Electric power steering system market

Electric Power Steering (EPS) System Market, by Type (Column Assist Type (C-EPS), Pinion Assist Type (P-EPS), and Rack Assist Type (R-EPS)), by Component (Steering Gear, Electric Motor, ECU, Sensors, Steering Column, and Others), by Propulsion System (IC Engine, Hybrid, and Electric), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles (Trucks, Others), Off-road Vehicles, and Sport Utility Vehicle), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Apr 2022
CMI4991
205 Pages
Excel & Pdf
Consumer Electronics

Summary

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

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.

Electric Power Steering (EPS) System Market Report Coverage

Report Coverage	Details
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
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Type: Column Assist Type (C-EPS), Pinion Assist Type (P-EPS),and Rack Assist Type (R-EPS) By Component: Steering Gear, Electric Motor, ECU, Sensors, Steering Column, and Others By Propulsion System: IC Engine and Hybrid, Electric By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles (Trucks, Others), Off-road Vehicles, and Sport Utility Vehicle
Companies covered:	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.
Growth Drivers:	The increasing demand of IC Engine for automotive engine vehicles
Restraints & Challenges:	Steer-by-wire technology is expected to replace the entire steering system in an autonomous vehicle

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.

Table of Content

Table of Contents

*Browse 60 market data tables and 40 figures on “Global Electric Power Steering (EPS) System Market- Forecast to 2030”.

Segmentation

Detailed Segmentation:

Global Electric Power Steering (EPS) System Market, By Type:
- Column Assist Type (C-EPS)
- Pinion Assist Type (P-EPS)
- Rack Assist Type (R-EPS)
Global Electric Power Steering (EPS) System Market, By Component:
- Steering Gear
- Electric Motor
- ECU
- Sensors
- Steering Column
- Others
Global Electric Power Steering (EPS) System Market, By Propulsion System:
- IC Engine
- Hybrid
- Electric
Global Electric Power Steering (EPS) System Market, By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles (Trucks, Others)
- Off-road Vehicles
- Sport Utility Vehicle

- Frequently Asked Questions -

What is the expected market size of the global electric power steering (EPS) systems market in 2030?

The global electric power steering (EPS) systems market is expected to reach US$ 44,303.19 million by 2030.

What is the expected compound annual growth rate (CAGR) of the market during the forecast period (2021-2028)?

The market is expected to exhibit a CAGR of 4.9% during the forecast period (2022-2030).

What is the primary factor contributing to growth of the market?

The increasing demand of IC Engine for automotive engine vehicles is expected to drive growth of the market.

Based on type, which segment held the largest market share in the market in 2021?

Rack Assist Type (R-EPS) segment held the largest market share among type.

Which region held the largest market share in the market in 2021?

Asia Pacific held largest share in the market in 2021, accounting for 33.4% share, in terms of value.

Who are the key players operating in the market?

Key players operating in the market 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.