USD 25.66 Billion
Electric Power Steering Market Size, Share, Growth Analysis, By Product type,(fruit strips, fruit gummies, fruit bars, dried fruits), By Flavor Variation(Strawberry, apple, mango, mixed fruit blends), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores, Independent Small Stores, Online Sales Channel), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2115 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
98
|Figures:
76
Electric Power Steering Market Insights
Global Electric Power Steering Market size was valued at USD 25.66 Billion in 2022 and is poised to grow from USD 27.10 Billion in 2023 to USD 41.90 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).
The growing emphasis on sustainability and rising demand for more fuel-efficient vehicles around the world are primarily driving the sales of electric power steering systems. Increasing sales of electric and hybrid vehicles around the world is also expected to bolster electric power steering market growth over the coming years. Rising emphasis on vehicle safety and impositions of stringent regulations to ensure the same are also expected to create new opportunities for electric power steering companies in the future. Moreover, the high demand for better driving experience and comfort in vehicles by consumers is also estimated to boost the adoption of electric power steering going forward. The rising use of steer-by-wire systems in multiple electric and hybrid vehicles is also expected to bolster the global electric power steering market development in the long run. However, limited steering feedback, challenges in aftermarket and retrofit installations, and high costs and complexity of development are some key constraints that impede electric power steering adoption.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Rack Assist Electric Power Steering (R-EPS)
Fastest Growth
Column Assist Electric Power Steering (C-EPS)
Growth Rate
5.60% CAGR
Global Electric Power Steering Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Electric Power Steering Market Segmental Analysis
The global Electric Power Steering market is segmented into four major segments i.e. by Type, Vehicle Type, Component, and region. Based on Type, it is divided into Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), Rack Assist Electric Power Steering (R-EPS). Based on Flavor variation, it is bifurcated as Passenger Cars, Commercial Vehicles. Based on Distribution channel it is segregated into, Steering Column, Steering Motor, Steering Gear. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, Latin America.
Analysis by Type
Column Assist Electric Power Steering (C-EPS) segment is projected to account for a substantial share of the global electric power steering market. Improved maneuverability and responsiveness offered by column assist electric power steering is what allows it to account for a high market share. Low maintenance, lightweight nature of components, and enhanced performance are other characteristics of column assist electric power steering that will promote its demand in the future. Growing use of this type of electric power steering in multiple autonomous and electric vehicles is also expected to contribute to its dominant stance going forward.
On the other hand, the demand for rack assists electric power steering is projected to rise at a noteworthy pace over the coming years. The growing use of this type of electric power steering in commercial vehicles is a major factor generating new opportunities in this segment. Easy optimization and use for heavy commercial vehicles are projected to bolster the demand for rack assist electric power steering systems in sustainable commercial vehicles of tomorrow. This type of steering system is capable of handling heavier front axle loads as well. Growing demand for autonomous commercial vehicles will offer new business scope for electric power steering companies operating in this segment.
Analysis by Vehicle Type
Passenger cars are forecasted to account for a dominant share of the global electric power steering market owing to surging sales of vehicles on a global level. Increasing demand for electric and hybrid passenger cars coupled with imposition of stringent emissions reduction mandates for these vehicles are promoting the adoption of electric power steering in this segment. The rising popularity of electric vehicles and evolving consumer preferences for a smooth driving experience are also expected to bolster the sales of electric power steering systems in this segment going forward. Rising disposable income of people will also play a crucial role in maintaining the dominance of this segment.
Meanwhile, the demand for electric power steering systems in commercial vehicles is estimated to rise at a notable pace across the forecast period and beyond. Rising emphasis on safety in commercial vehicles and growing adoption of advanced safety systems are also expected to help this segment generate new opportunities for market players going forward. High emphasis on improving fuel efficiency of commercial vehicles is also estimated to create a new business scope for electric power steering providers in the long run. Efforts to improve commercial vehicle stability in high load and adverse driving environments will also promote the adoption of electric power steering in the future.
Global Electric Power Steering Market By Vehicle Type
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Electric Power Steering Market Regional Insights
The presence of key automotive giants and a robust automotive manufacturing industry in the Asia Pacific region makes it the leading market for all electric power steering companies. The imposition of strict vehicle emission control mandates, rising sales of electric vehicles, growing disposable income of people, and evolving consumer preferences are all expected to drive up the demand for electric power steering in this region. China is slated to be the largest market for electric power steering companies in the Asia Pacific region owing to high sales of electric vehicles. India, South Korea, and Japan are other opportune markets for market players looking to make a mark in this region.
Meanwhile, North America is forecasted to account for the second-largest share of the global electric power steering market. Rising sales of electric vehicles and imposition of strict vehicle efficiency mandates are slated to promote the adoption of electric power steering in this region going forward. Canada and the United States are projected to emerge as the most opportune markets for electric power steering companies operating in North America through 2031 and beyond. Adoption of electric power steering systems by companies such as Tesla, Rivian, and Lucid is also expected to boost market growth potential in this region going forward.
Global Electric Power Steering Market By Region
- Largest
- Fastest
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Electric Power Steering Market Dynamics
Drivers
Demand for Comfortable Driving Experience
- Consumers around the world are demanding a comfortable driving experience and this is why automotive companies are promoting the use of electric power steering systems. Smoother and more responsive steering characteristics of electric power steering systems are helping them become a popular choice among vehicle owners thereby driving market development potential as well.
Rising Sales of Hybrid or Electric Vehicles
- Electric vehicles do not have a combustion engine to power traditional power steering systems and hybrid vehicles also focus on boosting efficiency by opting for electric power steering systems. Growing use of steer by wire systems in these vehicles is forecasted to create new opportunities for electric power steering providers in the future.
Restraints
Lack of Steering Feedback
- While electric power steering offers top-of-the-line comfort and ease, it lacks the feedback of road that the conventional systems offer. This issue results in a lack of feeling and understanding of the vehicle’s grip on the road, especially in high-performance vehicles. Thus, limited steering feedback is expected to impede electric power steering demand outlook going forward.
Aftermarket and Retrofit Installation Challenges
- Retrofitting an electric power steering system in a conventional vehicle is a herculean task as it involves significant modifications to the vehicle structure and electric systems as well. This issue in retrofitting and complex aftermarket installation is expected to slow down the overall market growth in the long run.
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Electric Power Steering Market Competitive Landscape
Electric power steering companies should focus on improving the steering feedback to make it feel more like conventional steering that people are used to. Collaborating and partnering with automotive companies will be a key strategy for all electric power steering companies. Launching new electric power steering systems with advanced features will also help market players stand out in the competitive landscape in the future.
Top Player’s Company Profiles
- Robert Bosch GmbH (Germany)
- JTEKT Corporation (Japan)
- Nexteer Automotive (US)
- ZF Friedrichshafen AG (Germany)
- NSK Ltd. (Japan)
- Denso Corporation (Japan)
- Valeo S.A. (France)
- Continental AG (Germany)
- Infineon Technologies AG (Germany)
- Honeywell International Inc. (US)
- HELLA GmbH & Co. KGaA (Germany)
- Sensata Technologies, Inc. (US)
- TT Electronics Plc (UK)
- NXP Semiconductors N.V. (Netherlands)
- Mando Corp. (South Korea)
- Hyundai Mobis (South Korea)
- Magna International Inc. (Canada)
- Aisin Seiki Co., Ltd. (Japan)
- Thyssenkrupp AG (Germany)
- TRW Automotive (US)
Recent Developments
- In August 2024, Nexteer Automotive, a leading supplier of power steering systems based in the United States announced the launch of its new modular electric power steering system. Modular Pinion-Assist Electric Power Steering (mPEPS) system is aimed at offering cost-effective steering solutions for automotive companies and provides them with option of component reuse as well.
- In November 2023, Tesla, a leading electric vehicle manufacturer from the United States announced the arrival of its previously announced Cybertruck. The new electric vehicle features a futuristic all metal design and comes equipped with a steer-by-wire system for a smooth and comfortable driving experience.
- In September 2023, Titan, a steering system provider for electric vehicles based in the United Kingdom announced the launch of a new steer-by-wire system. The new system is based on a 48V electronic system and features an all-new in-house manufactured electric motor as well.
Electric Power Steering Key Market Trends
- Steer-by-Wire Technology: Electric power steering companies should focus on expanding their business scope by investing in the popular steer-by-wire technology. Steer-by-wire operates completely through electronic controls, allowing for more flexible and customizable steering responses. Steer-by-wire is expected to enhance vehicle design, reduce weight, and improve driving dynamics especially for autonomous and electric vehicles.
- Use of AI and Advanced Technologies: Electric power steering companies can focus on the integration of artificial intelligence and other advanced technologies to improve the steering experience for consumers. AI-driven electric power steering systems can analyze real-time data from sensors and adjust steering responses, accordingly, offering smoother handling and better stability.
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.
As per SkyQuest analysis, growing demand for efficiency in vehicles and imposition of strict emission control mandates are projected to drive the demand for electric power steering. On the contrary, lack of steering feedback and retrofit installation challenges are estimated to impede sales of electric power steering systems over the coming years. Asia Pacific region is slated to spearhead the global electric power steering market development owing to the presence of leading automotive companies and rising electric vehicle sales. Development of novel steer-by-wire systems will offer attractive returns for electric power steering market players in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 25.66 Billion |
| Market size value in 2031 | USD 41.90 Billion |
| Growth Rate | 5.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 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 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 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 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 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 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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