IMARC Group's report titled "Electric Power Steering Market by Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Others), Mechanism (Rigid EPS, Collapsible EPS), Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Vehicle Type (Passenger Car, Commercial Vehicle), and Region 2024-2032", The global electric power steering market size reached US$ 28.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
Factors Affecting the Growth of the Electric Power Steering Industry:
- Enhanced Vehicle Safety:
EPS systems can be integrated with advanced stability control systems. These systems monitor vehicle dynamics and make real-time adjustments to steering assistance, helping drivers maintain control during slippery or challenging driving conditions. This enhancement in stability contributes to vehicle safety. Moreover, EPS systems can support lane-keeping assistance features, which help drivers stay within their lane. When a vehicle starts to drift unintentionally, the EPS can provide corrective steering inputs to bring the vehicle back into the lane, reducing the risk of accidents caused by lane departure.
- Lightweight Design:
The reduced weight of EPS systems enhances the handling and maneuverability of vehicles. Lighter steering components allow for more precise and responsive steering, resulting in a better driving experience and increased safety. Additionally, lightweight design in EPS systems often involves the use of materials like lightweight alloys and plastics. These materials not only reduce weight but can also be cost-effective in production, contributing to overall cost savings for automakers.
- Fuel Efficiency Demands:
Electric power steering (EPS) systems are more energy efficient as compared to traditional hydraulic systems. They operate on-demand, consuming power only when steering assistance is needed. This efficiency reduces the overall energy consumption of a vehicle, contributing to improved fuel economy. In addition, hydraulic power steering systems rely on a continuous flow of hydraulic fluid, which creates parasitic losses in the engine due to the constant need to power the hydraulic pump. In contrast, EPS systems do not have this continuous power drain, resulting in less energy wasted and better fuel efficiency.
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Leading Companies Operating in the Global Electric Power Steering Industry:
- HELLA GmbH & Co. KGaA (Faurecia SE)
- Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK LTD
- NXP Semiconductors N.V.
- Robert Bosch GmbH
- ThyssenKrupp AG
- TT Electronics plc
- ZF Friedrichshafen AG
Electric Power Steering Market Report Segmentation:
By Component:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Sensors exhibit a clear dominance in the market due to their pivotal role in detecting steering inputs and enabling precise control in electric power steering system.
By Mechanism:
- Rigid EPS
- Collapsible EPS
Collapsible EPS represents the largest segment owing to its widespread adoption in modern vehicles for its safety features and compact design.
By Type:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Colum assist type (CEPS) holds the biggest market share attributed to its versatility, seamless integration, and cost-effectiveness in various vehicle models.
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Passenger car accounts for the majority of the market share, as electric power steering systems are extensively utilized in passenger vehicles for enhanced maneuverability and driving comfort.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market, driven by the increasing demand for fuel-efficient vehicles and the presence of key manufacturers in the region.
Global Electric Power Steering Market Trends:
The rising demand for fuel-efficient and environment friendly vehicles is accelerating the adoption of EPS systems, which offer better fuel efficiency compared to traditional hydraulic power steering. Technological advancements, such as the integration of advanced driver-assistance systems (ADAS) and the increasing prevalence of electric and hybrid vehicles, are further propelling the market growth. Additionally, stringent government regulations aimed at reducing vehicular emissions are pushing automakers to incorporate EPS systems in their new models. Major players in the market are focusing on innovations and strategic collaborations to strengthen their market presence and cater to the evolving consumer preferences.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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