Automotive Steering Motor Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

The automotive steering motor market share is expected to increase by USD 524.32 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.08%.

This automotive steering motor market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive steering motor market segmentation by application (passenger car and commercial vehicle) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The automotive steering motor market report also offers information on several market vendors, including Allied Motion Technologies Inc., AMK Holding GmbH and Co. KG, BorgWarner Inc., Brose Fahrzeugteile SE and Co. KG, DENSO Corp., Hitachi Ltd., Hyundai Motor Group, Johnson Electric Holdings Ltd., LG Innotek, MAHLE GmbH, Mando Corp., Melrose Industries Plc, Mitsuba Corp., Nexteer Automotive Group Ltd., Nidec Corp., NSK Ltd., Robert Bosch GmbH, thyssenkrupp AG, Toyota Motor Corp., and ZF Friedrichshafen AG among others.

What will the Automotive Steering Motor Market Size be During the Forecast Period?

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Automotive Steering Motor Market: Key Drivers, Trends, and Challenges

The key developments is notably driving the automotive steering motor market growth, although factors such as increasing cost pressure from demand-side may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive steering motor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Steering Motor Market Driver

One of the key factors driving growth in the automotive steering motor market is the key developments. Manufacturers in the global automotive steering motor market are strongly focused on increasing investments in R and D activities to design and develop new and innovative automotive steering motors. For instance, In October 2021, Nexteer announced MCEPS, a modular motor that assists electric power steering systems. This system offers cost-effectiveness to OEMs and flexibility to meet a wide range of OEM requirements. In January 2021, Nissan's new Rogue was 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 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. Thus, such factors will drive the growth of the global automotive steering motor market.

Key Automotive Steering Motor Market Trend

The continuous advances in automotive steering technology is a major automotive steering motor market trend that is expected to have a positive impact during the forecast period. The rise in environmental concerns has encouraged many countries to reduce emission levels. One of the policy responses includes higher investments in research and development (R and D) to improve engine efficiency and reduce vehicle emission levels. Therefore, automotive steering system manufacturers are making changes in design and technology to improve performance and ensure compliance with the latest emission norms. The rising use of electronics in vehicles has encouraged automobile manufacturers to invest in integrating electronics and safety systems with automotive steering systems. These investments serve to improve the functionality of the overall safety systems in automobiles. The ongoing evolution of electronic steering systems enables auto manufacturers to improve the comfort, efficiency, handling, and safety of a vehicle.

Key Automotive Steering Motor Market Challenge

The increasing cost pressure from demand-side will be a major challenge for the automotive steering motor market during the forecast period. In the current automotive industry scenario, automotive component manufacturers are facing challenges in terms of quality requirements and cost pressure from the demand side. Hence, there is a high need for the stakeholders to devise growth strategies to remain profitable in the market. Intense market competition among OEMs and surging consumer demand also compel OEMs to operate within strict cost parameters to remain profitable. They are forced to offer features at restricted prices. This compels them to push cost pressures across the value chain, especially for electronic components. In terms of steering systems, especially EPS, players are under high pressure to maintain costs and deliver high-quality components. Automotive OEMs are exploring different means to control production costs and maintain quality standards. One such option is to outsource manufacturing to low-cost countries, such as China, South Korea, and Taiwan. However, as the cost of labor is rising in these countries, maintaining low production costs may become a challenge in the forecast period.

This automotive steering motor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global automotive steering motor market as a part of the global auto parts and equipment market within the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive steering motor market during the forecast period.

Who are the Major Automotive Steering Motor Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Allied Motion Technologies Inc.
• AMK Holding GmbH and Co. KG
• BorgWarner Inc.
• Brose Fahrzeugteile SE and Co. KG
• DENSO Corp.
• Hitachi Ltd.
• Hyundai Motor Group
• Johnson Electric Holdings Ltd.
• LG Innotek
• MAHLE GmbH
• Mando Corp.
• Melrose Industries Plc
• Mitsuba Corp.
• Nexteer Automotive Group Ltd.
• Nidec Corp.
• NSK Ltd.
• Robert Bosch GmbH
• thyssenkrupp AG
• Toyota Motor Corp.
• ZF Friedrichshafen AG

 

This statistical study of the automotive steering motor market encompasses successful business strategies deployed by the key vendors. The automotive steering motor market is fragmented and the vendors are deploying growth strategies such as focusing on acquiring other small brands to increase their market presence to compete in the market.

Product Insights and News

• AMK Holding GmbH and Co. KG - The company offers automotive steering motor with highly-integrated, automatically producible, permanently-excited synchronous machines.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The automotive steering motor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Automotive Steering Motor Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the automotive steering motor market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Automotive Steering Motor Market?

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64% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for automotive steering motor in APAC. Market growth in this region will be faster than the growth of the market in other regions.

With the rapid economic growth in the region, the per-capita income improved drastically between 2018 and 2019, which increased the purchasing power of consumers and led to higher automobile sales. will facilitate the automotive steering motor market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic had a drastic impact on the regional automotive steering motor market in APAC during the first half of 2020. Wuhan, the city where the outbreak of COVID-19 originated, is one of China's major automotive production (parts and cars) sites. Most countries in APAC, such as Japan, China, and India, registered double-digit declines in automobile sales. In addition, the region's market recovery is now offset by the reopening of production facilities in the automotive industry. Thus, the demand for automotive steering motors is rising, which is foreseen to continue during the forecast period.

What are the Revenue-generating Application Segments in the Automotive Steering Motor Market?

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The automotive steering motor market share growth by the passenger cars segment will be significant during the forecast period. Asia is expected to become a key market for passenger car sales with a strong middle-class population stimulated by economic growth. The demand for passenger vehicles has increased in emerging countries, such as China, Brazil, and India, led by economic growth and increasing purchasing power of consumers. The growth of these emerging markets has been vigorously driven by ongoing industrialization and global trade activities in these regions. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive steering motor market size and actionable market insights on post COVID-19 impact on each segment.

 

Automotive Steering Motor Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 5.08%
Market growth 2022-2026	$ 524.32 million
Market structure	Fragmented
YoY growth (%)	4.93
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 64%
Key consumer countries	US, China, Japan, India, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Allied Motion Technologies Inc., AMK Holding GmbH and Co. KG, BorgWarner Inc., Brose Fahrzeugteile SE and Co. KG, DENSO Corp., Hitachi Ltd., Hyundai Motor Group, Johnson Electric Holdings Ltd., LG Innotek, MAHLE GmbH, Mando Corp., Melrose Industries Plc, Mitsuba Corp., Nexteer Automotive Group Ltd., Nidec Corp., NSK Ltd., Robert Bosch GmbH, thyssenkrupp AG, Toyota Motor Corp., and ZF Friedrichshafen AG
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Automotive Steering Motor Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive automotive steering motor market growth during the next five years
• Precise estimation of the automotive steering motor market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the automotive steering motor industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of automotive steering motor market vendors

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