ELECTRIC POWER STEERING (EPS) SYSTEM MARKET ANALYSIS

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.

Statistics:

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

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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.

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

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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.