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Automotive Steering Motor Market size is set to grow by USD 456.2 million from 2024-2028, Key developments boost the market, Technavio

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NEW YORK, Aug. 1, 2024 /PRNewswire/ — The global automotive steering motor market size is estimated to grow by USD 456.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.5% during the forecast period. key developments is driving market growth, with a trend towards continuous advances in automotive steering technology. However, increasing cost pressure from demand-side poses a challenge. Key market players include Allied Motion Technologies Inc., AMK Holding GmbH and Co. KG, BorgWarner Inc., Brose Fahrzeugteile SE and Co. KG, DENSO Corp., Hitachi Ltd., HL Mando Co. Ltd., Hyundai Motor Group, Johnson Electric Holdings Ltd., LG Innotek Co. Ltd., MAHLE GmbH, 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.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Automotive Steering Motor Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 4.5%

Market growth 2024-2028

USD 456.2 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.23

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 57%

Key countries

China, US, Japan, Germany, and India

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., HL Mando Co. Ltd., Hyundai Motor Group, Johnson Electric Holdings Ltd., LG Innotek Co. Ltd., MAHLE GmbH, 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 Driver

The automotive steering market is experiencing advancements due to increasing environmental concerns and emission norms. Manufacturers are investing heavily in research and development to improve engine efficiency and reduce emissions. This has led to innovations in steering system design and technology. The integration of electronics and safety systems is a key trend, with companies like DENSO introducing driving support systems and Nexteer Automotive Corporation developing new electronic architectures. Electromechanical steering systems are gaining popularity, offering improvements in comfort, efficiency, handling, and safety. These factors contribute to the expected growth of the global automotive steering market during the forecast period. 

The Automotive Steering Motor market is experiencing significant trends in 2021. Mining equipment manufacturers are integrating steering motors into heavy machinery for improved maneuverability. Advanced Driver Assistance Systems (ADAS) like parallel parking, lanekeeping assist, and highway assist are driving demand for steering motors in cars. Autonomous mobility and connected cars are also boosting the market, with steering-mounted electronics and automobile dashboard-based features becoming increasingly popular. However, challenges such as lockdowns, manufacturing plant closures, travel bans, and logistics disruptions have impacted production. Steering motor manufacturers are focusing on failsafe mechanisms to ensure safety. Steering wheel torque sensors and Electronic Control Units (ECUs) are key components. The dual-pinion segment is gaining traction due to its fuel economy benefits and improved steering feel. Key players include ZF, manufacturers of Electric Power Steering (EPS), and those focusing on hybrid systems. Steering wheel speed and position sensors, non-contact sensors from companies like LeddarTech, and steering-assisted safety features like Anti-Skid Reactive (ASR) and Dynamic Steering Response (DSR) are also shaping the market. Vehicle production, sales, and emission norms for luxury vehicles are influencing the market landscape. 

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Market Challenges

In the current automotive industry, component manufacturers encounter challenges with stringent quality requirements and cost pressures from Original Equipment Manufacturers (OEMs) due to increasing consumer demand and intense competition. Electronic components, particularly functional electronics like electric steering systems, face the highest cost pressure. OEMs demand high-quality components at restricted prices, pushing cost pressures across the value chain. To maintain profitability, automakers explore options such as outsourcing manufacturing to low-cost countries like China, South Korea, and Taiwan. However, rising labor costs in these countries may challenge the sustainability of low production costs in the forecast period. To remain competitive, stakeholders must devise growth strategies while maintaining quality and controlling costs.The Automotive Steering Motor market faces several challenges in various vehicle segments. In the passenger car segment, the shift to Electric Vehicles (EVs) and Electrified Power Steering (EPS) systems is a major trend. However, the implementation of these systems in Heavy-duty vehicles, Pickups, and Commercial Vehicles, including Tractors and Construction Equipment, poses unique challenges due to their weight and power requirements. Key players like Schaeffler, Infineon Technologies, and OEMs are investing in developing lightweight steering solutions to address these challenges. However, cost and profitability remain critical factors, especially in the context of evolving emissions standards and automotive electrification. Policies and incentives play a crucial role in shaping the market. For instance, the European Union’s CO2 emissions standards and the US’s Low Emission Vehicle (LEV) program are driving the adoption of EPS systems. The market for steering motors includes steering columns, steering boxes, and electric components like motors and vehicle control units. Hydraulic power steering systems continue to dominate, but electrically assisted systems are gaining popularity due to their fuel efficiency and environmental benefits. In conclusion, the Automotive Steering Motor market is undergoing significant changes due to the shift to EVs and electrification, weight requirements, and emissions standards. Companies must innovate to meet these challenges while ensuring cost-effectiveness and profitability.

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Segment Overview 

This automotive steering motor market report extensively covers market segmentation by

Application 1.1 Passenger car1.2 Commercial vehicleGeography 2.1 APAC2.2 Europe2.3 North America2.4 South America2.5 Middle East and Africa

1.1 Passenger car- The Automotive Steering Motor Market is experiencing significant growth due to the increasing demand for electric and hybrid vehicles. These vehicles require an electric steering system, which is driving the market forward. Major automakers are investing in research and development to improve fuel efficiency and reduce emissions, making electric steering motors an essential component. Additionally, the growing trend towards autonomous driving is also expected to boost market growth. Overall, the Automotive Steering Motor Market is poised for continued expansion in the coming years.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Automotive Steering Motor Market is experiencing significant growth due to the shift towards electrification in the automotive industry. Emissions standards are driving the demand for Electrically Assisted Power Steering (EAPS) systems, which reduce CO2 emissions by up to 10% compared to traditional hydraulic power steering. The passenger car segment and Electric Vehicles (EVs) are the major consumers of steering motors. OEMs are integrating steering-mounted electronics and automobile dashboard-based systems, including radio and music, cruise control, and climate control, into steering motors. However, the market is facing challenges due to lockdowns and travel bans, which have affected the production of vehicles and the logistics of raw material shipments. Infineon Technologies and other key players are investing in research and development to improve the efficiency and performance of steering motors. The construction of operational plants and the manufacturing of electric components are also crucial for the growth of the steering motor market.

Market Research Overview

The Automotive Steering Motor Market is experiencing significant growth due to the increasing adoption of automotive electrification and emissions standards. Electric Vehicles (EVs) and Electrically Assisted Power Steering (EAPS) systems are becoming increasingly popular in both the passenger car segment and commercial vehicles. Hydraulic power steering is being gradually replaced by Electrically Assisted Steering (EAS) systems, which use electric components and motors to assist the driver. The vehicle control unit plays a crucial role in managing the steering system, ensuring safety features such as Advanced Driver Assistance Systems (ADAS), lane keeping assist, and highway assist function optimally. The steering market is not limited to automobiles alone, with construction and mining equipment also adopting steering motor technology for improved maneuverability and fuel economy. Steering-mounted electronics and automobile dashboard-based systems, including radio and music, cruise control, climate control, call answering, and steering-assisted safety features, are driving market growth. The market has been impacted by various factors, including lockdowns, manufacturing plant closures, travel bans, and logistics disruptions. However, the shift towards autonomous mobility, connected cars, and failsafe mechanisms is expected to offset these challenges. Steering wheel sensors, torque sensors, and ECUs are essential components of the steering system, with non-contact sensors and LeddarTech’s LiDAR technology playing a significant role in enhancing steering accuracy. Manufacturers of EPS, such as Infineon Technologies, ZF, AKC, and Schaeffler, are investing in hybrid systems and developing lightweight steering solutions to improve cost and profitability. The market also includes steering columns, steering boxes, and steering systems for pickups, heavy-duty vehicles, and tractors. Policies and incentives are driving the adoption of steering motor technology in luxury vehicles, with emission norms and steering wheel speed and position sensors playing a crucial role in ensuring fuel economy and steering feel.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationPassenger CarCommercial VehicleGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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TCL 50 PRO NXTPAPER 5G Smartphone Named CES 2025 Innovation Award Honoree

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IRVINE, Calif., Nov. 14, 2024 /PRNewswire/ — TCL, a pioneer in display technology across feature-rich smartphones, tablets, and connected devices, is proud to announce its TCL 50 PRO NXTPAPER 5G smartphone has been honored with a CES 2025 Innovation Award for Mobile Devices. The recognition exemplifies TCL’s commitment to humanize technology and deliver innovative products optimized for the user experience.

This marks the second year in a row TCL has been recognized by the CTA for its mobile products. Last year, the TCL 40 NXTPAPER smartphone was also named a CES 2024 Innovation Award honoree in the Mobile Devices category. Emboldened by the positive feedback and results, TCL is committed to further pushing the boundaries of innovation with even more advanced and humanized technology for all users.

“At TCL, we’re not only keeping our finger on the pulse of the industry; we dig deep into every aspect of the user journey to help inform the devices that we craft,” said Jefferson Li, General Manager of TCL Mobile Phone Business Unit. “Integrating the pioneering NXTPAPER technology with cutting-edge AI capabilities, the TCL 50 PRO NXTPAPER 5G phone represents a significant upgrade in how we experience our digital world, providing users a clearer, more comfortable way to watch, create, and read wherever they go – all at an affordable price.”

The launch of the TCL 50 PRO NXTPAPER 5G at IFA 2024 in September has been a major highlight in TCL’s journey towards excellence this year. Leveraging AI functionalities powered by TCL’s partnership with Microsoft, and the distinct advantages of the latest NXTPAPER technology, the device is tailored to enrich reading and viewing experiences with enhanced productivity and unparalleled eye comfort. Representing a harmonious integration of technology and daily life, it empowers users with the freedom to effortlessly access and enjoy content in any setting.

The CES Innovation Awards program, organized by the Consumer Technology Association (CTA), is an annual competition honoring outstanding design and engineering in a multitude of consumer technology product categories. An elite panel of industry expert judges review and select the highest-scoring submissions based on innovation, engineering and functionality, aesthetics, and design.

The TCL 50 PRO NXTPAPER 5G boasts an exceptionally clear display that can minimize glare and reduce eye strain in any lighting condition, emulating the look and feel of paper that is gentle on the eyes. Adaptive screen settings optimize brightness and automatically adjust color temperature based on the time of day for a comfortable and natural viewing experience. A switch of the NXTPAPER Key instantly activates Max Ink Mode, promoting focused and immersive reading and minimizing eye fatigue. Combined with the Eye Care Assistant, the smartphone accommodates a contemporary digital lifestyle by prioritizing visual comfort. With sleek basalt cover and infinite pool design, it seamlessly blends both form and function.

About TCL Mobile
TCL Mobile specializes in the research, development and manufacturing of smartphones, tablets and connected devices. On a mission to deliver 5G for all, TCL Mobile helps its customers ‘Inspire Greatness’ in their lives through industry leading technology and solutions. For more information on TCL mobile devices, please visit: https://www.tcl.com/global/en/mobile

About TCL
TCL Electronics specializes in the research, development and manufacturing of consumer electronics including TVs, mobile phones, audio devices, smart home products and appliances. Combining thoughtful design and innovative technology to inspire greatness, our lineup delivers must-have features and meaningful experiences. As one of the world’s largest consumer electronics brands, our vertically integrated supply chain, and state-of-the-art display panel factory help TCL deliver innovation for all. For more information, please visit: https://www.tcl.com 

TCL is a registered trademark of TCL Corporation. All other trademarks are the property of their respective owners. 

 

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SOURCE TCL Communication Technology Holdings Ltd.

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Deepak Chem Tech Limited to invest Rs 5000 Crores to acquire Polycarbonate Assets of Trinseo at Germany

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The Board approves Rs 5000 Crore investmentIncludes Greenfield infrastructure capex and Technology LicenseTo manufacture 165000 Metric Tonnes Polycarbonate Resin at DahejDeepak Chem Tech Limited is a wholly owned subsidiary of Deepak Nitrite Ltd.

VADODARA, India, Nov. 15, 2024 /PRNewswire/ — Deepak Chem Tech Limited plans to invest Rs 5000 Crores in Polycarbonate Project. Deepak Chem Tech Limited (DCTL) – a wholly owned subsidiary of Deepak Nitrite Limited, has approved to undertake a project for manufacturing Polycarbonate resins, proposed to be setup at the greenfield site located at Dahej, Gujarat, to produce 165,000 Metric Tonnes. The plant is expected to be commissioned by the fourth quarter of FY 2028. For this, Deepak Chem Tech Ltd. has entered into an agreement with Trinseo to acquire its Polycarbonate assets located at Stade, Germany along with technology license. The agreement also provides access to Trinseo’s globally recognized CALIBRETM resins and trademark.

Polycarbonate is amongst the most versatile emerging polymer finding extensive applications in automotive segments including electric mobility, electronics and electrical, construction, appliances, medical devices and other sunrise sectors such as aerospace, aviation, drones etc.

Commenting on the development, Shri Deepak C Mehta, Chairman and Managing Director of Deepak Nitrite Limited said, “This is historic collaboration between DCTL and Trinseo opens strategic opportunities for both the companies to explore partnerships in downstream compounds as well as complimentary technology tie-ups to service India’s burgeoning appetite for high quality engineering polymers. The tagline ‘Made in India‘ coupled with world scale capacities and formidable brand credibility, opens a new horizon of opportunities in the Advanced Materials front.”

Trinseo is a major manufacturer of engineering polymers and compounds with reported net sales of approximately $3.7 billion in 2023. Its engineering compound portfolio finds application with global, marque brands across industries.

About Deepak Nitrite Limited:

Deepak Nitrite Limited (NSE: DEEPAKNTR, BSE: 506401), India’s fastest growing Chemical Intermediates company, has a diversified portfolio that caters to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home, and personal care segments and Petro derivates intermediates -phenolics, acetone and IPA in India, and overseas. Its products are manufactured across seven locations, which are all accredited by Responsible Care. It is certified by Ecovadis, TfS and is part of the Nicer Globe Alliance. Focusing on a Triple Bottomline principle of People, Planet, Profit, Deepak Nitrite Ltd. deploys globally benchmarked standards & systems, we are now accredited ‘Silver Rating’ by EcoVadis in 2022, for sustainability initiatives.

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Global Times: Illuminate roof of ‘Beautiful China’: Solar-powered rooftops transform countryside environments, boost rural revitalization efforts

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BEIJING, Nov. 14, 2024 /PRNewswire/ — The upper part of the Chinese character “home” resembles a roof, symbolizing a home can only exist with a roof over it.

Today, an increasing number of Chinese people are creating environmentally friendly landscapes on the roofs they cherish most, showcasing a tangible “Beautiful China” through their homes.

In early winter, at the foot of the Helan Mountains, the sun still brightly shines over the vast Gobi Desert. When people enter Yuanlong village of Minning town, Northwest China’s Ningxia Hui Autonomous Region, one can find rows of newly constructed agricultural residences with red tiles and white walls lining the road. From above, the blue photovoltaic panels glimmering on each red roof create a colorful mosaic under the sunlight.

Chinese people have aspired to convey their vision of harmony between heaven, earth, and humanity through architecture. Regarding the decision to install photovoltaic panels on the roof of her house, villager Zhang Hui told the Global Times that by installing photovoltaic panels on their roofs, they earn extra money, and the clean energy generated by the panels also gives them a channel to make their contribution to the country’s emissions reduction and energy conservation efforts.

“We want to further emphasize the harmonious coexistence of humanity and nature, embodying a characteristic of Chinese modernization through our roofs,” she said.

In recent years, China’s solar photovoltaic technology is emerging as a key component of China’s strategy to achieve its “dual carbon” goals, which aimed at achieving peak carbon emissions by 2030, and carbon neutrality by 2060. 

The creation of this elevated landscape is a vivid representation of the Chinese people’s efforts in building a “Beautiful China” in all respects. In this revolutionary transformation that involving production methods, lifestyles, and values, countless individuals have keenly perceived that China is keeping pace with the times, making a sound, inclusive ecological environment for the well-being of the people.

Cash in on the sun

For the residents of the village, installing rooftop solar systems and earning money from sunlight has now become a source of joy. “Because when you look up, you can see your own roof, and it reminds you of the abundant harvest you have,” Zhang said.

Since 2016, Yuanlong village has successively built a 5-megawatt rooftop photovoltaic power station, supplied by photovoltaic panels on the roofs of over 1,635 immigrant households, accounting for nearly 96 of the village’s total households. As of March 2024, this initiative had earned a total of 40.22 million yuan ($ 5.5 million) in photovoltaic revenue for the village.

Since 2018, Zhang’s family has been renting the 54-square-meter rooftop to the power company, and the annual rental fee has increased from 300 yuan to 480 yuan as the power station has gradually entered a stable operating phase.

Beyond the tangible rental income, Zhang has also witnessed the thriving changes brought to her village by the rooftop photovoltaic power station program.

In 2020, the photovoltaic power station in Yuanlong village generated 850,000 yuan in revenue for the village collective. A portion of this revenue is distributed to villagers as rental fees, while another part is used as dividends for the village collective’s shares, funding various public welfare expenditures such as environmental sanitation improvements, major illness assistance for villagers, and education support.

The Global Times has learned how the rooftop solar systems program in Yuanlong village was operated: the local government attracts external investment to bid for the construction of a photovoltaic power station, guarantees a 100 percent buyback of the project’s output, ensuring that the village and its residents will receive 100 percent of profits during the 20-year operational period of the power station.

“Turning green, clean energy advantages into economic development advantages is a new concept for us,” said Ha Manpeng, 44, a villager from Yuanlong

Ha and many other villagers learned that the area they live has a high altitude, flat terrain and long sunlight hours, making it suitable for the installing of clean and efficient solar photovoltaic systems

“Simply retrofit the vacant roof, there will be a stable and long-term additional benefit. The manufacturers cooperating with the government will regularly send personnel to maintain, and regularly update the equipment, thus we have nothing to worry about,” Ha said.

Comfort life out of mountains

Zhang jokingly remarked that rooftop solar power generation has allowed the Yuanlong’s villagers to truly transition from a weather-dependent life to “making money from the weather.”

The over 10,000 villagers in Yuanlong were moved from another village – Xihaigu in 2012, which is a largely mountainous region that was labeled the “most unfit place for human settlement” by the United Nations in the 1970s due to land reclamation, drought, and a fragile ecological environment. 

Ha recalled his childhood living in the village hidden in the folds of the mountains, where every household was plunged into darkness at night.

Over the past 40 years, Ningxia launched six large-scale resettlement schemes, moving some 1.23 million people from Xihaigu to more habitable areas. The relocation was part of the poverty alleviation drive, fulfilling many villagers’ desire for a comfortable life out of the mountains.

Having escaped the vicious cycle of ecological and survival crises, what kind of life and development path did the villagers of Xihaigu choose in their new homes?

Yuanlong village is one of the villages that has benefited early from the income generated by photovoltaic power stations. Ha was among the first residents to install solar panels on roof.

Initially, Ha’s personal experience with the five photovoltaic panels installed on his roof was simply that they provided shade on sunny days, and made the roof less prone to leaks on rainy days. As more households in the village adopted the solar rooftops, Ha witnessed a profound improvement in the living conditions of the villagers, along with an increase in their income.

As of November 2020, China had achieved the feat of delisting all 832 poverty-stricken counties. The development of photovoltaic power stations, as a typical model of industrial poverty alleviation, has contributed to this historic achievement.

According to China’s National Energy Administration, by the end of 2020, China had built photovoltaic power stations with a combined capacity of 26.36 million kilowatts,  generating approximately 18 billion yuan in annual electricity revenue, and creating 1.25 million public welfare jobs.

When this clean, low-carbon, safe, and efficient energy enters the homes of ordinary people, it not only provides shelter through new types of rooftops for families, but also supports more Chinese people in achieving a moderately prosperous life. Many residents have come to realize that their choices contribute to the country’s energy conservation and emission reduction efforts.

They want to do even more.

“When I was a child, there was no electricity in my home, but now we can even produce electricity at home. In our village, people prefers to buy new energy vehicles. Waste sorting has become a habit for the villagers,” Ha said.

“When we go out traveling, the children can immediately ‘capture’ solar panels everywhere. They are also very happy to see that more and more villages began to install solar rooftops just like us,” Zhang added. 

Green electricity town

Facing the changes in life, as an official of the Yuanlong village, Zhang’s focus has gradually shifted from the land owned by villagers to the cattle and sheep they raise, and the job opportunities available to them. Now, she is also gradually learning to consider all these key aspects within the context of the new era of development she is in.

Whenever representatives from enterprises and communities visit Yuanlong village, Zhang highlights the embroidery skills of the local women and the solar roofs they have. 

One of Zhang’s proudest achievements this year has been helping to showcase and sell the village women’s embroidered crafts to a power supply company in Fuzhou, East China’s Fujian Province. She is very proud that this “green collaboration” has broken through regional limitations, built more bridges for communication between her village and the outside world, and empowered the development of local women.

With the official launch of the “green electricity town” project in Minning town in August 2023, which aims to create a new type of system demonstration area powered entirely by clean energy 24 hours a day, the project is expected to reduce carbon emissions by 48,000 tons annually once completed.

Zhang believes that the villagers in Yuanlong will have more opportunities to showcase their talents and felt gratified that she is living in a country that pays more attention to protecting the ecological environment.

At a national conference on ecological and environmental protection held in July 2023, Chinese President Xi Jinping has stressed efforts to promote the building of a Beautiful China in all respects and accelerate the advancement of modernization featuring harmony between human and nature.

The next five years is a crucial period for building a Beautiful China, which should be placed in a prominent position in building a great modern socialist country in all respects and advancing national rejuvenation, Xi said.

The country should support high-quality development with a high-quality ecological environment and promote the modernization featuring the harmonious co-existence between human and nature, he noted.

Looking up at her rooftop, Zhang eagerly awaits the completion of the “green electricity town.” She hopes it will build a stronger bridge connecting the common people’s dream of a better life with the country’s plans for emission reduction and energy conservation, leading to a more “Beautiful China.”

https://www.globaltimes.cn/page/202411/1323101.shtml

 

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SOURCE Global Times

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