Automotive Power Steering Motor Market Size, Share, and Growth Analysis, By Product, By Application, By End-User, By Region, And Segment Forecast, 2025-2032

Global Automotive Power Steering Motor Market size was valued at USD 25.2 Billion in 2023 and is poised to grow from USD 26.8 Billion in 2024 to USD 44.4 Billion by 2032, growing at a CAGR of 6.5% during the forecast period (2025-2032).

The global automotive power steering market is experiencing robust growth driven by increased demand for fuel-efficient vehicles, the surge in electric and hybrid vehicle adoption, and heightened consumer focus on driving comfort and safety. Manufacturers are leveraging electric power steering systems to meet emission and environmental regulations, while simultaneously enhancing energy efficiency, reducing weight, and integrating advanced driver assistance systems (ADAS). The burgeoning automotive sector in developing economies, particularly in the Asia Pacific, is amplifying the demand for cost-effective, innovative steering solutions. Furthermore, manufacturers are ramping up investments in smart mobility, adaptive, and software-based technologies, as evidenced by partnerships like Nexteer Automotive's collaboration with Tactile Mobility. However, challenges such as high development costs and stringent regulations may hinder smaller players, necessitating continuous innovation in this rapidly evolving market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Automotive Power Steering Motor market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Automotive Power Steering Motor Market Segments Analysis

The global automotive power steering motor market is segmented on the basis of Type, End Use, Vehicle Type, Product Type, Demand Category, Voltage, and region. By Type, the market is segmented into Electric Power Steering, Hydraulic Power Steering, and Electromechanical Power Steering. By End Use, the market is segmented into Passenger Vehicles, Commercial Vehicles, and Heavy Vehicles. Based on Vehicle Type, the market is segmented into Sedans, SUVs, and Trucks. By Product Type, the market is segmented into Rack Assist type (REPS), Column Assist type (CEPS), and Pinion Assist type (PEPS). By Demand Category, the market is segmented into OEM, and Aftermarket. By Voltage, the market is segmented into 12V, 24V, and 48V. By region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

Driver of the Global Automotive Power Steering Motor Market

The Global Automotive Power Steering Motor market is significantly driven by the automotive industry's ongoing transition to electric power steering (EPS) systems. These modern systems utilize power steering motors to decrease vehicle weight and improve fuel efficiency, resulting in reduced fuel consumption and lower emissions. By eliminating the need for engine-driven hydraulic pumps typical of traditional hydraulic systems, EPS aligns with global sustainability objectives and adheres to stringent government regulations aimed at enhancing fuel economy. Consequently, there is an increasing demand for compact, energy-efficient power steering motors, marking them as a crucial element in the development of next-generation vehicle platforms.

Restraints in the Global Automotive Power Steering Motor Market

The Global Automotive Power Steering Motor market faces significant restraints primarily due to the higher upfront costs associated with electric power steering (EPS) systems, which utilize advanced components and intricate software integration compared to traditional hydraulic systems. This complexity and the precision manufacturing required contribute to the increased initial investment. Additionally, the challenge and expense of integrating EPS into standard vehicle designs, especially for mid-range or budget models, deter automotive manufacturers from adopting these systems widely. As a result, companies aiming to keep vehicle prices competitive in price-sensitive markets may hesitate to implement EPS technology, hindering market growth in these crucial segments.

Market Trends of the Global Automotive Power Steering Motor Market

The Global Automotive Power Steering Motor market is witnessing a significant transformation driven by technological advancements in Advanced Driver Assistance Systems (ADAS) and the surge towards autonomous driving. As vehicles evolve into software-centric platforms, electric power steering (EPS) motors are essential for delivering enhanced functionality, including lane-keeping assist, automatic parking, and adaptive cruise control. This trend necessitates highly responsive and precise electronically controlled steering systems that surpass the capabilities of traditional hydraulic systems. Consequently, manufacturers are prioritizing innovation to enhance torque outputs, durabilities, and electronic controls, thereby ensuring heightened safety and precision in steering responses, ultimately shaping the future of automotive mobility.