Wilmington, Delaware, United States, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive electric power steering market is estimated to flourish at a CAGR of 5.0% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for automotive electric power steering is estimated to reach US$ 43.0 billion by the end of 2031.
The integration of AI-driven features in EPS systems is gaining attention. AI algorithms enhance real-time data processing, enabling predictive steering responses, optimizing performance, and delivering a more intuitive driving experience.
The incorporation of advanced haptic feedback systems provides tactile sensations, replicating road conditions and enhancing driver awareness. This innovation aims to improve the overall driving experience, adding an extra layer of safety and comfort.
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Emerging technologies aimed at minimizing noise levels in EPS systems contribute to a quieter and more comfortable driving experience. Noise reduction innovations cater to consumer preferences for a refined and serene driving environment.
Key Findings of the Market Report
- Rack assist leads the automotive electric power steering market, offering precise steering control and enhanced driving experience for modern vehicles.
- EPS with ADAS technology leads the automotive electric power steering market, offering enhanced safety features and compatibility with advanced driver assistance systems.
- The electric motor segment leads the automotive electric power steering market, serving as a vital component for steering assistance and control.
Automotive Electric Power Steering Market Growth Drivers & Trends
- Automotive electric power steering systems offer improved fuel efficiency compared to traditional hydraulic systems, driving adoption in vehicles worldwide.
- Continuous innovation enhances EPS performance, reliability, and integration with autonomous driving features, meeting evolving industry standards and consumer expectations.
- Electric vehicles rely on Automotive EPS for precise steering control and efficiency, boosting demand for advanced EPS solutions.
- Compliance with stringent safety standards and regulations mandates the integration of EPS systems in modern vehicles, promoting market growth.
- Automotive EPS plays a crucial role in enabling autonomous driving capabilities, leading to increased integration of EPS systems in next-generation vehicles.
Global Automotive Electric Power Steering Market: Regional Profile
- In North America, stringent safety regulations and the demand for fuel-efficient vehicles drive the adoption of Automotive EPS systems. The United States leads the region with major players like Delphi Technologies and Nexteer Automotive dominating the market. The focus on technological innovation and consumer preferences for enhanced driving experiences propel the growth of EPS solutions.
- Europe boasts a mature Automotive EPS market, driven by the presence of leading automotive manufacturers and stringent emission standards. Countries like Germany, France, and the United Kingdom house major EPS system suppliers such as Robert Bosch GmbH and ZF Friedrichshafen AG. The region emphasizes innovation in electric vehicle technologies and autonomous driving, fostering the integration of advanced EPS systems.
- Asia Pacific emerges as a burgeoning market for Automotive EPS, fueled by rapid urbanization, rising disposable incomes, and increasing automotive production. China, Japan, and South Korea lead the region, with companies like JTEKT Corporation and NSK Ltd. capitalizing on the growing demand for EPS systems in passenger and commercial vehicles.
- The region's focus on sustainability and technological advancements further propels market growth, making Asia Pacific a significant contributor to the global Automotive EPS market.
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Automotive Electric Power Steering Market: Competitive Landscape
The automotive electric power steering market is fiercely competitive, marked by prominent players like Bosch, JTEKT Corporation, and ZF Friedrichshafen AG. Intense rivalry arises from technological advancements, product innovation, and cost-effective solutions. These companies vie for market share by offering EPS systems with enhanced performance, reliability, and efficiency.
Strategic partnerships, mergers, and acquisitions are common tactics to expand market presence and technological capabilities. Stringent emissions regulations and the shift towards electric vehicles intensify competition, driving manufacturers to develop EPS solutions that align with sustainability goals while meeting evolving customer demands for safety and driving comfort. Some prominent players are as follows:
- JTEKT Corporation
- DENSO Corporation
- Sona Koyo Steering Systems Ltd.
- ZF Friedrichshafen
- GKN plc
- Robert Bosch GmbH
- NSK Ltd.
- Mitsubishi Electric Corporation
- China Automotive Systems Inc.
- Delphi Technologies
- Hyundai Mobis
- Thyssenkrupp
- SHOWA Corporation
- Mando Corp.
- Global Steering Systems
- Zhejiang Shibao Company Limited
- TRIDEC
- Hitachi Astemo Ltd.
Product Portfolio
- GKN plc specializes in advanced engineering solutions, offering a diverse product portfolio including driveline components, aerospace systems, and powder metallurgy products. With a legacy of innovation and reliability, GKN serves global markets, delivering high-quality solutions that drive performance and efficiency across industries.
- NSK Ltd. is a renowned manufacturer of bearings, automotive components, and precision machinery. With a commitment to quality and precision engineering, NSK delivers reliable solutions for diverse industries including automotive, aerospace, and industrial machinery, enabling efficient and sustainable operations worldwide.
Automotive Electric Power Steering Market: Key Segments
By Motor Assist
- Column Assist
- Pinion Assist
- Rack Assist
By Technology
- Conventional EPS
- EPS with ADAS
By Component
- EPS Control Module
- Electric Motor
- Rack & Pinion
- Steering Column
By Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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