Reports Description
OEMs focus on Reducing Vehicle Weight and boosting the Electric Power Steering market.
According to Custom Market Insights (CMI), The Global Electric Power Steering market was estimated at USD 24 billion in 2021 and is anticipated to grow to approximately USD 35 billion by 2030, witnessing a CAGR growth of roughly 6% between 2022 and 2030. The report examines the Electric Power Steering market’s driving and restraining factors and the impact analysis throughout the projection period. Further, the report observes global opportunities prevailing in the Electric Power Steering market worldwide.
Electric Power Steering Market: Overview
The EPS system, commonly known as electric power steering, uses a motor to help the car’s driver. In the automotive business, electric steering displaces hydraulic steering and is increasing in popularity. These steering systems eliminate the need for a hose, fluid, pulley, drive belt, and pump while offering more steering capabilities with less effort.
Electric Power Steering Market: COVID–19 Impact Analysis
Almost every industry, including manufacturing, oil & gas, transportation, and construction, was significantly impacted by COVID-19. Due to laws preventing social distancing and an increased emphasis on safety and hygiene, demand for electric power steering has dropped over time. The manufacturing plants for electric power steering were shut down in most areas in Q2 & Q3 of the fiscal year 2020. The main end-users were also temporarily closed at this time, which considerably impacted the demand for electric power steering.
Electric Power Steering Market: Growth Drivers
OEMs focus on reducing the complexity and weight of vehicles.
In recent years, OEMs have turned their attention from hydraulic to electric power steering systems to simplify systems and boost the economy. By providing steering assistance using an electric motor rather than a hydraulic pump, EPS systems can lighten the load on the car. With the aid of an electric motor, electronic sensors detect the amount of steering power being provided by the driver and amplify it to make steering simpler.
Increasing demand for commercial vehicles
The main reason propelling the growth of the global electric power steering (EPS) market is the surge in demand for this system in heavy commercial vehicles, such as trucks and buses. Commercial vehicles operate primarily at night and in outlying areas of the logistics network, frequently with challenging road and weather conditions. As a result of the growing concerns about road safety among drivers and fleet owners, electronic power steering systems are now commonly integrated into heavy and light commercial vehicles.
Technology Upgradation
Over the forecast period, the market for electric power steering (EPS) is anticipated to have considerable growth potential, primarily due to technological advancements and rising tier-1 supplier R&D spending to provide cutting-edge products.
Electric Power Steering Market: Segmentation Analysis
The Electric Power Steering market is segmented based on component, vehicle type, and application. Based on components, the sector for sensors is anticipated to increase at the highest rate over the forecast period. This market’s expansion is primarily driven by the demand for steering wheel speed, torque, and position sensors in electric power steering systems. When a driver turns the wheel, steering sensors measure the amounts and locations of the torque applied across the column, and the software converts those signals into the proper output through the motor.
By vehicle type, Due to higher BEV production, the BEV segment is anticipated to experience the fastest growth rate during the projection period. Additionally, tough pollution standards across the globe are driving BEV sales and raising the demand for electric power steering.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 24 Billion |
| Projected Market Size in 2030 | USD 35 Billion |
| CAGR Growth Rate | 6% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Prominent Players | Electric Steering JTEKT Corporation, ZF TRW Automotive Holdings Corp., Robert Bosch Automotive Steering GmbH, Mando Corporation, NSK Ltd., Nexteer Automotive Group Limited, Showa Corporation, ThyssenKrupp Ag, Hyundai Mobis Co. Ltd., China Automotive System, and Others |
| Key Segment | By Components (Sensors, Steering column, Steering gear, Electronic control unit, Mechanical rack and pinion, Electric motor, Bearing), By Vehicle Type (BEV, PHEV, FCEV), By Application (Passenger Cars, Commercial Vehicles), and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Key Insights:
- Per the analysis shared by our research analyst, the Electric Power Steering market is estimated to grow annually at a CAGR of around 6% over the forecast period (2022-2030).
- In terms of revenue, the Electric Power Steering market was valued at around USD 24 billion in 2021 and is projected to reach USD 35 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on component segmentation, the sensors segment was predicted to witness a high CAGR from 2022 to 2030.
- Based on vehicle type segmentation, the BEV segment was predicted to witness a high CAGR from 2022 to 2030.
- Based on application segmentation, the commercial segment was predicted to witness a high CAGR from 2022 to 2030.
- Based on geography/region, the North American region was the leading revenue generator in 2021.
Recent Development
- 2020: Toyota Motor Corporation sold its Yutaka Seimitsu Kogyo Ltd. shares to JTEKT (Toyota). Yutaka makes and distributes gears for various machinery as well as automotive components. The agreement aims to make Toyota and JTEKT’s primary driveline operations more competitive. JTEKT will take over from Toyota for all Yutaka operations involving drive components.
- 2020: Delphi Technologies was purchased by BorgWarner for USD 3.3 billion in stock. A leader in electrified propulsion is projected to be created due to the purchase, which is anticipated to boost BorgWarner’s electronics and power electronics product range, capabilities, and scale.
Regional Landscape
For the year 2021, the North American area recorded the greatest value. The increasing popularity of autonomous vehicles and the government’s easy access to accessible financing alternatives to support domestic automobile production are the key drivers of growth in this region. However, throughout the predicted 2022–2028, Asia–Pacific is expected to have faster development. The spike in passenger car production in China and India, the availability of low-cost raw materials, and the presence of major producers of electric power steering components all contribute to the growth of this market.
The global Electric Power Steering market is segmented as follows:
By Components
- Sensors
- Steering column
- Steering gear
- Electronic control unit
- Mechanical rack and pinion
- Electric motor
- Bearing
By Vehicle Type
- BEV
- PHEV
- FCEV
By Application
- Passenger Cars
- Commercial Vehicles
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
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