A steering motor, mounted on either the steering column or steering gear, applies torque to the steering column, thereby assisting the driver in turning the steering wheel. The steer by wire technology is gaining momentum at present. It eliminates the physical connection between the steering wheel and the wheels of a car by leveraging electrically controlled motors to change the direction of the wheels and provide feedback to the driver. The increased adoption of Electronic Power Steering (EPS) in modern vehicles is the key factor driving the growth of the automotive steering motors market. EPS systems provide several advantages for both drivers and cars; they reduce fuel consumption and lower carbon dioxide emissions
Increased Adoption of EPS in Modern Vehicles, increasing Penetration of Steer-by-Wire Technology are some of the major factors driving the market growth. The global automotive market is observing agile growth against a backdrop of steady demand for passenger and commercial vehicles. Developing countries such as India, China, and Brazil record the most significant demand for automotive and spare parts. In light of the rapid pace of developments taking place in the automotive sector in terms of technology, prominent players are focusing on the comfort and safety provided to the driver, where the vehicle power steering system plays a crucial role in modern-day vehicles. The average price of a power steering motor is pegged at USD 80–100. Based on the mechanism used in the vehicle, the power steering system has either an electronic motor or a hydraulic piston. These parts are expensive and add to the cost of the steering system. The high cost of steering motors adversely impacts the demand, particularly in price-sensitive markets, and hinder overall revenue generation. The global automotive industry is characterized by government policies, mergers, acquisitions, and relocation of production centers, especially in developing economies. The automotive industry is concerned with rising consumer demands for efficient parts, safety, and comfort. Changes in ownership, trade patterns, and government initiatives play a crucial role in the growth of the overall automotive parts market, which also includes steering motors. The International Trade Administration ranks the U.S. and Canada as the leading markets in the global export of automotive parts. The sales of U.S. automotive parts accounted for more than 75% of its global exports during 2014–2015 and is expected to significantly contribute to the automotive parts sales industry during the forecast period
On the basis of type, the global automotive steering motors market is classified into Electric Power Steering (EPS), and Electro-Hydraulic Power Steering (EHPS). Increasing environmental concerns in light of extreme climatic variations and the impending threat of global warming are adversely impacting the automotive sector, bringing about a shift to more fuel-efficient and environment-friendly alternatives. Engineers in the sector are thus compelled to developed technologies that match pace with this shift. Electric Power Steering, or EPS, is one such development. It consumes approx. one-twentieth the energy of conventional hydraulic power whenever the steering wheel is turned by the driver as the system does not consume any oil or pollute the environment. Moreover, the software built into the EPS controller facilitates enhanced performance and easy tuning. In terms of the type of automotive steering system, EPS accounts for the highest value share in Japan and European countries. EHPS is a revolutionary replacement to belt-driven power steering pump as it consumes only 25% of the total energy as compared to the conventional system. EHPS systems offer fuel savings of up to 0.3L/100km and carbon dioxide emission reductions of approximately 7g/km.
By application the global automotive steering motors market is categorized into Passenger Cars and Commercial Vehicles. The increasing production of passenger vehicles globally offers opportunities for the adoption of different types of automotive steerings, such as EPS (Electric Power Steering) and EHPS (Electro-Hydraulic Power Steering). According to SAE International, the future technology trends for commercial vehicle steering components can be classified under three aspects; environmental-friendly technologies, driving convenience technologies and driving safety technologies.
North America is expected to dominate the market growth due to a large number of vendors and its strong foothold in the automotive industry
The U.S. holds the largest market share in North America, largely attributable to its well-established automotive industry. Canada and Mexico are next in line in terms of value share. The automobile steering motor market has been experiencing marginal development in 2019, as automotive generation has moved forward in reaction to stronger demand from consumers, which a product of rising disposable income.
Europe has a large automotive sector marked by several key manufacturers. According to the European Automobile Manufacturers Association (ACEA), automobile manufacturers operate an approx. of 309 vehicle assembly and production plants across 27 countries in Europe. These manufacturers not only supply the domestic market but also are observed to be actively exporting automobiles across the globe. Europe’s automotive sector is taking steps towards independent vehicles against a scenery of mechanical headways, and administrative bodies in the region are effectively contributing to advance such technologies. The U.K., Germany, and France are leading countries in Europe’s automotive steering motor market, where growth is primarily driven by the presence of leading manufacturers such as Robert Bosch and JTEKT Corporation.
China dominates the Asia-Pacific market, followed by India and Japan. A strong economy and rising disposable income among middle-class consumers are translating to significant demand in the automotive sector. Over the past five years, low production costs have seen tremendous growth in the demand for vehicles. However, in 2018, exchange pressures and unstable customer certainty led to a 3% decline in vehicle sales in the country. Industry specialists foresee a further 5% decrease by 2019 end. To overcome the withdrawal, the government has chosen to utilize the slowdown to expel weaker auto producers from the industry.
Rising demand for passenger cars is anticipated to drive development in South America’s automotive steering motors market, with Brazil as a key contributor. Improving economic infrastructure, growing export demand, growing investments, and a rise in credit availability to support the light-vehicle market are some of the key factors driving market growth in Brazil. Post a four-year-long recession in the automotive sector, Brazil observed marked growth in 2017. According to the Presidency of the Republic of Brazil, in 2017, automobile production increased by 25.2%, producing about 2.7 million vehicles with 9.2% growth in sales.
In Middle East & Africa, growing demand for passenger cars, against a background of rising per capita income, and commercial vehicles, on account of economic infrastructure advancement, is anticipated to reinforce showcase development within Central Eastern nations such as Saudi Arabia and South Africa. The growing popularity of ADAS in the UAE and other technological advancements are likely to drive the market growth in the country. For instance, Iconiq Engines, the electric-vehicle sister operation of Dubai's W Engines, unveiled the first Level 5, ‘steering wheel optional’ fully autonomous car in the world.
There is intense competition among the notable vendors in the market. Some of the prominent players in global automotive steering motors market include: SKF, Nidec Corporation, Mitsuba Corp., MinebeaMitsumi Inc., Broad-Ocean Technologies, Johnson Electric Holdings Limited, Robert Bosch GmbH, Brose Fahrzeugteile GmbH & Co. KG, MAHLE GmbH, and Denso Corporation
As the growth of the automotive market is shifting towards emerging economies, key companies are planning to strengthen their presence in these economies. Moreover, with the advent of new digital technologies, customer demands are changing rapidly, and hence, to meet these changing demands, companies are incorporating advanced technologies and functionalities. They are also planning to substantially intensify activities in electronics and mechatronics in the coming years to expand their business with the target of supplying better systems solutions for electric vehicles