USD 26.19 Billion
Electric Steering System Market Size, Share, Growth Analysis, By Type(Column Assist Electric Power Steering (C-EPS), Pinion Assist Electric Power Steering (P-EPS), and Rack Assist Electric Power Steering (R-EPS)), By Flavor Variation(Passenger Cars, Commercial Vehicles), By Distribution Channel(Steering Column, Steering Motor, and Steering Gear), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20T2018 |
Region:
Global |
Published Date: April, 2024
Pages:
217
|Tables:
89
|Figures:
76
Electric Steering System Market Insights
Global Electric Steering System Market size was valued at USD 26.19 Billion in 2022 and is poised to grow from USD 27.7 Billion in 2023 to USD 43.32 Billion by 2031, growing at a CAGR of 5.75% in the forecast period (2024-2031).
The global electric power steering system (EPS) market is experiencing high growth driven by several key factors. The automotive industry’s shift towards advanced driver empowerment systems and increasing calls for greener fuel technologies are key factors in the adoption of EPS.
Moreover, increasing sustainability of autonomous and semi-autonomous devices is fueling the market growth further as EPS matches the requirements using these advanced technologies. As a result, EPS in modern vehicles is becoming a well-known trend, contributing to the growth of the global electric steering system market significantly.
Growing consumer demand for better driver assistance systems (ADAS) and gasoline vehicles. EPS systems play an important role in vehicle safety and gas economy by bringing car buyers in line with changing options. The broader shift by the automotive industry to hybrid electric vehicles continues to drive EPS recognition for its compatibility with that emerging technology.
Electric power steering (EPS) uses electric motors to assist drivers. Electric steering is increasingly replacing hydraulic steering in the automotive industry. An electric steering system is an integrated set of linkages that do not rotate the vehicle within a minimum radius. It uses an electric motor and increases steering power with minimal effort from the driver. It has no hoses, fluids, drive belts, pulleys or pumps, so the driving experience is simple and comfortable. EPS improves fuel efficiency & driving experience, contributes to energy savings, and improves turning accuracy. Furthermore, increased demand for safety and luxury is expected to fuel the growth of the electric steering wheel market during the forecast period.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Steerage Motor
Fastest Growth
Steering Wheel
Growth Rate
5.75% CAGR
Global Electric Steering System Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Electric Steering System Market Segmental Analysis
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
Rack Assist Electric Power Steering (R-EPS) is likely to dominate the market. R-EPS is generally adopted in automotive parts due to its flexibility and effectiveness, making it a desirable option for many manufacturers. It provides exceptional and responsive steering, improves overall vehicle performance and enjoyable handling.
Colum Assist Electric Power Steering (C-EPS) is expected to be the fastest growing segment. As cars are emerging with additional electricity, C-EPS systems that use electric vehicles in the cabin are the widespread trend for electric vehicles is consistent with electrical work.
Analysis by Component
The steerage motor segment may dominate the market during the forecast period. Continuous advances in machine technology, including brushless vehicles, contribute to advanced efficiency, functionality and robustness, making it a key area of innovation in the EPS market. In an electric steering system, a steering mechanism is an integral part of providing electrical assistance to the driver. Unlike conventional hydraulic systems, electric motors use mechanical assistance for steering, making it easier for the driver to turn the wheel, especially when learning speeds or parking. Electric steering systems can be configured to provide variable assistance depending on driving conditions. For example, more support is provided at lower speeds, allowing for greater engagement, while support is reduced at higher speeds for better stability.
The steering wheel is expected to be the fastest growing commodity. The steering column is designed with innovative features, including adjustable functionality and controls for better driver efficiency support features, making it essential for modern vehicle design. The steering wheel is the key interface between the driver and the steering wheel. This allows the driver to control the vehicle's direction by turning the wheel to the left or right. Modern steering is designed to respond to the driver, providing feedback on road conditions and vehicle response. This feedback increases driver control and awareness. Steering wheels typically incorporate a variety of controls and buttons such as audio, cruise control, driver assistance systems, etc. This integration increases comfort and safety for the driver.
Global Electric Steering System Market By Component (%)
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Electric Steering System Market Regional Insights
Asia Pacific has every potential to dominate the global electric steering system market. The region is a major global hub for automobile manufacturing, with major players from countries such as China, Japan and South Korea. The massive expansion of automotive production contributes to the high demand for EPS systems. The Asia Pacific region in the market is expected to dominate the market from 2024 to 2031. Increasing disposable income, rapid urbanization and growing purchasing power drive the demand for electric steering systems of this region in addition to vehicle weight reduction, Focusing on increasing fuel efficiency and complying with stringent emissions regulations for carmakers with Asia has increasingly adopted electric steering system Furthermore, China had the largest market share in the electric steering market and Indian electric steering was an important growing market in Asia Pacific.
North America is predicted to be the fastest growing region for the electricity industry. The site is at the forefront of technology development in the automotive quadrant, with a strong focus on integrating advanced driver assistance systems and EPS-certified electric vehicle technology increasing consumer demand for advanced driver assistance systems (Adas). The North America electric steering market is expected to grow significantly with the presence of prominent players, technological advancements, leading to the use of electric steering systems in the region and supportive government policies and increasing consumer base in the case of hybrid electric vehicles also increases the market expansion.
Global Electric Steering System Market By Geography
- Largest
- Fastest
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Electric Steering System Market Dynamics
Drivers
Increasing Integration of Advanced Driver Assistance Systems (Adas) with Eps
- The integration of Advanced Driver Force Assistance Structures (ADAS) with EPS, enforces the safety function of road maintenance and parking assistance strengthen their own establishment. The company is witnessing a shift towards using cables through the steering wheel, moving away from touch devices between the steering wheel and wheels, largely due to the flexibility and customizability of the vehicle system.
Rapid Development of Sensor Applications
- A sensor on the steering wheel measures two main driver inputs: torque (steering effort), and steering wheel speed and position. Thus, three types of sensors have been used in such systems: torque sensor, steering wheel speed sensor, and position sensor. These sensors provide the signal as input to the ECU, which provides the appropriate output to the steering system for each action. Torque sensors are usually non-interacting sensors. These sensors measure the force exerted by the driver on the steering wheel, thereby enabling intuitive tracking of the electric steering. It works on the principle of non-contact magnetometry. It consists of a magnet unit, a flow tube unit, and a sensor unit. The torque sensor wire itself has two independent coils. One coil determines whether a right-hand adjustment is made, and the other determines whether a left-hand adjustment is made. The signal is then fed from the EPS module to the appropriate coil, which then helps drive the vehicle.
Restraints
High Initial Cost Associated with Implementing an EPS System
- One of the principal limitations of the market is the higher initial price associated with implementing an EPS system compared to a traditional water guidance system. This inherent cost poses challenges especially in a market with price-conscious buyers and economic uncertainty. Another limitation is the potentially extensive complexity of storage and restoration, as EPS systems contain electronic interfaces that may require specialized capabilities and processors.
Limited Aftermarket
- A wide range of aftermarket options is essential for customers seeking cost-effective and customized solutions. After sales expansion requires industry shareholders strive to diversify offerings, increase consumer choice, and encourage a competitive post-ecosystem. The vehicle owners seeking to repair or improve aftermarket is a challenge. Electric power steering systems offer performance advantages, but its maintenance and repair complexity pose a significant challenge to the market Proper service requires specialized knowledge and equipment, which can be costly for vehicle owners in terms of maintenance.
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Electric Steering System Market Competitive Landscape
The competitive environment of the Global Electric Steering System Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
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
- October 2023: The Competition Commission of India (CCI) on Tuesday announced that it has authorized the acquisition of the special stake of Hitachi Estemo Ltd (HAL) by Japan Investment Corporation and Honda Motor Co Ltd (HMCL).
- April 2023: Nexteer Automotive adds Modular Rack-Assist Electric Power Steering (mREPS), enhancing its cost-effective, modular EPS response types Offering this new, mREPS, flexibility to meet various Original Equipment Manufacturers (OEMs) production requirements for advanced steering systems, especially in heavy vehicles such as electric vehicles (EVs) and light commercial vehicles.
- August 2022: NSK Ltd announces plans to redesign the steering wheel. The company received an order for electric steering (EPS) from Volkswagen (VW) Group and announced plans to start mass production in spring 2023.
Electric Steering System Key Market Trends
- Improvements in Power-power Steering: Improvement in electrification is driving the market CAGR for electric steering. EPS systems are more energy efficient, provide better information to drivers, and are more efficient, improving control and safety. In addition, EPS systems require less maintenance, reducing customer costs over the life of the vehicle. As a result, the demand for EPS systems is expected to increase, especially in emerging markets such as Japan, China and India where demand for affordable and fuel-efficient vehicles is on the rise. In addition, Steer-by-wire (SBW) systems, which are gaining widespread adoption, are electric steering that eliminate the connection between the steering wheel and the wheels of the vehicle and instead the SBW system uses electronic signals to control the steering so, and is more automotive gains flexibility, reduces weight and complexity. The SBW system also offers advanced safety features such as automatic collision avoidance and mechanically adjustable left- and right-hand control.
- Increase in Automobile Production: Population growth and urbanization created a huge demand for automobiles worldwide, leading to increased production of automobiles. Increase in production of passenger cars and commercial vehicles in developed countries, owing to development in transportation sector, is expected to boost market growth apart from development of efficient roads attracting more customers is further expected to drive the growth of the global electric steering system market during the forecast period.
Electric Steering System 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 electric steering system market study reveals a dynamic market with many notable growths and challenges. The market is driven by the demand for fuel-efficient vehicles and advanced driver assistance systems (ADAS). However, incurred costs and potential maintenance challenges prevent widespread adoption. Rack Assist EPS dominates, they want simplicity and cost-effectiveness. Asia Pacific leads in terms of market share, driven by strong automotive manufacturing. Key trends include integration of ADAS in EPS, shift to steer-by-wire technology, and increasing demand for hybrid electric vehicles. The market reflects a dynamic, balanced environment in terms of technological development and cost consideration and focus on sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 26.19 Billion |
| Market size value in 2031 | USD 43.32 Billion |
| Growth Rate | 5.75% |
| Forecast period | 2024-2031 |
| 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 Electric Steering System 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 Steering System 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 Steering System 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 Steering System 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 Steering System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Steering System 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.
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