucas TVS LTD.
- Mitsubishi Electric Corp.
- Nexteer Automotive Corp.
- Nidec Corp.
- NSK Ltd.
- Robert Bosch Stiftung GmbH
- thyssenkrupp AG
- ZF Friedrichshafen AG
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Recent Development and News in Automotive Power Steering Motor Market
In January 2024, Nexteer Automotive Corp. announced the development of a new production facility in Morocco, which will manufacture electric power steering (EPS) systems to support the growing demand from its regional customers.In February 2024, JTEKT Corp. revealed it had expanded its electric power steering production capacity in India by over 35% to cater to the increasing demand from local and global automakers in the region.In early 2024, Honda Motor Co. Ltd. unveiled its '0 Series' electric vehicle concepts, which are slated to feature advanced steer-by-wire technology, signaling a key direction for future steering system applications.
Research Analyst Overview
The global automotive power steering motor market is characterized by the ongoing transition from legacy electro-hydraulic power steering to more efficient electromechanical steering system designs. This evolution favors the adoption of the electric power steering motor, particularly the high-torque brushless motor, due to its compact motor design and precise control capabilities. System architectures are continuously adapting, with various configurations like column-assist eps, single-pinion eps, dual-pinion eps, and rack-drive eps being implemented by OEMs to meet specific vehicle platform requirements. The electronic control unit is central to this shift, managing power steering assist level and integrating with broader vehicle dynamics management systems. This integration is crucial for the functionality of advanced driver assistance systems and vehicle stability control, linking the steering system's behavior with inputs from the powertrain control module.The increasing complexity of automotive mechatronics is reshaping the operational context of power steering motor control and steering feedback control. Effective torque sensor integration with the steering torque sensor and steering angle sensor is fundamental for actuator control logic. Data from a yaw rate sensor and lateral acceleration sensor further refines system responsiveness. To ensure fail-safe steering operation, a redundant sensor architecture is becoming standard, aligning with stringent functional safety standards such as ISO 26262 compliance. The industry anticipates that enhancements in these systems could contribute to a 15% improvement in overall vehicle safety metrics. Communication protocols are also evolving, with the CAN bus interface being supplemented by the flexray communication protocol to handle higher data rates required for steer-by-wire technology and emerging zonal ECU architecture, which moves logic from a dedicated steering column control module to a centralized vehicle computer.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Automotive Power Steering Motor Market insights. See full methodology.
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Market Scope
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Report Coverage
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Details
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Page number
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296
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Base year
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2024
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Historic period
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2019 - 2023 |
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Forecast period
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2025-2029
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Growth momentum & CAGR
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Accelerating at a CAGR of 6.5%
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Market growth 2024-2029
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USD 668.2 million
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Market structure
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Fragmented
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YoY growth 2024-2029(%)
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6.1%
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Key countries
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China, Japan, India, South Korea, Australia, Indonesia, Germany, UK, France, Italy, The Netherlands, Spain, US, Canada, Mexico, Brazil, Argentina, Colombia, Saudi Arabia, UAE, South Africa, Israel, Turkey
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Competitive landscape
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Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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What are the Key Data Covered in this Automotive Power Steering Motor Market Research and Growth Report?
- CAGR of the Automotive Power Steering Motor industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2024 and 2029
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across APAC, Europe, North America, South America, Middle East and Africa
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the automotive power steering motor market growth of industry companies
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1 Executive Summary
- 1 Executive Summary
- 1.1 Market overview
- Executive Summary - Chart on Market Overview
- Executive Summary - Data Table on Market Overview
- Executive Summary - Chart on Global Market Characteristics
- Executive Summary - Chart on Market by Geography
- Executive Summary - Chart on Market Segmentation by Application
- Executive Summary - Chart on Market Segmentation by Type
- Executive Summary - Chart on Market Segmentation by Product Type
- Executive Summary - Chart on Incremental Growth
- Executive Summary - Data Table on Incremental Growth
- Executive Summary - Chart on Company Market Positioning
2 Technavio Analysis
- 2 Technavio Analysis
- 2.1 Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
- Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
- 2.2 Criticality of inputs and Factors of differentiation
- Chart on Overview on criticality of inputs and factors of differentiation
- 2.3 Factors of disruption
- Chart on Overview on factors of disruption
- 2.4 Impact of drivers and challenges
- Chart on Impact of drivers and challenges in 2024 and 2029
3 Market Landscape
- 3 Market Landscape
- 3.1 Market ecosystem
- Chart on Parent Market
- Data Table on - Parent Market
- 3.2 Market characteristics
- Chart on Market characteristics analysis
- 3.3 Value chain analysis
- Chart on Value chain analysis
4 Market Sizing
- 4 Market Sizing
- 4.1 Market definition
- Data Table on Offerings of companies included in the market definition
- 4.2 Market segment analysis
- 4.3 Market size 2024
- 4.4 Market outlook: Forecast for 2024-2029
- Chart on Global - Market size and forecast 2024-2029 ($ billion)
- Data Table on Global - Market size and forecast 2024-2029 ($ billion)
- Chart on Global Market: Year-over-year growth 2024-2029 (%)
- Data Table on Global Market: Year-over-year growth 2024-2029 (%)
5 Historic Market Size
- 5 Historic Market Size
- 5.1 Global Automotive Power Steering Motor Market 2019 - 2023
- Historic Market Size - Data Table on Global Automotive Power Steering Motor Market 2019 - 2023 ($ billion)
- 5.2 Application segment analysis 2019 - 2023
- Historic Market Size - Application Segment 2019 - 2023 ($ billion)
- 5.3 Type segment analysis 2019 - 2023
- Historic Market Size - Type Segment 2019 - 2023 ($ billion)
- 5.4 Product Type segment analysis 2019 - 2023
- Historic Market Size - Product Type Segment 2019 - 2023 ($ billion)
- 5.5 Geography segment analysis 2019 - 2023
- Historic Market Size - Geography Segment 2019 - 2023 ($ billion)
- 5.6 Country segment analysis 2019 - 2023
- Historic Market Size - Country Segment 2019 - 2023 ($ billion)
6 Qualitative Analysis
- 6 Qualitative Analysis
- 6.1 Impact of AI on the global automotive power steering motor market
7 Five Forces Analysis
- 7 Five Forces Analysis
- 7.1 Five forces summary
- Five forces analysis - Comparison between 2024 and 2029
- 7.2 Bargaining power of buyers
- Bargaining power of buyers - Impact of key factors 2024 and 2029
- 7.3 Bargaining power of suppliers
- Bargaining power of suppliers - Impact of key factors in 2024 and 2029
- 7.4 Threat of new entrants
- Threat of new entrants - Impact of key factors in 2024 and 2029
- 7.5 Threat of substitutes
- Threat of substitutes - Impact of key factors in 2024 and 2029
- 7.6 Threat of rivalry
- Threat of rivalry - Impact of key factors in 2024 and 2029
- 7.7 Market condition
- Chart on Market condition - Five forces 2024 and 2029
8 Market Segmentation by Application
- 8 Market Segmentation by Application
- 8.1 Market segments
- Chart on Application - Market share 2024-2029 (%)
- Data Table on Application - Market share 2024-2029 (%)
- 8.2 Comparison by Application
- Chart on Comparison by Application
- Data Table on Comparison by Application
- 8.3 PC - Market size and forecast 2024-2029
- Chart on PC - Market size and forecast 2024-2029 ($ billion)
- Data Table on PC - Market size and forecast 2024-2029 ($ billion)
- Chart on PC - Year-over-year growth 2024-2029 (%)
- Data Table on PC - Year-over-year growth 2024-2029 (%)
- 8.4 CV - Market size and forecast 2024-2029
- Chart on CV - Market size and forecast 2024-2029 ($ billion)
- Data Table on CV - Market size and forecast 2024-2029 ($ billion)
- Chart on CV - Year-over-year growth 2024-2029 (%)
- Data Table on CV - Year-over-year growth 2024-2029 (%)
- 8.5 Market opportunity by Application
- Market opportunity by Application ($ billion)
- Data Table on Market opportunity by Application ($ billion)
9 Market Segmentation by Type
- 9 Market Segmentation by Type
- 9.1 Market segments
- Chart on Type - Market share 2024-2029 (%)
- Data Table on Type - Market share 2024-2029 (%)
- 9.2 Comparison by Type
- Chart on Comparison by Type
- Data Table on Comparison by Type
- 9.3 Electric power steering (EPS) - Market size and forecast 2024-2029
- Chart on Electric power steering (EPS) - Market size and forecast 2024-2029 ($ billion)
- Data Table on Electric power steering (EPS) - Market size and forecast 2024-2029 ($ billion)
- Chart on Electric power steering (EPS) - Year-over-year growth 2024-2029 (%)
- Data Table on Electric power steering (EPS) - Year-over-year growth 2024-2029 (%)
- 9.4 Electro-hydraulic power steering (EHPS) - Market size and forecast 2024-2029
- Chart on Electro-hydraulic power steering (EHPS) - Market size and forecast 2024-2029 ($ billion)
- Data Table on Electro-hydraulic power steering (EHPS) - Market size and forecast 2024-2029 ($ billion)
- Chart on Electro-hydraulic power steering (EHPS) - Year-over-year growth 2024-2029 (%)
- Data Table on Electro-hydraulic power steering (EHPS) - Year-over-year growth 2024-2029 (%)
- 9.5 Market opportunity by Type
- Market opportunity by Type ($ billion)
- Data Table on Market opportunity by Type ($ billion)
10 Market Segmentation by Product Type
- 10 Market Segmentation by Product Type
- 10.1 Market segments
- Chart on Product Type - Market share 2024-2029 (%)
- Data Table on Product Type - Market share 2024-2029 (%)
- 10.2 Comparison by Product Type
- Chart on Comparison by Product Type
- Data Table on Comparison by Product Type
- 10.3 12V - Market size and forecast 2024-2029
- Chart on 12V - Market size and forecast 2024-2029 ($ billion)
- Data Table on 12V - Market size and forecast 2024-2029 ($ billion)
- Chart on 12V - Year-over-year growth 2024-2029 (%)
- Data Table on 12V - Year-over-year growth 2024-2029 (%)
- 10.4 48V - Market size and forecast 2024-2029
- Chart on 48V - Market size and forecast 2024-2029 ($ billion)
- Data Table on 48V - Market size and forecast 2024-2029 ($ billion)
- Chart on 48V - Year-over-year growth 2024-2029 (%)
- Data Table on 48V - Year-over-year growth 2024-2029 (%)
- 10.5 24V - Market size and forecast 2024-2029
- Chart on 24V - Market size and forecast 2024-2029 ($ billion)
- Data Table on 24V - Market size and forecast 2024-2029 ($ billion)
- Chart on 24V - Year-over-year growth 2024-2029 (%)
- Data Table on 24V - Year-over-year growth 2024-2029 (%)
- 10.6 Market opportunity by Product Type
- Market opportunity by Product Type ($ billion)
- Data Table on Market opportunity by Product Type ($ billion)
11 Customer Landscape
- 11 Customer Landscape
- 11.1 Customer landscape overview
- Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
12 Geographic Landscape
- 12 Geographic Landscape
- 12.1 Geographic segmentation
- Chart on Market share by geography 2024-2029 (%)
- Data Table on Market share by geography 2024-2029 (%)
- 12.2 Geographic comparison
- Chart on Geographic comparison
- Data Table on Geographic comparison
- 12.3 APAC - Market size and forecast 2024-2029
- Chart on APAC - Market size and forecast 2024-2029 ($ billion)
- Data Table on APAC - Market size and forecast 2024-2029 ($ billion)
- Chart on APAC - Year-over-year growth 2024-2029 (%)
- Data Table on APAC - Year-over-year growth 2024-2029 (%)
- Chart on Regional Comparison - APAC
- Data Table on Regional Comparison - APAC
- 12.3.1 China - Market size and forecast 2024-2029
- Chart on China - Market size and forecast 2024-2029 ($ billion)
- Data Table on China - Market size and forecast 2024-2029 ($ billion)
- Chart on China - Year-over-year growth 2024-2029 (%)
- Data Table on China - Year-over-year growth 2024-2029 (%)
- 12.3.2 Japan - Market size and forecast 2024-2029
- Chart on Japan - Market size and forecast 2024-2029 ($ billion)
- Data Table on Japan - Market size and forecast 2024-2029 ($ billion)
- Chart on Japan - Year-over-year growth 2024-2029 (%)
- Data Table on Japan - Year-over-year growth 2024-2029 (%)
- 12.3.3 India - Market size and forecast 2024-2029
- Chart on India - Market size and forecast 2024-2029 ($ billion)
- Data Table on India - Market size and forecast 2024-2029 ($ billion)
- Chart on India - Year-over-year growth 2024-2029 (%)
- Data Table on India - Year-over-year growth 2024-2029 (%)
- 12.3.4 South Korea - Market size and forecast 2024-2029
- Chart on South Korea - Market size and forecast 2024-2029 ($ billion)
- Data Table on South Korea - Market size and forecast 2024-2029 ($ billion)
- Chart on South Korea - Year-over-year growth 2024-2029 (%)
- Data Table on South Korea - Year-over-year growth 2024-2029 (%)
- 12.3.5 Australia - Market size and forecast 2024-2029
- Chart on Australia - Market size and forecast 2024-2029 ($ billion)
- Data Table on Australia - Market size and forecast 2024-2029 ($ billion)
- Chart on Australia - Year-over-year growth 2024-2029 (%)
- Data Table on Australia - Year-over-year growth 2024-2029 (%)
- 12.3.6 Indonesia - Market size and forecast 2024-2029
- Chart on Indonesia - Market size and forecast 2024-2029 ($ billion)
- Data Table on Indonesia - Market size and forecast 2024-2029 ($ billion)
- Chart on Indonesia - Year-over-year growth 2024-2029 (%)
- Data Table on Indonesia - Year-over-year growth 2024-2029 (%)
- 12.4 Europe - Market size and forecast 2024-2029
- Chart on Europe - Market size and forecast 2024-2029 ($ billion)
- Data Table on Europe - Market size and forecast 2024-2029 ($ billion)
- Chart on Europe - Year-over-year growth 2024-2029 (%)
- Data Table on Europe - Year-over-year growth 2024-2029 (%)
- Chart on Regional Comparison - Europe
- Data Table on Regional Comparison - Europe
- 12.4.1 Germany - Market size and forecast 2024-2029
- Chart on Germany - Market size and forecast 2024-2029 ($ billion)
- Data Table on Germany - Market size and forecast 2024-2029 ($ billion)
- Chart on Germany - Year-over-year growth 2024-2029 (%)
- Data Table on Germany - Year-over-year growth 2024-2029 (%)
- 12.4.2 UK - Market size and forecast 2024-2029
- Chart on UK - Market size and forecast 2024-2029 ($ billion)
- Data Table on UK - Market size and forecast 2024-2029 ($ billion)
- Chart on UK - Year-over-year growth 2024-2029 (%)
- Data Table on UK - Year-over-year growth 2024-2029 (%)
- 12.4.3 France - Market size and forecast 2024-2029
- Chart on France - Market size and forecast 2024-2029 ($ billion)
- Data Table on France - Market size and forecast 2024-2029 ($ billion)
- Chart on France - Year-over-year growth 2024-2029 (%)
- Data Table on France - Year-over-year growth 2024-2029 (%)
- 12.4.4 Italy - Market size and forecast 2024-2029
- Chart on Italy - Market size and forecast 2024-2029 ($ billion)
- Data Table on Italy - Market size and forecast 2024-2029 ($ billion)
- Chart on Italy - Year-over-year growth 2024-2029 (%)
- Data Table on Italy - Year-over-year growth 2024-2029 (%)
- 12.4.5 The Netherlands - Market size and forecast 2024-2029
- Chart on The Netherlands - Market size and forecast 2024-2029 ($ billion)
- Data Table on The Netherlands - Market size and forecast 2024-2029 ($ billion)
- Chart on The Netherlands - Year-over-year growth 2024-2029 (%)
- Data Table on The Netherlands - Year-over-year growth 2024-2029 (%)
- 12.4.6 Spain - Market size and forecast 2024-2029
- Chart on Spain - Market size and forecast 2024-2029 ($ billion)
- Data Table on Spain - Market size and forecast 2024-2029 ($ billion)
- Chart on Spain - Year-over-year growth 2024-2029 (%)
- Data Table on Spain - Year-over-year growth 2024-2029 (%)
- 12.5 North America - Market size and forecast 2024-2029
- Chart on North America - Market size and forecast 2024-2029 ($ billion)
- Data Table on North America - Market size and forecast 2024-2029 ($ billion)
- Chart on North America - Year-over-year growth 2024-2029 (%)
- Data Table on North America - Year-over-year growth 2024-2029 (%)
- Chart on Regional Comparison - North America
- Data Table on Regional Comparison - North America
- 12.5.1 US - Market size and forecast 2024-2029
- Chart on US - Market size and forecast 2024-2029 ($ billion)
- Data Table on US - Market size and forecast 2024-2029 ($ billion)
- Chart on US - Year-over-year growth 2024-2029 (%)
- Data Table on US - Year-over-year growth 2024-2029 (%)
- 12.5.2 Canada - Market size and forecast 2024-2029
- Chart on Canada - Market size and forecast 2024-2029 ($ billion)
- Data Table on Canada - Market size and forecast 2024-2029 ($ billion)
- Chart on Canada - Year-over-year growth 2024-2029 (%)
- Data Table on Canada - Year-over-year growth 2024-2029 (%)
- 12.5.3 Mexico - Market size and forecast 2024-2029
- Chart on Mexico - Market size and forecast 2024-2029 ($ billion)
- Data Table on Mexico - Market size and forecast 2024-2029 ($ billion)
- Chart on Mexico - Year-over-year growth 2024-2029 (%)
- Data Table on Mexico - Year-over-year growth 2024-2029 (%)
- 12.6 South America - Market size and forecast 2024-2029
- Chart on South America - Market size and forecast 2024-2029 ($ billion)
- Data Table on South America - Market size and forecast 2024-2029 ($ billion)
- Chart on South America - Year-over-year growth 2024-2029 (%)
- Data Table on South America - Year-over-year growth 2024-2029 (%)
- Chart on Regional Comparison - South America
- Data Table on Regional Comparison - South America
- 12.6.1 Brazil - Market size and forecast 2024-2029
- Chart on Brazil - Market size and forecast 2024-2029 ($ billion)
- Data Table on Brazil - Market size and forecast 2024-2029 ($ billion)
- Chart on Brazil - Year-over-year growth 2024-2029 (%)
- Data Table on Brazil - Year-over-year growth 2024-2029 (%)
- 12.6.2 Argentina - Market size and forecast 2024-2029
- Chart on Argentina - Market size and forecast 2024-2029 ($ billion)
- Data Table on Argentina - Market size and forecast 2024-2029 ($ billion)
- Chart on Argentina - Year-over-year growth 2024-2029 (%)
- Data Table on Argentina - Year-over-year growth 2024-2029 (%)
- 12.6.3 Colombia - Market size and forecast 2024-2029
- Chart on Colombia - Market size and forecast 2024-2029 ($ billion)
- Data Table on Colombia - Market size and forecast 2024-2029 ($ billion)
- Chart on Colombia - Year-over-year growth 2024-2029 (%)
- Data Table on Colombia - Year-over-year growth 2024-2029 (%)
- 12.7 Middle East and Africa - Market size and forecast 2024-2029
- Chart on Middle East and Africa - Market size and forecast 2024-2029 ($ billion)
- Data Table on Middle East and Africa - Market size and forecast 2024-2029 ($ billion)
- Chart on Middle East and Africa - Year-over-year growth 2024-2029 (%)
- Data Table on Middle East and Africa - Year-over-year growth 2024-2029 (%)
- Chart on Regional Comparison - Middle East and Africa
- Data Table on Regional Comparison - Middle East and Africa
- 12.7.1 Saudi Arabia - Market size and forecast 2024-2029
- Chart on Saudi Arabia - Market size and forecast 2024-2029 ($ billion)
- Data Table on Saudi Arabia - Market size and forecast 2024-2029 ($ billion)
- Chart on Saudi Arabia - Year-over-year growth 2024-2029 (%)
- Data Table on Saudi Arabia - Year-over-year growth 2024-2029 (%)
- 12.7.2 UAE - Market size and forecast 2024-2029
- Chart on UAE - Market size and forecast 2024-2029 ($ billion)
- Data Table on UAE - Market size and forecast 2024-2029 ($ billion)
- Chart on UAE - Year-over-year growth 2024-2029 (%)
- Data Table on UAE - Year-over-year growth 2024-2029 (%)
- 12.7.3 South Africa - Market size and forecast 2024-2029
- Chart on South Africa - Market size and forecast 2024-2029 ($ billion)
- Data Table on South Africa - Market size and forecast 2024-2029 ($ billion)
- Chart on South Africa - Year-over-year growth 2024-2029 (%)
- Data Table on South Africa - Year-over-year growth 2024-2029 (%)
- 12.7.4 Israel - Market size and forecast 2024-2029
- Chart on Israel - Market size and forecast 2024-2029 ($ billion)
- Data Table on Israel - Market size and forecast 2024-2029 ($ billion)
- Chart on Israel - Year-over-year growth 2024-2029 (%)
- Data Table on Israel - Year-over-year growth 2024-2029 (%)
- 12.7.5 Turkey - Market size and forecast 2024-2029
- Chart on Turkey - Market size and forecast 2024-2029 ($ billion)
- Data Table on Turkey - Market size and forecast 2024-2029 ($ billion)
- Chart on Turkey - Year-over-year growth 2024-2029 (%)
- Data Table on Turkey - Year-over-year growth 2024-2029 (%)
- 12.8 Market opportunity by geography
- Market opportunity by geography ($ billion)
- Data Tables on Market opportunity by geography ($ billion)
13 Drivers, Challenges, and Opportunity
- 13 Drivers, Challenges, and Opportunity
- 13.1 Market drivers
- Rise in demand from emerging APAC countries
- Developments in automotive power steering motor market
- Growing SUVs in automotive industry
- 13.2 Market challenges
- Balancing design complications with functional safety requirements for optimal operation
- Instability in automotive industry
- Increasing cost pressure from demand side
- 13.3 Impact of drivers and challenges
- Impact of drivers and challenges in 2024 and 2029
- 13.4 Market opportunities
- Continuous advances in automotive steering technology
- Increasing penetration of steer-by-wire technology
- Increase in merger and acquisition activities in market
14 Competitive Landscape
- 14 Competitive Landscape
- 14.1 Overview
- 14.2 Competitive Landscape
- Overview on criticality of inputs and factors of differentiation
- 14.3 Landscape disruption
- Overview on factors of disruption
- 14.4 Industry risks
- Impact of key risks on business
15 Competitive Analysis
- 15 Competitive Analysis
- 15.1 Companies profiled
- 15.2 Company ranking index
- 15.3 Market positioning of companies
- Matrix on companies position and classification
- 15.4 Allied Motion Technologies Inc.
- Allied Motion Technologies Inc. - Overview
- Allied Motion Technologies Inc. - Product / Service
- Allied Motion Technologies Inc. - Key offerings
- SWOT
- 15.5 BorgWarner Inc.
- BorgWarner Inc. - Overview
- BorgWarner Inc. - Business segments
- BorgWarner Inc. - Key news
- BorgWarner Inc. - Key offerings
- BorgWarner Inc. - Segment focus
- SWOT
- 15.6 Brose Fahrzeugteile SE and Co. KG
- Brose Fahrzeugteile SE and Co. KG - Overview
- Brose Fahrzeugteile SE and Co. KG - Product / Service
- Brose Fahrzeugteile SE and Co. KG - Key offerings
- SWOT
- 15.7 DENSO Corp.
- DENSO Corp. - Overview
- DENSO Corp. - Business segments
- DENSO Corp. - Key news
- DENSO Corp. - Key offerings
- DENSO Corp. - Segment focus
- SWOT
- 15.8 General Motors Co.
- General Motors Co. - Overview
- General Motors Co. - Business segments
- General Motors Co. - Key news
- General Motors Co. - Key offerings
- General Motors Co. - Segment focus
- SWOT
- 15.9 Hitachi Astemo Americas Inc.
- Hitachi Astemo Americas Inc. - Overview
- Hitachi Astemo Americas Inc. - Product / Service
- Hitachi Astemo Americas Inc. - Key offerings
- SWOT
- 15.10 HL Mando Co. Ltd.
- HL Mando Co. Ltd. - Overview
- HL Mando Co. Ltd. - Product / Service
- HL Mando Co. Ltd. - Key news
- HL Mando Co. Ltd. - Key offerings
- SWOT
- 15.11 Johnson Electric Holdings Ltd.
- Johnson Electric Holdings Ltd. - Overview
- Johnson Electric Holdings Ltd. - Business segments
- Johnson Electric Holdings Ltd. - Key news
- Johnson Electric Holdings Ltd. - Key offerings
- Johnson Electric Holdings Ltd. - Segment focus
- SWOT
- 15.12 JTEKT Corp.
- JTEKT Corp. - Overview
- JTEKT Corp. - Business segments
- JTEKT Corp. - Key news
- JTEKT Corp. - Key offerings
- JTEKT Corp. - Segment focus
- SWOT
- 15.13 Mitsubishi Electric Corp.
- Mitsubishi Electric Corp. - Overview
- Mitsubishi Electric Corp. - Business segments
- Mitsubishi Electric Corp. - Key offerings
- Mitsubishi Electric Corp. - Segment focus
- SWOT
- 15.14 Nexteer Automotive Corp.
- Nexteer Automotive Corp. - Overview
- Nexteer Automotive Corp. - Business segments
- Nexteer Automotive Corp. - Key offerings
- Nexteer Automotive Corp. - Segment focus
- SWOT
- 15.15 NSK Ltd.
- NSK Ltd. - Overview
- NSK Ltd. - Product / Service
- NSK Ltd. - Key news
- NSK Ltd. - Key offerings
- SWOT
- 15.16 Robert Bosch Stiftung GmbH
- Robert Bosch Stiftung GmbH - Overview
- Robert Bosch Stiftung GmbH - Product / Service
- Robert Bosch Stiftung GmbH - Key offerings
- SWOT
- 15.17 thyssenkrupp AG
- thyssenkrupp AG - Overview
- thyssenkrupp AG - Business segments
- thyssenkrupp AG - Key news
- thyssenkrupp AG - Key offerings
- thyssenkrupp AG - Segment focus
- SWOT
- 15.18 ZF Friedrichshafen AG
- ZF Friedrichshafen AG - Overview
- ZF Friedrichshafen AG - Business segments
- ZF Friedrichshafen AG - Key news
- ZF Friedrichshafen AG - Key offerings
- ZF Friedrichshafen AG - Segment focus
- SWOT
16 Appendix
- 16 Appendix
- 16.1 Scope of the report
- Market definition
- Objectives
- Notes and caveats
- 16.2 Inclusions and exclusions checklist
- Inclusions checklist
- Exclusions checklist
- 16.3 Currency conversion rates for US$
- Currency conversion rates for US$
- 16.4 Research methodology
- 16.5 Data procurement
- 16.6 Data validation
- 16.7 Validation techniques employed for market sizing
- Validation techniques employed for market sizing
- 16.8 Data synthesis
- 16.9 360 degree market analysis
- 360 degree market analysis
- 16.10 List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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