Automotive Electric Power Steering Market
Automotive Electric Power Steering Market Forecasts to 2028 - Global Analysis By Component (Torque Sensor, Steering Wheel, Steering Motor, Steering Column, Electric Motor, Bearing), Vehicle Type (Luxury Car, Small Car, Sports/Unclassified, Mid-Size Car), Product (Pinion Assist EPS (P-EPS), Column Assist EPS (C-EPS), Rack Assist EPS (R-EPS), Single-Pinion Assist EPS, Dual-Pinion Assist EPS), Electric Motor, Mechanism , Fuel Type, Application and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $26.09 BN |
|
Projected Year Value (2028) |
US $40.05 BN |
|
CAGR (2022 - 2028) |
7.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Automotive Electric Power Steering Market is accounted for $26.09 billion in 2022 and is expected to reach $40.05 billion by 2028 growing at a CAGR of 7.4% during the forecast period. EPS or EPAS stands for electric power steering, a kind of power steering system. The MDPS acronym stands for motor-driven power steering. An electric motor is used by the electric power steering system to aid the driver in steering. There are sensors that measure the position and force of the steering column and transmit this data to the electronic power steering module. The electronic power steering module subsequently regulates the motor's speed and supplies the necessary torque in response to various driving circumstances.
According to the World Health Organization (WHO), 80% of cars sold in the world are not compliant with the main safety standards. Only 40 countries have adopted the full set of the seven most important regulations for car safety.
Market Dynamics:
Driver:
Penetration in commercial vehicles
Currently, hydraulic power steering (HPS), which has a complex structure, uses a lot of power, leaks quickly, and is challenging to regulate, dominates the market for power steering in commercial vehicles. The benefits of EPS include customizable power, superb steering, minimal fuel usage, and zero emissions. As a result, commercial cars would eventually begin to use it.
Restraint:
Maintaining market against steer-by-wire technology
With the shifting dynamics of the automobile industry, the steering market is always changing. OEMs are modernising the traditional steering mechanism in response to the rise of driverless cars. One such breakthrough that will take the place of the complete steering system in an autonomous car is steer-by-wire technology. The steering linkage of a conventional electric power steering system will be eliminated by this kind of steering system.
Opportunity:
Global measures by OEMs to reduce complexity and weight of vehicles
In an effort to simplify and boost economy, OEMs have recently moved their attention from hydraulic to electric power steering systems. EPS systems give steering assistance by using an electric motor rather than a hydraulic pump, which helps to lighten the weight of the car. Electronic sensors determine how much steering power the driver is using, and an electric motor amplifies that force to make steering simpler.
Threat:
High cost and lack of steering feel
The primary restraint, such as the high cost of automotive electric power steering in comparison to the traditional steering system, may impede the expansion of the worldwide automotive electric power steering market throughout the anticipated time. Electric power steering systems are in strong demand; however, this sector still faces certain challenges. The absence of steering sensation and greater price of EPS in comparison to conventional steering systems may limit market expansion.
Covid-19 Impact
Due to supply chain problems brought on by many major economies of the globe being placed on lockdown and having all economic activity suspended during the COVID-19 epidemic, the market suffered. All production facilities and OEM plants ceased operations in order to follow social distance rules and prevent virus transmission. During this time, the demand for passenger cars also fell dramatically. The industry experienced a tremendous demand for passenger vehicles in places like China and India as consumer preferences switched from public transit to private autos, but as economies opened up progressively, demand returned to the market.
The Rack EPS (R-EPS) segment is expected to be the largest during the forecast period
The Rack EPS (R-EPS) segment is estimated to have a lucrative growth. Over the course of the forecast period, rack EPS (R-EPS) is expected to hold sizable markets share in the automotive electric power steering sector. The rise in EPS installation rates in commercial vehicles is one of the main benefits of Rack EPS (R-EPS).
The Passenger vehicles segment is expected to have the highest CAGR during the forecast period
The Passenger vehicles segment is anticipated to witness the fastest CAGR growth during the forecast period. The passenger car, light commercial vehicle, and heavy commercial vehicle segments make up the worldwide automotive electric power steering market. Due to rising passenger vehicle production and demand, as well as rising consumer demand for improved steering systems to increase driving comfort and safety, passenger cars currently account for a sizeable portion of the market.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period. Despite the slow growth of the world's largest automobile market, China, the region is anticipated to dominate the automotive electric power steering (EPS) market. Additionally, the region is thriving with widely dispersed automotive suppliers in China, India, and other countries that are enhancing global supply chain capabilities. The quick acceptance of contemporary sensors and semiconductor goods in China has also been facilitated by decreasing system prices, which will favourably affect the expansion of the target market. Companies engaged in the production and sale of steering sensors are anticipating a significant expansion into new growth markets.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the location of several major vehicle manufacturers; Europe holds the second-largest share of the market, with Germany ranking first. Due to the high vehicle penetration in Europe, this continent is a significant market for Automotive EPS. Additionally, the demand for Automotive EPS is being driven by the region's steadily increasing auto production.
Key players in the market
Some of the key players profiled in the Automotive Electric Power Steering Market include Denso Corporation, NSK, Hitachi Automotive Systems Ltd, Mitsubishi Electric Corporation, Robert Bosch GmbH, Nexteer Automotive, GKN PLC, Hyundai Mobis Co. Ltd, Bosch, ZF Friedrichshafen AG, Hubei Henglong Auto System Group, Tesla, Sona Koya Steering Systems Ltd. and KSR International Company.
Key Developments:
In August 2022, NSK Ltd. announced its plan to revamp the steering operations. The company received an order for electric power steering (EPS) from the Volkswagen (VW) Group and announced its plans to start volume production during the spring of 2023.
In June 2022, Robert Bosch announced its plans to strengthen production and development capabilities in the field of mobility in Japan. Under this plan, the company will transfer its assembly line for electric power steering (EPS) systems for Japanese automakers from Robert Bosch Group’s plant outside Japan to its Musashi Plant located in Namegawa Town.
Components Covered:
• Torque Sensor
• Steering Wheel
• Steering Motor
• Steering Column
• Electric Motor
• Bearing
• Other Components
Vehicle Types Covered:
• Luxury Car
• Small Car
• Sports/Unclassified
• Mid-Size Car
• Other Vehicle Types
Products Covered:
• Pinion Assist EPS (P-EPS)
• Column Assist EPS (C-EPS)
• Rack Assist EPS (R-EPS)
• Single-Pinion Assist EPS
• Dual-Pinion Assist EPS
• Other Products
Electric Motors Covered:
• Brushless Motor
• Brush Motor
Mechanisms Covered:
• Rigid
• Collapsible
Fuel Types Covered:
• Plug-in Hybrid Electric Vehicles (PHEV)
• Diesel
• Hybrid Electric Vehicles (HEV)
• Petrol
• Battery Electric Vehicles (BEV)
• Other Fuel Types
Applications Covered:
• Commercial Vehicle
• Passenger Vehicle
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automotive Electric Power Steering Market, By Component
5.1 Introduction
5.2 Torque Sensor
5.3 Steering Wheel
5.4 Steering Motor
5.5 Steering Column
5.6 Electric Motor
5.7 Bearing
5.8 Other Components
6 Global Automotive Electric Power Steering Market, By Vehicle Type
6.1 Introduction
6.2 Luxury Car
6.3 Small Car
6.4 Sports/Unclassified
6.5 Mid-Size Car
6.6 Other Vehicle Types
7 Global Automotive Electric Power Steering Market, By Product
7.1 Introduction
7.2 Pinion Assist EPS (P-EPS)
7.3 Column Assist EPS (C-EPS)
7.4 Rack Assist EPS (R-EPS)
7.5 Single-Pinion Assist EPS
7.6 Dual-Pinion Assist EPS
7.7 Other Products
8 Global Automotive Electric Power Steering Market, By Electric Motor
8.1 Introduction
8.2 Brushless Motor
8.3 Brush Motor
9 Global Automotive Electric Power Steering Market, By Mechanism
9.1 Introduction
9.2 Rigid
9.3 Collapsible
10 Global Automotive Electric Power Steering Market, By Fuel Type
10.1 Introduction
10.2 Plug-in Hybrid Electric Vehicles (PHEV)
10.3 Diesel
10.4 Hybrid Electric Vehicles (HEV)
10.5 Petrol
10.6 Battery Electric Vehicles (BEV)
10.7 Other Fuel Types
11 Global Automotive Electric Power Steering Market, By Application
11.1 Introduction
11.2 Commercial Vehicle
11.2.1 Heavy Commercial Vehicle
11.2.2 Light Commercial Vehicle
11.3 Passenger Vehicle
11.4 Other Applications
12 Global Automotive Electric Power Steering Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Denso Corporation
14.2 NSK
14.3 Hitachi Automotive Systems Ltd
14.4 Mitsubishi Electric Corporation
14.5 Robert Bosch GmbH
14.6 Nexteer Automotive
14.7 GKN PLC
14.8 Hyundai Mobis Co. Ltd
14.9 Bosch
14.10 ZF Friedrichshafen AG
14.11 Hubei Henglong Auto System Group
14.12 Tesla
14.13 Sona Koya Steering Systems Ltd.
14.14 KSR International Company
List of Tables
1 Global Automotive Electric Power Steering Market Outlook, By Region (2020-2028) ($MN)
2 Global Automotive Electric Power Steering Market Outlook, By Component (2020-2028) ($MN)
3 Global Automotive Electric Power Steering Market Outlook, By Torque Sensor (2020-2028) ($MN)
4 Global Automotive Electric Power Steering Market Outlook, By Steering Wheel (2020-2028) ($MN)
5 Global Automotive Electric Power Steering Market Outlook, By Steering Motor (2020-2028) ($MN)
6 Global Automotive Electric Power Steering Market Outlook, By Steering Column (2020-2028) ($MN)
7 Global Automotive Electric Power Steering Market Outlook, By Electric Motor (2020-2028) ($MN)
8 Global Automotive Electric Power Steering Market Outlook, By Bearing (2020-2028) ($MN)
9 Global Automotive Electric Power Steering Market Outlook, By Other Components (2020-2028) ($MN)
10 Global Automotive Electric Power Steering Market Outlook, By Vehicle Type (2020-2028) ($MN)
11 Global Automotive Electric Power Steering Market Outlook, By Luxury Car (2020-2028) ($MN)
12 Global Automotive Electric Power Steering Market Outlook, By Small Car (2020-2028) ($MN)
13 Global Automotive Electric Power Steering Market Outlook, By Sports/Unclassified (2020-2028) ($MN)
14 Global Automotive Electric Power Steering Market Outlook, By Mid-Size Car (2020-2028) ($MN)
15 Global Automotive Electric Power Steering Market Outlook, By Other Vehicle Types (2020-2028) ($MN)
16 Global Automotive Electric Power Steering Market Outlook, By Product (2020-2028) ($MN)
17 Global Automotive Electric Power Steering Market Outlook, By Pinion Assist EPS (P-EPS) (2020-2028) ($MN)
18 Global Automotive Electric Power Steering Market Outlook, By Column Assist EPS (C-EPS) (2020-2028) ($MN)
19 Global Automotive Electric Power Steering Market Outlook, By Rack Assist EPS (R-EPS) (2020-2028) ($MN)
20 Global Automotive Electric Power Steering Market Outlook, By Single-Pinion Assist EPS (2020-2028) ($MN)
21 Global Automotive Electric Power Steering Market Outlook, By Dual-Pinion Assist EPS (2020-2028) ($MN)
22 Global Automotive Electric Power Steering Market Outlook, By Other Products (2020-2028) ($MN)
23 Global Automotive Electric Power Steering Market Outlook, By Electric Motor (2020-2028) ($MN)
24 Global Automotive Electric Power Steering Market Outlook, By Brushless Motor (2020-2028) ($MN)
25 Global Automotive Electric Power Steering Market Outlook, By Brush Motor (2020-2028) ($MN)
26 Global Automotive Electric Power Steering Market Outlook, By Mechanism (2020-2028) ($MN)
27 Global Automotive Electric Power Steering Market Outlook, By Rigid (2020-2028) ($MN)
28 Global Automotive Electric Power Steering Market Outlook, By Collapsible (2020-2028) ($MN)
29 Global Automotive Electric Power Steering Market Outlook, By Fuel Type (2020-2028) ($MN)
30 Global Automotive Electric Power Steering Market Outlook, By Plug-in Hybrid Electric Vehicles (PHEV) (2020-2028) ($MN)
31 Global Automotive Electric Power Steering Market Outlook, By Diesel (2020-2028) ($MN)
32 Global Automotive Electric Power Steering Market Outlook, By Hybrid Electric Vehicles (HEV) (2020-2028) ($MN)
33 Global Automotive Electric Power Steering Market Outlook, By Petrol (2020-2028) ($MN)
34 Global Automotive Electric Power Steering Market Outlook, By Battery Electric Vehicles (BEV) (2020-2028) ($MN)
35 Global Automotive Electric Power Steering Market Outlook, By Other Fuel Types (2020-2028) ($MN)
36 Global Automotive Electric Power Steering Market Outlook, By Application (2020-2028) ($MN)
37 Global Automotive Electric Power Steering Market Outlook, By Commercial Vehicle (2020-2028) ($MN)
38 Global Automotive Electric Power Steering Market Outlook, By Passenger Vehicle (2020-2028) ($MN)
39 Global Automotive Electric Power Steering Market Outlook, By Other Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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