Electric Power Steering Market Size by Type, Mechanism, Application, and Region - Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2030
Overview
Global Electric Power Steering Market size was valued at USD 27.37 Bn. in 2023 and the total Electric Power Steering revenue is expected to grow by 5.7 % from 2024 to 2030, reaching nearly USD 40.35 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 which leads to an increase in the demand for the Electric Power Steering Market.
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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.
Governments are adopting laws and regulations to regulate the fuel economy. 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.
Government initiatives and a growing focus on safer automotive systems
The number of accidents has 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.
These concerns are motivating automakers to include 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. Hence, these factors are increasing the demand for Electric Power Steering Market.
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-legal, 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.
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 driven by Timo Glock and the Mercedes-AMG which 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 introduced its hydrogen-powered X5 in 2023. Instead of using a mechanical steering column, Space Drive technology transmits steering signals entirely digitally through a wire. A 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. Such technological advanceents by major players is expected to drove the Electric Power Steering Market growth over the forecast period.
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. Electric Power Steering manufacturers are overcoming operational problems with these systems, such as model uncertainty and outside influence. 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 advice 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 systems 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 2023. 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. The Collapsible market held highest market share in 2023. 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 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,
Commercial vehicles held the maximum Electric Power Steering Market share in 2023. 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 48% share in 2023. The Asia Pacific region is expected to witness significant growth 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 Landscape:
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 Market
Corporation 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.
The objective of the report is to present a comprehensive analysis of the Electric Power Steering Market including all the stakeholders of the Technology. The past and current status of the Technology with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the Technology with a dedicated study of key players that includes market leaders, followers, and new entrants by region. PORTER, SVOR, and PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the Technology to the decision-makers.
The report also helps in understanding the Electric Power Steering Market dynamics, and structure by analyzing the market segments and projecting the Electric Power Steering Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Electric Power Steering Market makes the report an investor’s guide.
Electric Power Steering Market Scope: Inquire before buying
| Global Electric Power Steering Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 27.37 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 5.7% | Market Size in 2030: | US $ 40.35 Bn. |
| Segments Covered: | by Type | Rack assist type (REPS) Colum assist type (CEPS) Pinion assist type (PEPS) |
|
| by Mechanism | Rigid Collapsible |
||
| by Application | Passenger Cars (PC) Commercial Vehicles (CV) |
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| by Components | Steering column Sensors Steering gear Mechanical rack and pinion Electronic control unit Electric motor Bearing |
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| by Electric Motor | Brush motor Brushless motor |
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Electric Power Steering Market by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, and the Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Electric Power Steering Market Key Players
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 Type, Mechanism, Application, Components, Electric Motor, and Region.
2] Which region is expected to hold the largest share of the Global Electric Power Steering Market?
Ans. The Asia Pacific region is expected to hold the largest share of the Electric Power Steering Market. Japan, China, South Korea, India, and the rest of APAC make up APAC. APAC's economy is doing well as a result of numerous technological and infrastructure advancements.
3] What is the market size of the Global Electric Power Steering Market by 2030?
Ans. The market size of the Electric Power Steering Market by 2030 is expected to reach US$ 40.35 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 2024-2030.
5] What was the market size of the Global Electric Power Steering Market in 2023?
Ans. The market size of the Electric Power Steering Market in 2023 was valued at US$ 27. 37 Bn.