Electric power steering offers adjustable power, good steering control, and lesser fuel consumption. Due to this, the use of electric power steering is gradually increasing in commercial vehicles. As the structure and performance requirements of commercial vehicles are different than passenger cars, a single motor driving electric power system used in passenger cars would not be able to provide enough power and torque for a commercial vehicle.
Global Electric Power Steering (EPS) System Market was valued at US$ 27,733.11 Mn in 2021 and is expected to exhibit a CAGR of 4.9% over the forecast period to reach US$ 44,303.29 Mn in 2030. Asia Pacific accounted for over 33.4% of the global electric power steering (EPS) system market revenue, in 2021.
Global Electric Power Steering (EPS) System Market - Impact of Coronavirus (Covid-19) Pandemic
The automotive industry has been impacted significantly by COVID-19 in terms of supply as well as demand. According to Coherent Market Insights analysis in 2020, the automotive sales are likely to decrease by 15-22% in the U.S., China, and European markets in 2020. According to the same source, more than 45% of power steering manufacturers have reported that COVID-19 has directly impacted their short-term strategic plans, and also impacted their revenue for 2020. Moreover, 63% of companies do not have enough workforce to run their business operations at full-scale.
Asia Pacific is expected to hold dominant position in the global electric power steering (EPS) systems market during the forecast period.
Asia Pacific held dominant position in the global electric power steering (EPS) systems market in 2021, accounting for 33.4% share, in terms of value, followed by Europe.
Figure 1: Global Electric Power Steering (EPS) System Market Share (%), By Region, 2021
Among regions, Asia Pacific held dominant position in the global electric power steering (EPS) systems market in 2021 and is expected to retain its dominance throughout the forecast period. In 2020 according to Coherent Market Insights, Asia Pacific market generated revenue of US$ 8952.7 Mn and is expected to reach US$ 14956.34 Mn by 2030, with a CAGR of 5.4% over the forecast period.
Moreover, automotive component manufacturers are also investing in electric power steering systems to cater the increasing demand in the Asia pacific. For instance, in January 2017, Rane NSK Steering Systems Private Limited (RNSS) announced to invest US$ 26.4 Million in the expansion of airbag, seatbelt, and electric power steering business in India. RNSS is a joint venture between the Rane Group and NSK Ltd. Rane Group is an automotive component manufacturer based in India.
|Base Year:||2021||Market Size in 2021:||US$ 27,733.1 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2021 to 2028 CAGR:||4.9%||2030 Value Projection:||US$ 44,303.1 Mn|
Continental AG, Danfoss, GKN Automotive Limited, Hitachi Automotive Systems, Ltd., Infineon Technologies AG, JTEKT Corporation, Nexteer Automotive Corporation, Nissan Motor Corporation, NSK Ltd., Robert Bosch GmbH, STMicroelectronics, ThyssenKrupp AG, Zapi S.p.A., and ZF Friedrichshafen AG.
|Restraints & Challenges:||
IC Engine segment is expected to drive the market growth during the forecast period.
Among Propulsion System, IC Engine segment is expected to hold a dominant position in the global electric power steering (EPS) systems market during the forecast period. The segment is expected to exhibit the highest CAGR of 4.5%, due to IC Engine car manufacturers are shifting their preference from conventional hydraulic steering systems to advanced electric steering systems.
Figure 2: Global Electric Power Steering (EPS) System Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2020 - 2030
Major players operating in the global electric power steering (EPS) systems market include Continental AG, Danfoss, GKN Automotive Limited, Hitachi Automotive Systems, Ltd., Infineon Technologies AG, JTEKT Corporation, Nexteer Automotive Corporation, Nissan Motor Corporation, NSK Ltd., Robert Bosch GmbH, STMicroelectronics, ThyssenKrupp AG, Zapi S.p.A., and ZF Friedrichshafen AG.
Electric power steering has emerged as an alternative to conventional steering systems such as electro-hydraulic and hydraulic systems. Electric power steering assists the driver with the help of an electric motor. This motor only turns on at the time of steering to help the driver, thus offering better fuel efficiency.
Moreover, electric power steering system eliminates the need for power steering pump that uses around 10HP load, especially in heavy vehicles. The EPS system consumes less than 80% energy than the conventional hydraulic system and increases the fuel efficiency of the vehicle by 2-3%, according to Coherent Market Insights, 2021. Owing to these benefits the use of electric power steering system is increasing across the globe.
The automotive industry is transforming, especially in the field of personal mobility, vehicle electrification, car connectivity, and autonomous driving. The increasing consumer demand for connected vehicles, digitalize in-car systems, and advanced driving assistance systems is expected to drive the global electric power steering (EPS) system market growth over the forecast period.
Moreover, the increasing popularity of advanced driving assistance system (ADAS) such as lane keep assist, lane departure warning, park assist, among others are expected to drive growth of the global electric power steering (EPS) system market in the near future.
Companies are introducing fail-safe operation technology to cope with the problems and malfunctions in electric power steering. Currently, Electric Power Steering (EPS) is equipped with an electromechanical control system that incorporates a dual circuit ECU and a motor in the steering mechanism. This system helps to maintain a vehicle’s movement and to stop it safely at the time of failure of the primary system. For instance, in May 2017, at JSAE Automotive Engineering Exposition, the largest exposition in Japan for automotive engineers Denso, a global automotive components manufacturers and Bosch, a multinational engineering and technology company showcased electric power steering system with a fail-safe mechanism composed of a dual circuit ECU and motor.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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