Newark, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 25 billion in 2023 global electric power steering market will reach USD 44.77 billion in 2033. Hydraulic systems have historically been used to power steering systems. On the other side, an electric motor powers electric power steering. That is the main distinction between traditional steering and electric power steering. The electric power steering system is composed of a few main parts. This comprises an electric motor, torque sensor, speed sensor, and electric control unit for the vehicle. Since electric power steering only uses energy when the steering is needed, it is well known to be more energy-efficient. It is also easier to use because it provides superior steering control and accuracy. For improved driver assistance, electric power steering enables the integration of other systems, streamlining and centralising controls. It finds use in a variety of vehicles, particularly in contemporary passenger cars. It makes automobiles lighter and more environmentally friendly by doing away with the requirement for hydraulic system components. In many contemporary passenger cars, EPS is utilised. There is also less need for maintenance with these systems.
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Key Insight of the Global Electric power steering Market
North America will dominate the market during the forecast period.
Important market participants that are fostering innovation in electric power steering systems are based in the area. The market benefits from these industrial players' significant investments in research and development as well. The economies in the area are willing to try new things and quickly accept new technologies like EPS, which is advantageous for the expansion of the regional market. Furthermore, because EPS systems are known to lower carbon emissions from automobiles, the strict regulatory framework requiring the adoption of sustainable and eco-friendly products and systems in the economy has been brought about by growing worries about carbon emissions. The market for automobiles with EPS is driven by the growing per capita income, which increases demand for cars with modern technology. An established, highly developed automobile sector with extensive manufacturing capacities also plays a major role in the supremacy of the regional market in the global market.
In 2023, the sensors segment dominated the market with the largest market share of 35% and revenue of 8.75 billion.
The component segment is divided into steering column, sensors, steering gear, mechanical rack and pinion, electronic control unit, electric motor, and others. In 2023, the sensors segment dominated the market with the largest market share of 35% and revenue of 8.75 billion.
In 2023, the collapsible EPS segment dominated the market with the largest market share of 60% and revenue of 15 billion.
The mechanism segment is divided into collapsible EPS and rigid EPS. In 2023, the collapsible EPS segment dominated the market with the largest market share of 60% and revenue of 15 billion.
In 2023, the E-EPS segment dominated the market with the largest market share of 41% and revenue of 10.25 billion.
The type segment is divided into C-EPS, P-EPS, and R-EPS. In 2023, the E-EPS segment dominated the market with the largest market share of 41% and revenue of 10.25 billion.
In 2023, the passenger cars segment dominated the market with the largest market share of 51% and revenue of 12.75 billion.
The vehicle segment is divided into passenger cars, commercial vehicles, and electric vehicles. In 2023, the passenger cars segment dominated the market with the largest market share of 51% and revenue of 12.75 billion.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6% |
| 2033 Value Projection | USD 44.77 Billion |
| Market Size in 2023 | USD 25 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 233 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Component, Mechanism, Type, and Vehicle |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Electric Power Steering Market Growth Drivers | Stringent regulatory framework |
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Advancement in market
In Kenitra, Morocco, Nexteer Automotive began construction on a production facility. The supplier's first factory in Africa, spanning 194,000 square feet (18,000 square meters), will initially be utilized to produce electric power steering systems with a single pinion assist. Later, driveline items will also be manufactured there. In July 2017, Nexteer representatives confirmed their investment plans with the Moroccan government by signing a memorandum of agreement. For OEMs such as BMW, Fiat Chrysler, Ford, General Motors, PSA Group, Toyota, and Volkswagen, as well as automakers in India and China, Nexteer Automotive provides electric and hydraulic power steering systems, driveline systems, advanced driver-assistance systems, and automated driving technologies.
Market Dynamics
Driver: Strict legal structure.
The government is taking action to guarantee that safer cars are produced with improved safety features in response to the rising number of auto accidents. In order to maintain customer confidence and market share, it has also pushed industry participants to raise their safety requirements. In response to an increase in accidents, regulatory agencies have also increased their level of vigilance and are actively checking the safety standards of cars on the market through stringent testing, compliance, and accountability procedures. Customers are demanding safer vehicles with higher performance and cutting-edge technology because they are more knowledgeable about automobiles, their safety features, and independent performance ratings. Furthermore, the need for EPS in cars—which are proven to be sustainable and have higher fuel economy and efficiency—has increased in response to growing worries about carbon emissions from automobiles contributing to climate change. In the contemporary automotive industry, electrified power steering (EPS) systems are the system of choice since they are safer, more effective, sustainable, and provide a better driving experience and fuel economy. Consequently, the strict regulatory environment will fuel the expansion of the worldwide electric power steering market.
Restraints: Expense factors.
Before creating a functional EPD system, research and development for Electric Power Steering (EPS) systems requires a significant financial investment. Significant financial resources and a certain skill set are needed for these systems' further development as well as their integration with the car's current infrastructure. These systems' parts are likewise costly, ranging from software for feedback systems to hardware like sensors. Significant financial outlays for installation, integration, setup, repair, and maintenance are also associated with hiring qualified and trained staff. Consequently, the expansion of the market would be hampered by the cost considerations of electric power steering systems.
Opportunities: developments in technology.
Technological developments have made it possible to create sophisticated EPS systems that operate more effectively and with greater performance. With features like parking and lane assistance, the integration of EPS into advanced systems has increased safety. Additionally, it has improved the convenience and comfort of driving. The market is expected to benefit from the increasing production of EPS-compatible electric vehicles. Future growth in the worldwide EPS market will be aided by developments in electric and hybrid vehicles as well as a growing push for the production and use of electric vehicles. In a similar vein, the EPS market will benefit from the increasing investigation of autonomous driving. Thus, throughout the projected period, technological improvements will propel the global electric power steering market.
Challenges: Integration challenges.
Electric power steering needs to integrated with very specific controls according to the vehicle’s dimensions and other relevant parameters. It needs to customized to the specifics of the vehicle for its smooth operation. This configuration required meticulous preparation and execution which can be often considered challenging leading to longer downtime. It also requires a certain skill set, the lack of which can cause delayed production lines and increased costs. therefore, integration challenges will challenge the market’s growth.
Some of the major players operating in the global electric power steering market are:
• Denso Corporation
• GKN Automotive Limited
• Hitachi Astemo, Ltd.
• Hyundai Mobis
• JTEKT Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive
• NSK Ltd.
• Robert Bosch GmbH
• ZF Friedrichshafen AG
Key Segments covered in the market:
By Component
• Steering Column
• Sensors
• Steering Gear
• Mechanical Rack and Pinion
• Electronic Control Unit
• Electric Motor
• Others
By Mechanism
• Collapsible EPS
• Rigid EPS
By Type
• C-EPS
• P-EPS
• R-EPS
By Vehicle
• Passenger Cars
• Commercial Vehicles
• Electric Vehicles
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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