The Global Electric Power Steering (EPS) System Market Report, 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), published by Coherent Market Insights.
Electric power steering system eliminates the need for a 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%. Owing to these benefits, the use of electric power steering system is expected to drive the market growth.
Global Electric Power Steering (EPS) System Market - Impact of Coronavirus (Covid-19) Pandemic
Due to COVID-19, the automotive industry has seen disruptions across vehicle production and supply chain resulting in temporary shutdown of several major automobile production facilities. The above factors are attributed due to the lockdown imposed and international border sealed across the globe. For instance, according to Coherent Market Insights, vehicle and automotive components exports from India to Europe and North America are stalled and India’s export market has witnessed a fall of US$ 9 billion, in 2020.
To know the latest trends and insights prevalent in the Global Electric Power Steering (EPS) System Market, click the link below:
Key Trends and Analysis of the Global Electric Power Steering (EPS) System Market:
Asia Pacific held dominant position in the Global Electric Power Steering (EPS) System in 2021 and is expected to retain its dominance throughout the forecast period. In 2020, according to Coherent Market Insights, the Asia Pacific market generated a revenue of US$ 8,952.7 Mn and is expected to reach US$ 14,956.34 Mn by 2030, with a CAGR of 5.4% over the forecast period. Owing to the rapidly increasing population and per capital income, the automotive market along with the automotive electric power steering system market is expected to show a significant growth during the forecast period in the Asia Pacific region.
Moreover, Europe is expected to witness significant growth over the forecast period. In 2021, according to Coherent Market Insights, Europe market generated a revenue of US$ 8,744.6 Mn and is expected to reach US$ 13,673.6 Mn by 2030 with a CAGR of 4.6%, over the forecast period from 2022 to 2030.
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%, owing to the changing preferences of car manufacturers from other Engine to IC Engine.
Major players operating in the Global Electric Power Steering (EPS) System 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.