Electric Power Steering Market revenue to reach USD 130 Billion by 2036, says Research Nester

Key electric power steering market players include Robert Bosch LLC, Mitsubishi Electric Corporation, ZF Friedrichshafen AG, Nexteer Automotive Corporation, HELLA GmbH & Co. KGaA, Volkswagen AG, thyssenkrupp AG, Sensata Technologies, Inc., NXP Semiconductors, Honeywell International Inc., and others.

New York , Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global electric power steering market size is predicted to expand at 14% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 130 billion by the end of 2036, up from a revenue of USD 27 billion in the year 2023. The major factor in dominating the market growth is the growing demand for automobiles. Globally auto sales increased considerably between 2021 and 2022, from over 65 million to about 66 million vehicles. As a result, electric power steering is estimated to capture significant revenue in the market.

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Furthermore, there has been a rise in road accidents prevalence which is also demanding electric power steering. The World Health Organization reports that every year, car accidents claim the lives of around 1.3 million individuals. Every year, between 20 and 50 million more people suffer non-fatal injuries, many of which result in disability.

Electric Power Steering Market: Key Takeaways  

  • Market in Asia Pacific to gather the highest market share
  • C-EPS segment to capture the largest share of the market
  • Market in North America region to generate a significant share

Growing Urban Population to Boost the Growth of Global Electric Power Steering Market

As of 2021, there were more than 4 billion people living in rural areas and almost 5 billion people living in metropolitan areas worldwide. Over 750 million people lived in cities in 1950; by 2021, that figure was almost 5 billion, and by 2050, it is predicted to rise to over 7 billion, bringing over 3 billion more people to metropolitan areas. Since more people are moving to cities and wanting personal mobility, there is a greater demand for automobiles. As a result, there is a greater demand for brand-new, state-of-the-art cars as there are more cars on the road. Therefore, the market revenue is expected to rise over the coming years.

Electric Power Steering Industry: Regional Overview 

The global electric power steering market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. 

Growing Demand for Commercial Vehicles to Influence the Market Expansion in Asia Pacific

The Asia Pacific market for electric power steering is projected to gather the largest share of about 37% over the projected period. This could be on account of the rising demand for commercial vehicles. For instance, China sold over 5 million commercial vehicles in 2021. Furthermore, more prevalence is given to e-mobility in commercial vehicles which is why the market share in this region is surging.

Surge in Demand for Luxury Vehicles to Drive the Market Growth in North America

The North America market for electric power steering is set to have significant growth in the market over the coming years. The major factor to dominate the market expansion in this region is the rising demand for luxury vehicles. Luxury automobile sales in North America hit over 17% of total new car sales in September 2022. In comparison to a decade ago, that is an increase of nearly 3%, and from the preceding two years, it is up nearly 4%.

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Electric Power Steering Segmentation by Type

  • C-EPS
  • P-EPS
  • R-EPS

The C-EPS segment is poised to gather the largest market share of ~59% over the forecast period. This growth of the segment is set to be encouraged by growing demand for fuel-efficient vehicles. For instance, the Environmental Protection Agency (EPA) has released preliminary data that suggests the new 2022 models are expected to have an estimated fuel efficiency of over 25 mpg. In contrast, the 2002 models' fuel efficiency was about 18 mpg, which is close to a 34% gain.

Electric Power Steering Segmentation by Vehicle Type

  • Commercial Vehicle
  • Passenger Vehicles

The passenger vehicle segment is predicted to have noteworthy growth in the market over the forecast period. The main factor influencing the segment growth is the rising demand for passenger vehicles. For instance, the number of passenger automobiles sold globally in 2022 reached over 56 million, up about 2 percent from the year before.

Electric Power Steering Segmentation by Component

  • Steering Column
  • Sensors
  • Steering Gear
  • Mechanical Rack & Pinion
  • Electronic Control Unit
  • Electric Motor

A few of the well-known market leaders in the global electric power steering market that are profiled by Research Nester are Robert Bosch LLC, Mitsubishi Electric Corporation, ZF Friedrichshafen AG, Nexteer Automotive Corporation, HELLA GmbH & Co. KGaA, Volkswagen AG, thyssenkrupp AG, Sensata Technologies, Inc., NXP Semiconductors, Honeywell International Inc., and others.

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Recent Development in the Electric Power Steering Market

  • In June 2019, Nexteer Automotive, a global leader in intuitive motion control, formally opened its new production plant in Liuzhou, China's Liudong New District. The Nexteer Automotive management team, as well as representatives from Liuzhou government and Liudong New District, attended the ceremony.
  • In May, 2020, for USD 7 billion, ZF Friedrichshafen AG acquired WABCO. Now that WABCO's Commercial Vehicle Control Systems Division has been integrated into ZF, the two companies will work to develop a worldwide integrated system for commercial vehicle technology. In order to lower the number of collisions involving commercial trucks, ZF and WABCO previously worked together to develop solutions like evasive manoeuvre assist. Furthermore, WABCO had been a major supplier of braking systems to ZF.

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