USD 25.09 billion
Automotive Electric Power Steering Market Size, Share, Growth Analysis, By Type(Column Assist EPS, Pinion Assist EPS, and Rack Assist EPS), By Component(Steering Wheel, Steering Column, Sensors, Electronic Control Unit (ECU)), By Vehicle Type(Passenger Cars, Light Commercial Vehicles (LCVs), and Heavy Commercial Vehicles (HCVs).), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2272 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
92
|Figures:
76
Automotive Electric Power Steering Market Insights
Automotive Electric Power Steering Market size was valued at USD 25.09 billion in 2022 and is poised to grow from USD 26.55 billion in 2023 to USD 41.67 billion by 2031, growing at a CAGR of 5.52% in the forecast period (2024-2032).
The global Automotive Electric Power Steering (EPS) marketplace is witnessing a sturdy boom, propelled by using a confluence of factors shaping the automobile industry. A key driving force is the growing demand for gas-green and green vehicles, using the adoption of electrical energy guidance structures over traditional hydraulic options. Additionally, stringent emission rules globally have multiplied the shift in the direction of electrically assisted steerage answers.
The inherent blessings of EPS, together with electricity performance, advanced manoeuvrability, and the ability for integration with advanced driver-assistance systems, further make contributions to marketplace growth. As automakers prioritize stronger driving stories and gas efficiency, the Automotive EPS marketplace is poised for sustained increase and technological advancements.
Market Snapshot - 2024-2032
Global Market Size
Largest Segment
Rack Assist EPS
Fastest Growth
Column Assist EPS
Growth Rate
5.52% CAGR
Global Automotive Electric Power Steering Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Automotive Electric Power Steering Market Segmental Analysis
The global Automotive Electric Power Steering market is segmented into four major segments i.e. by Type, Component, Vehicle Type, and region. Based on Type, it is divided into Column Assist EPS, Pinion Assist EPS, Rack Assist EPS. Based on Material, it is bifurcated as Steering Wheel, Steering Column, Sensors, Electronic Control Unit (ECU), Electric Motor. Based on Vehicle Type it is segregated into, Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs). Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Automotive Electric Power Steering Market Analysis by Type
Rack Assist EPS is probably to dominate the market. This type offers precise and responsive steerage control, making it a desired preference for diverse vehicle segments. Its recognition is attributed to the stability it offers between performance and value-effectiveness, making it suitable for a wide variety of vehicles, consisting of compact vehicles and mid-sized automobiles.
Column Assist EPS is expected to be the fastest-developing kind. The fashion toward electric powered strength steerage in compact and mid-sized vehicles, in which area optimization is crucial, drives the increase of Column Assist EPS. The layout flexibility and ease of integration with the steering column make it increasingly more popular, mainly in smaller automobile categories, contributing to its rapid-paced adoption.
Automotive Electric Power Steering Market Analysis by Component
The electric powered motor is likely to dominate the market. The electric motor is an essential factor inside the EPS machine, responsible for imparting the necessary help in guidance. As the call for for electric powered power steering structures continues to upward thrust due to their electricity efficiency and superior performance, the electrical motor, being the centre detail, is anticipated to dominate the market.
Sensors are expected to be the quickest-developing issue. With the growing integration of superior driving force-assistance systems and the call for extra sophisticated guidance functionalities, the role of sensors in EPS turns into pivotal. Sensors make contributions to specific steerage manage and permit capabilities inclusive of lane-preserving assistance and adaptive guidance. As motors contain greater clever and related capabilities, the demand for superior sensor technologies is likely to gas the growth of this thing.
Global Automotive Electric Power Steering Market By Type
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Automotive Electric Power Steering Market Regional Insights
Asia-Pacific is likely to dominate the market. The vicinity is a hub for automotive production, with essential economies like China, Japan, and South Korea playing key roles. The high manufacturing volumes of cars in Asia-Pacific, coupled with the increasing adoption of electric electricity steerage structures with the aid of automakers, contribute to the region's dominance.
North America is expected to be the fastest-growing vicinity. The place reviews a non-stop call for superior car technologies, and the growing desire for gas-green and technologically superior automobiles drives the adoption of Electric Power Steering. Additionally, the presence of main car manufacturers and a consumer base inclined toward innovative automotive answers contribute to the location's speedy-paced increase.
Global Automotive Electric Power Steering Market By Region
- Largest
- Fastest
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Automotive Electric Power Steering Market Dynamics
Automotive Electric Power Steering Market Drivers
Increasing Demand for Enhanced Driving Experience and Fuel Efficiency
- The increasing client call for stronger riding experience and gas efficiency in cars has propelled the adoption of electric strength steering structures over traditional hydraulic options. The inherent power performance and responsive manage of EPS align with the automobile industry's cognizance on sustainability and technological improvements.
Increasing Stringent Emission Guidelines Globally
- The stringent emission guidelines globally are accelerating the shift toward electrically assisted steering answers, as they make contributions to overall car performance and reduced environmental effect.
Automotive Electric Power Steering Market Restraints
High Initial Implementation Cost of Electric Power Steering Systems
- One of the main market restraints is the initial implementation fee of electrical energy steerage structures may be a good-sized barrier, for consumers in rising markets or those driving older vehicles. The complexity of EPS systems and the need for periodic preservation could pose demanding situations in phrases of OEM adoption. Additionally, the over-reliance on electronic components makes motors extra at risk of ability cybersecurity threats, adding a layer of concern
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Automotive Electric Power Steering Market Competitive Landscape
The aggressive environment of the Automotive Electric Power Steering marketplace is dynamic and is characterized by using extreme opposition amongst key industry gamers and a continual recognition on technological innovation. The companies leverage their studies and development skills to introduce advanced EPS answers, emphasizing strength efficiency, precision, and integration with evolving automotive technology. Additionally, partnerships and collaborations between EPS producers and automobile OEMs make contributions to a dynamic aggressive landscape.
Automotive Electric Power Steering Market Top Player’s Company Profiles
- Nexteer Automotive
- NSK Ltd.
- Thyssenkrupp AG
- Mando Corporation
- Hitachi Automotive Systems, Ltd.
- Hyundai Mobis Co., Ltd.
- Mitsubishi Electric Corporation
- Showa Corporation
- Delphi Automotive PLC
- TRW Automotive Holdings Corp. (Acquired by ZF Friedrichshafen AG)
- China Automotive Systems, Inc.
- Maval Manufacturing, Inc.
- Federal-Mogul Motorparts LLC
- Hyundai WIA Corporation
- Zhejiang Shibao Company Limited
- Zhejiang Wanda Steering Gear Co., Ltd.
- ATS Automation Tooling Systems Inc.
Automotive Electric Power Steering Market Recent Developments
- April 2023: Nexteer Automotive has unveiled its Modular Rack-Assist Electric Power Steering (mREPS) gadget, extending the enterprise's variety of cost-powerful, modular EPS answers. The mREPS by way of Nexteer offers versatility to efficiently cope with various necessities of Original Equipment Manufacturers (OEMs) for superior steering structures in heavier automobiles, such as Electric Vehicles (EVs) and mild business cars.
- May 2023: DENSO Corporation unveiled its next-generation Electric Power Steering Motor Control Unit (EPS-MCU) designed to elevate car managing and safety. This progressive generation debuted inside the June 2020 launch of the TOYOTA NEW HARRIER and is poised to be incorporated into various automobile models from severa automakers. The EPS-MCU represents a vast development in driver manipulate and occupant safety, paving the manner for a more secure and more responsive riding experience.
- June 2023: Nidec Corporation (TSE: 6594; OTC US: NJDCY) ("Nidec") keeps its legacy of leadership in electric powered electricity steering with the introduction of its revolutionary EPS-PP (Electric Power Steering Motor Power Pack). Building on a long time of experience developing and manufacturing EPS cars broadly adopted by means of automakers globally, Nidec takes a soar forward with this new incorporated answer.
Automotive Electric Power Steering Key Market Trends
- Rising Integration of Advanced Sensor Technologies: The tremendous shift towards the improvement and integration of steer-via-twine era, removing the need for a physical connection between the steering wheel and the wheels. This fashion complements layout flexibility and opens avenues for advanced driving force-assistance systems. Additionally, the enterprise is experiencing a multiplied attention on software program-primarily based enhancements, considering customizable steering experience and reaction. Another rising trend is the integration of Artificial Intelligence (AI) and system studying algorithms to optimize guidance manage and adapt to various driving situations.
Automotive Electric Power Steering Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Automotive Electric Power Steering market analysis well-known shows a dynamic market with some of standout traits and difficulties. The marketplace is propelled by means of the growing demand for fuel-efficient cars and the transition toward electrically assisted steering structures. However, fee worries associated with preliminary implementation and protection avert market increase. Rack Assist EPS dominates the product kinds, putting a balance among performance and value-effectiveness. Asia-Pacific leads the market, pushed by strong car production. The integration of steer-by means of-cord generation and AI algorithms reflects key market traits, emphasizing technological advancements. Overall, the Automotive EPS marketplace is characterised with the aid of a dynamic landscape, formed by the pursuit of efficiency, protection, and improvements in steerage technology.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 25.09 billion |
| Market size value in 2031 | USD 41.67 billion |
| Growth Rate | 5.52% |
| Base year | 2023 |
| Forecast period | 2024-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Electric Power Steering Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Electric Power Steering Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Electric Power Steering Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Electric Power Steering Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Electric Power Steering Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Electric Power Steering Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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