Pune, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Electric Power Steering Market Size, as per the SNS Insider report, achieved a valuation of USD 25.85 billion in 2022 and is projected to attain USD 39.97 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2023 to 2030.
Market Overview
Electric Power Steering, often abbreviated as EPS, is a steering system that replaces the conventional hydraulic power steering mechanism with an electrically assisted one. The core components of an EPS system include a torque sensor, electronic control unit (ECU), electric motor, and a steering gear. The torque sensor detects the driver's input force, sending signals to the ECU, which in turn adjusts the electric motor's assistance to optimize steering performance.
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Market Analysis
The continuous growth in global automotive production has a direct impact on the demand for electric power steering systems. As more vehicles are manufactured with EPS, the market experiences a corresponding expansion. Increasing regulatory pressure to reduce vehicle emissions has led automakers to adopt technologies that enhance fuel efficiency, making EPS an attractive choice. The demand for a smoother, more responsive, and customizable driving experience is propelling the adoption of EPS, especially in premium and high-performance vehicle segments. The electrification of vehicles and the development of autonomous driving technologies further drive the demand for EPS, as it complements the requirements of these innovative automotive platforms. Ongoing advancements in EPS technologies, including the development of brushless motors and advanced control algorithms, contribute to increased efficiency and performance, fostering electric power steering market growth.
Electric Power Steering Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 25.85 billion |
| Market Size by 2030 | USD 39.97 billion |
| CAGR | CAGR of 5.6% by 2023-2030 |
| Market Opportunity |
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| Market Segments |
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| Major Market Players | Hyundai Mobis Co., Ltd., Robert Bosch GmbH, Electric Steering JTEKT Corporation, NSK Ltd., ZF TRW Automotive Holdings Corp., Nexteer Automotive Group Limited, Showa Corporation, Mando Corporation, ThyssenKrupp Ag, and China Automotive System and other key players. |
Key Takeaway from Electric Power Steering Market Study
- The Rack Assist Type (REPS) segment is gaining prominence in the market due to its unique design and superior performance. Unlike traditional power steering systems, REPS integrates an electric motor directly onto the steering rack, eliminating the need for a separate hydraulic system.
- The Steering Column segment is another driving force in the electric power steering market. This segment focuses on integrating electric power assistance into the steering column, providing a seamless and compact solution.
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Recent Developments
- Mitsubishi recently announced its decision to spin off its automotive equipment business. The decision to spin off the automotive equipment business reflects Mitsubishi's forward-thinking approach to streamline operations and enhance focus on core business areas. By creating a separate entity for its automotive equipment division, Mitsubishi aims to foster innovation, agility, and a sharper market responsiveness.
- Nexteer has unveiled its latest creation – a high-output electric power steering system that is poised to redefine the driving experience. The new high-output electric power steering system is engineered to deliver unparalleled performance and responsiveness. By harnessing cutting-edge technology, Nexteer aims to enhance the driving dynamics of vehicles, providing a seamless and intuitive steering experience.
Market Dynamics Analysis
The electric power steering market is experiencing dynamic shifts driven by a confluence of factors. Among the primary drivers propelling the market forward is the increasing demand for fuel-efficient and eco-friendly vehicles. Electric power steering systems offer a more energy-efficient alternative to traditional hydraulic systems, contributing to improved fuel efficiency and reduced carbon emissions. Additionally, the rising trend of autonomous and semi-autonomous vehicles has spurred the adoption of EPS, as these systems seamlessly integrate with advanced driver assistance systems (ADAS) and enhance overall vehicle safety. However, amidst these opportunities, the market faces notable restraints. The high initial cost of integrating electric power steering systems into vehicles poses a challenge, particularly in the context of cost-sensitive markets. Moreover, concerns regarding the reliability and durability of EPS systems may restrain widespread adoption. The evolving regulatory landscape, including stringent emissions standards and safety regulations, also presents both opportunities and challenges for the market. The constant need for innovation to meet these evolving standards can be a potential threat for manufacturers lagging behind in research and development.
Key Regional Developments
In North America, the electric power steering market has been experiencing steady growth, primarily due to the increasing consumer preference for electric vehicles (EVs) and the stringent regulatory norms aimed at reducing carbon emissions. The adoption of EPS technology in both traditional and electric vehicles is driven by its ability to enhance fuel efficiency and provide a smoother driving experience. Europe stands at the forefront of electric power steering adoption, with a significant focus on enhancing vehicle safety and performance. Stricter emissions standards and the promotion of electric mobility have accelerated the integration of EPS systems across various automotive segments. The Asia-Pacific region has emerged as a key player in the market, driven by the rapid expansion of the automotive industry and the increasing consumer purchasing power.
Impact of Recession
The recession has exposed vulnerabilities in global supply chains, disrupting the timely procurement of essential components for electric power steering systems. Shortages in raw materials and semiconductor chips have led to production delays, affecting both original equipment manufacturers (OEMs) and suppliers. In response to the economic challenges, stakeholders in the electric power steering market are increasingly emphasizing cost-efficiency in manufacturing processes. Streamlining production and optimizing resource utilization are becoming paramount to maintain competitiveness in a cost-conscious market.
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TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Electric Power Steering Market By Type
8.1 Rack assist type (REPS)
8.2 Colum assist type (CEPS)
8.3 Pinion assist type (PEPS)
9. Electric Power Steering Market By Components
9.1 Steering column
9.2 Sensors
9.3 Steering gear
9.4 Mechanical rack and pinion
9.5 Electronic control unit
9.6 Electric motor
9.7 Bearing
10. Electric Power Steering Market,By Vehicle Type
10.1 Passenger cars
10.2 Commercial vehicles
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.5 USA
11.2.6 Canada
11.2.7 Mexico
11.3 Europe
11.3.1 Eastern Europe
11.3.1.5 Poland
11.3.1.6 Romania
11.3.1.7 Turkey
11.3.1.8 Rest of Eastern Europe
11.3.2 Western Europe
11.3.2.4 Germany
11.3.2.5 France
11.3.2.6 UK
11.3.2.7 Italy
11.3.2.8 Spain
11.3.2.9 Netherlands
11.3.2.10 Switzerland
11.3.2.11 Austria
11.3.2.12 Rest of Western Europe
11.4 Asia-Pacific
11.4.5 China
11.4.6 India
11.4.7 Japan
11.4.8 South Korea
11.4.9 Vietnam
11.4.10 Singapore
11.4.11 Australia
11.4.12 Rest of Asia-Pacific
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.5 UAE
11.5.1.6 Egypt
11.5.1.7 Saudi Arabia
11.5.1.8 Qatar
11.5.1.9 Rest of Middle East
11.5.2 Africa
11.5.2.5 Nigeria
11.5.2.6 South Africa
11.5.2.7 Rest of Africa
11.6 Latin America
11.6.5 Brazil
11.6.6 Argentina
11.6.7 Colombia
11.6.8 Rest of Latin America
12 Company profile
12.1 Robert Bosch Automotive Steering GmbH
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Hyundai Mobis Co., Ltd.,
12.3 Electric Steering JTEKT Corporation,
12.4 ZF TRW Automotive Holdings Corp.,
12.5 NSK Ltd
12.6 Nexteer Automotive Group Limited
12.7 Mando Corporation,
12.8 ThyssenKrupp Ag
12.9 Showa Corporation
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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