Electric Power Steering Market: Global Industry Analysis and Forecast (2021-2029) Trends, Statistics, Dynamics, Segment Analysis

Electric Power Steering Market size was valued at US$ 24.5 Bn. in 2021 and the total revenue is expected to grow at 5.7% of CAGR through 2022 to 2029, reaching nearly US$ 38.17 Bn.

Electric Power Steering Market Overview:

One of the most important technologies for highly autonomous driving is electric power steering (EPS). The EPS variations are acceptable for light commercial vehicles as well as small, mid-sized, and sports automobiles. The steering of the vehicle is managed by an electric motor within the electric power starting. The EPS regulates and supports vehicle steering with the use of an electric motor, giving the driver a satisfying and ideal steering experience. The latest generation of control units also offers security in the event of an error. Up to SAE-Level 4, the electric interface allows for highly automated driving with the highest level of security. The electric power starting market highly driving thanks to The main driver driving the global Electric Power Steering Market is the rapid population growth, which has increased demand for both luxury and non-premium cars in all major economies. Macroeconomic reasons such as increasing urbanization and industrial activity, as well as an improvement in living standards and an increase in demand for luxury and comfort in automobiles globally, are all contributing to the need for electric power steering. Governments all around the world are adopting laws and regulations to regulate the fuel economy. For instance, the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule, which was published in April 2020 by the National Highway Traffic Safety Administration (NHTSA) and the Environmental Protection Agency (EPA), required automakers to increase fuel economy. Due to their superior energy efficiency and lack of a power steering pump, hoses, hydraulic fluids, drive belt, and pulley on the engine, electric power steering systems have become increasingly popular as a result of these restrictions. Electric power steering vehicle driving experience restricts the market growth. Compared to hydraulic steering systems, electric power steering systems are lighter, which will appeal to drivers and create new opportunities in the future.Electric Power Steering MarketTo know about the Research Methodology:-Request Free Sample Report

Electric Power Steering Market Dynamics:

Government initiatives and a growing focus on safer automotive systems The number of accidents have significantly increased, which has driven end users to adopt improved safety measures. In all first-world nations, accident and fatality rates have consistently decreased thanks to advancements in road and vehicle design. Governments are concentrating on enforcing strict safety regulations and encouraging the adoption of various car subsystems since accident rates are still higher in some developing countries. The safety of the underlying fundamental vehicle systems will be a factor in how sophisticated driver assistance systems and other automated technologies are integrated into the nation's fleet. Although many already deployed fundamental systems are legacy systems that predate ISO 26262, new technologies may be constructed in line with the functional safety requirement of ISO 26262. In this report, the Volpe National Transportation Systems Center and NHTSA discuss the research they conducted to determine the functional safety standards for one such essential system, the electric power steering system. Automated lateral control technologies like ALC are built on the base of fundamental steering and braking systems. These concerns are motivating automakers to include a number of safety-enhancing features in their vehicles. Modern cars may now be found with cutting-edge security and safety measures. Consumers are now more interested in choosing automobiles that are outfitted with improved safety systems as a result of their increased concern for safety systems and technology. Mercedes, Audi, and BMW vehicles are the first to include steer-by-wire technology Tesla is becoming more well-known in the autonomous vehicle market as a result of its switch to steer-by-wire systems, which do away with the need for mechanical linkages in a steering system. This makes using electrical or electro-mechanical steering systems more advantageous. But for a vehicle to be road-legallegal, mechanical linkages in the steering systems are still commonplace in many nations. As a result, businesses in the automotive electric power steering market are expanding their testing facilities in Los Angeles and Washington D.C., where governments have approved driverless cars with electric power steering. The DTM 2021 season will begin in Italy's Monza. Leading industrial and automotive supplier Schaeffler will put the steer-by-wire Space Drive on the starting grid. Three DTM vehicles will have the technology, including the BMW M6 GT3 that will be driven by Timo Glock and the Mercedes-AMG that will be driven by brand ambassador for Schaeffler Sophia Flörsch. Possibilities for neighbourhood communities Launched at Rs 16.30 lakh, the Hyundai Alcazar received 4,000 reservations in one week. BMW will introduce its hydrogen-powered X5 in 2022. Instead of using a mechanical steering column, Space Drive technology transmits steering signals entirely digitally through a wire. An significant part of Schaeffler's Roadmap 2025 includes autonomous driving. In its“Vision Chassis 2035”, the company has developed a basic scenario for the level of automation of cars and light commercial vehicles. PID Control Method has the Potential to Solve EPS Operational Problems Systems with electric power steering (EPS) are known to be lightweight, energy-efficient, and conducive to safe driving. Manufacturers are overcoming operational problems with these systems, such as model uncertainty and outside influence. In order to improve the ergonomics of EPS, firms in the automobile electric power steering industry are thus expected to collaborate with academics and researchers who provide advise on a variety of control theories. The flexible PID (Proportional-Integral-Derivative) control approach, which offers real-time tracking capability, is garnering substantial research support from companies in the vehicle electric power steering sector. The PID control approach is regarded as the industry standard for enhancing steering stability and sensitivity. Due to the real-time adjustability of PID parameters in response to the operational environment, the reaction capabilities of EPS system more fast and accurate.

Electric Power Steering Market Segment Analysis:

Based on Type, the Electric Power Steering Market is segmented into Rack assist type (REPS)held maximum market shear in 2021. A combination of rack and pinion gears that are linked to both front wheels is known as a "steering rack." The rack and pinion gears engage when we spin the steering wheel, shifting the wheels of the vehicle to the left or right and allowing us to control the vehicle. Power is an abbreviation for power-assisted. It provides additional assistance that helps us spin the steering rack, which makes steering our automobile easier. The term "electric" indicates the adoption of electronics by the steering rack to supply additional power. Overall, an electric power steering rack is similar to any other steering rack with the exception that it adds more power using electric components. For bigger cars, Automotive's Rack Assist EPS (REPS) is designed to handle greater front-axle loads and maximize packing space. Mid-sized cars and trucks as well as full-size trucks can be guided by these systems. System electronics are built to endure the extreme temperatures and environmental exposure characteristic of the engine compartment and are incorporated into the housing of the steering rack. REPS' unitized motor controllers are simple to fit many vehicle platforms and save important space in engine compartments. Compared to systems using remote electronic controls, they lower the cost of construction and improve performance quality, which is some of the driving factors of market growth. a rack travel end stop mechanism for electric power steering that protects against damage in the case of an overload condition. In order to abut each housing abutment of the rack housing in the case of an electric power steering system Over speed situation and prevent tie rod assembly abutment with the housing, an abutment body is mounted to each end of the power steering rack in externally concentric relation thereto. Additionally essential to the transition of global OEMs to electrification are REPS systems. For example, OEMs are turning to Nexteer's High-Output REPS systems, which nearly double the steering load capabilities of normal REPS, to handle the additional weight of batteries in electric vehicles. In comparison to a normal REPS system's 10–17 kN steering capacity, Nexteer's High-Output REPS system can steer up to 24 kilonewtons (kN) of load. Based on the Mechanism, the Electric Power Steering Market is segmented into Application Rigid, Collapsible. Collapsible market held highest market shear in 2021. The market for Automobile Collapsible Steering Columns has lately seen profound change as a result of the automotive industry's fast technological advancement. People have been exposed to steering technology because of the development of power steering. When compared to conventional manual steering systems, this technology is not only more advanced technologically but also more responsive and improves fuel efficiency. Due to growing consumer demand for increased effectiveness, safety, and comfort, electronic control over steering systems are predicted to have a substantial impact on market growth. The scope of the automobile collapsible steering column market is also expected to grow due to factors like the incorporation of modern driver assist systems in cars and increased consumer purchasing power globally. The car industry agrees that autonomous driving is the way of the future, therefore auto steering makers should expect to receive a lot of attention. There are concerns regarding automobile steering as a "legacy device" in light of IHS Automotive's prediction that over 21 million autonomous vehicles would be sold by the end of 2035. As we go towards the era of self-driving automobiles, there is a contentious issue over the significance of steering systems, which further highlights the need for automotive collapsible steering columns. Leading international automakers like Volkswagen, BMW, Toyota, and Ford are expanding their businesses into new developing areas in order to take advantage of consumers' growing desires for automobiles. The need for vehicle collapsible steering columns will increase as global manufacturers keep entering developing and emerging markets. Based on the Application, based on application type commercial vehicles held the maximum market shear in 2021. Commercial Vehicles (CV) and Passenger Cars (PC) are included in the application segment (CV). The category for commercial vehicles is expected to rise at the fastest rate over the forecast period. The global rise in building and e-commerce operations is the key factor driving this segment's growth. The need for electric power steering for commercial vehicles has been fueled by factors such as reckless expenditures in infrastructure and rural development as well as strict regulatory standards for vehicle length and weight limitations driving the market growth.

Electric Power Steering Market Regional Insights:

The Asia Pacific region dominated the market with a 50 % share in 2021. The Asia Pacific region is expected to witness significant growth at a CAGR of 50% through the forecast period. China, India, Japan, South Korea, and the rest of APAC make up APAC. APAC's economy is doing well as a result of numerous technological and infrastructure advancements. It boasts a strong automotive industry, which is bolstered by the expansion of the car manufacturing sector in countries like India and China. Among the top countries in the world for making vehicles are China, India, South Korea, and Japan. For instance, in 2020 India produced 3,394,446 automobiles. In the same year, China produced 25,225,242 passenger cars and commercial vehicles, making it the world's largest vehicle manufacturer. One of the key factors propelling the automotive electric steering system market in the region is the existence of a robust automotive sector and the rise in the number of passenger car and commercial vehicle manufacturers. With a high revenue turnover in previous years, several manufacturing businesses are investing extensively to develop facilities for electric automobiles and other eco-friendly vehicles. However, Thailand is South East Asia's top producer of automobiles. The Thai government declared in February 2022 that it will provide subsidies ranging from $1911 to $4097, depending on the make and model of the car, to promote domestic production and supply of electric vehicles between 2022 and 2025. Electric power steering systems are expected to profit from the subsidies as EV vehicles utilise them more frequently. Similar to this, the Ministry of Finance of Vietnam suggested a tax policy in November 2021 to reduce or eliminate taxes on domestically made auto parts, hence reducing overall production costs. This strategy promotes investment the country’s vehicle industry. Additionally, Vietnam's vehicle sector has expanded dramatically in recent years as a result of the nation's rapidly growing middle class and rising disposable income, which have greatly boosted automobile expenditures.

Competitive landsape

Some of the major companies in the automotive steering systems sector are China Automotive Systems Inc, Alliances, Customers, JTEKT Corporation, Mando Corporation, Nexteer Automotive, Nexteer’s EPS business in China, NSK Ltd, Robert Bosch Automotive Steering GmbH, Showa Corporation, ThyssenKrupp AG, and ZF Friedrichshafen AG. China Automotive Systems (CAS) manufactures systems and parts for power steering. Its product line comprises steering columns, steering oil pumps, steering hoses, electronic power steering, rack and pinion power steering, integrated power steering, and manual steering. Electric Power Steering MarketCorporation JTEKT It is a top producer of machine tools, driveline components, power steering, and automobile bearings on a global scale. The corporate headquarters are located in Osaka. The major stakeholder of the corporation is Toyota Motor Corporation. In addition, JTEKT has increased the size of its piston gear assembly line and added vacuum carburizing furnaces and rotor machining equipment to its production locations across the world. Corporation Mando In Korea, Mando is a significant producer of steering systems in addition to braking and chassis systems. Hyundai/Kia and other Korean automakers are among its clients. Mando-Brose Corporation, a joint venture between the firm and Brose International, is based in Seoul. For the Korean market, the company creates and produces the first step steering engines.

Electric Power Steering Market Scope: Inquire before buying

Electric Power Steering Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 24.5 Bn.
Forecast Period 2022 to 2029 CAGR: 5.7% Market Size in 2029: US $ 38.17 Bn.
Segments Covered: by Type 1. Rack assist type (REPS) 2. Colum assist type (CEPS) 3. Pinion assist type (PEPS)
by Mechanism 1. Rigid 2. Collapsible
by Application 1. Passenger Cars (PC) 2. Commercial Vehicles (CV)
by Components 1. Steering column 2. Sensors 3. Steering gear 4. Mechanical rack and pinion 5. Electronic control unit 6. Electric motor 7. Bearing
by Electric Motor 1. Brush motor 2. Brushless motor
by Off Highway Application 1. Construction equipment 2. Agricultural equipment

Electric Power Steering Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Electric Power Steering Market, Key Players are

1. JTEKT Corporation (Japan) 2. DENSO Corporation (Japan) 3. Mitsubishi Electric Corporation (Japan) 4. NSK Ltd. (Japan) 5. Nissan Motor Corporation (Japan) 6. Hitachi Automotive Systems (Japan) 7. Renesas Electronics (Japan) 8. ZF Friedrichshafen AG (Germany) 9. Thyssenkrupp (Germany) 10. Robert Bosch GmbH (Germany) 11. TRIDEC (Germany) 12. Infineon Technologies (Germany) 13. GKN Automotive Limited (UK) 14. Delphi Technologies (UK) 15. China Automotive Systems, Inc. (China) 16. Zhejiang Shibao Company Limited (China) 17. Hyundai Mobis (South Korea) 18. Mando Corp. (South Korea) 19. Global Steering Systems (US) 20. Tenneco (US) 21. Nexteer Automotive (US) 22. Maval Industries LLC (US) 23. Danfoss (Denmark) 24. STMicroelectronics (Switzerland) Frequently Asked Questions: 1] What segments are covered in the Global Electric Power Steering Market report? Ans. The segments covered in the Electric Power Steering Market report are based on Product Type, End User, Components, Type of electric Motor and off highway application. 2] Which region is expected to hold the highest share in the Global Electric Power Steering Market? Ans. The asia pacific region is expected to hold the highest share in the Electric Power Steering Market. 3] What is the market size of the Global Electric Power Steering Market by 2029? Ans. The market size of the Electric Power Steering Market by 2029 is expected to reach US$ 38.17 Bn. 4] What is the forecast period for the Global Electric Power Steering Market? Ans. The forecast period for the Electric Power Steering Market is 2021-2029. 5] What was the market size of the Global Electric Power Steering Market in 2021? Ans. The market size of the Electric Power Steering Market in 2021 was valued at US$ 24.5 Bn.
1. Global Electric Power Steering Market: Research Methodology 2. Global Electric Power Steering Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Electric Power Steering Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Electric Power Steering Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 . COVID-19 Impact 4. Global Electric Power Steering Market Segmentation 4.1 Global Electric Power Steering Market, Type (2021-2029) • Rack assist type (REPS) • Colum assist type (CEPS) • Pinion assist type (PEPS) 4.2 Global Electric Power Steering Market, Mechanism (2021-2029) • Rigid • Collapsible 4.3 Global Electric Power Steering Market, Application (2021-2029) • Passenger Cars (PC) • Commercial Vehicles (CV) 4.4 Global Electric Power Steering Market, Components (2021-2029) • Steering column • Sensors • Steering gear • Mechanical rack and pinion • Electronic control unit • Electric motor • Bearing 4.5 Global Electric Power Steering Market, Electric Motor (2021-2029) • Brush motor • Brushless motor 4.6 Global Electric Power Steering Market, Off Highway Application (2021-2029) •Construction equipment • Agricultural equipment 4.7 Global Electric Power Steering Market, by Region (2021-2029) • North America • Europe • Asia Pacific • The Middle East and Africa • South America 5. North America Electric Power Steering Market(2021-2029) 5.1 North America Electric Power Steering Market, Type (2021-2029) • Rack assist type (REPS) • Colum assist type (CEPS) • Pinion assist type (PEPS) 5.2 North America Electric Power Steering Market, Mechanism (2021-2029) • Rigid • Collapsible 5.3 North America Electric Power Steering Market, Application (2021-2029) • Passenger Cars (PC) • Commercial Vehicles (CV) 5.4 North America Electric Power Steering Market, Components (2021-2029) • Steering column • Sensors • Steering gear • Mechanical rack and pinion • Electronic control unit • Electric motor • Bearing 5.5 North America Electric Power Steering Market, Electric Motor (2021-2029) • Brush motor • Brushless motor 5.6 North America Electric Power Steering Market, Off Highway Application (2021-2029) •Construction equipment • Agricultural equipment 5.7 North America Electric Power Steering Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Electric Power Steering Market (2021-2029) 6.1. European Electric Power Steering Market, Type (2021-2029) 6.2. European Electric Power Steering Market, Mechanism (2021-2029) 6.3. European Electric Power Steering Market, Application (2021-2029) 6.4. European Electric Power Steering Market, Components (2021-2029) 6.5. European Electric Power Steering Market, Electric Motor (2021-2029) 6.6. European Electric Power Steering Market, Off Highway Application (2021-2029) 6.7. European Electric Power Steering Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Electric Power Steering Market (2021-2029) 7.1. Asia Pacific Electric Power Steering Market, Type (2021-2029) 7.2. Asia Pacific Electric Power Steering Market, Mechanism (2021-2029) 7.3. Asia Pacific Electric Power Steering Market, Application (2021-2029) 7.4. Asia Pacific Electric Power Steering Market, Components (2021-2029) 7.5. Asia Pacific Electric Power Steering Market, Electric Motor (2021-2029) 7.6. Asia Pacific Electric Power Steering Market, Off Highway Application (2021-2029) 7.7. Asia Pacific Electric Power Steering Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Electric Power Steering Market (2021-2029) 8.1 Middle East and Africa Electric Power Steering Market, Type (2021-2029) 8.2. Middle East and Africa Electric Power Steering Market, Mechanism (2021-2029) 8.3. Middle East and Africa Electric Power Steering Market, Application (2021-2029) 8.4. Middle East and Africa Electric Power Steering Market, Components (2021-2029) 8.5. Middle East and Africa Electric Power Steering Market, Electric Motor (2021-2029) 8.6. Middle East and Africa Electric Power Steering Market, Off Highway Application (2021-2029) 8.7. Middle East and Africa Electric Power Steering Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Electric Power Steering Market (2021-2029) 9.1. South America Electric Power Steering Market, Type (2021-2029) 9.2. South America Electric Power Steering Market, Mechanism (2021-2029) 9.3. South America Electric Power Steering Market, Application (2021-2029) 9.4. South America Electric Power Steering Market, Components (2021-2029) 9.5. South America Electric Power Steering Market, Electric Motor (2021-2029) 9.6. South America Electric Power Steering Market, Off Highway Application (2021-2029) 9.7. South America Electric Power Steering Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 JTEKT Corporation (Japan) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 DENSO Corporation (Japan) 10.3 Mitsubishi Electric Corporation (Japan) 10.4 NSK Ltd. (Japan) 10.5 Nissan Motor Corporation (Japan) 10.6 Hitachi Automotive Systems (Japan) 10.7 Renesas Electronics (Japan) 10.8 ZF Friedrichshafen AG (Germany) 10.9 Thyssenkrupp (Germany) 10.10 Robert Bosch GmbH (Germany) 10.11 TRIDEC (Germany) 10.12 Infineon Technologies (Germany) 10.13 GKN Automotive Limited (UK) 10.14 Delphi Technologies (UK) 10.15 China Automotive Systems, Inc. (China) 10.16 Zhejiang Shibao Company Limited (China) 10.17 Hyundai Mobis (South Korea) 10.18 Mando Corp. (South Korea) 10.19 Global Steering Systems (US) 10.20 Tenneco (US) 10.21 Nexteer Automotive (US) 10.22 Maval Industries LLC (US) 10.23 Danfoss (Denmark) 10.24 STMicroelectronics (Switzerland)

About This Report

Report ID 1535
Category Automotive and Transportation
Published Date Dec 2022
Updated Date