The global Electric Power Steering market is projected to grow at a considerable rate in the estimated period. In order to minimize complexity and boost the economy, OEMs have changed their focus from hydraulic to electric power steering systems in recent years. EPS systems give steering assistance by using an electric motor rather than a hydraulic pump, which helps to reduce vehicle weight. Electronic sensors calculate the amount of steering force applied by the driver, and the force is increased with the help of an electric motor to make steering easier. The increasing number of regulatory standards and obligations relating to fuel-efficient technology, steps taken by OEMs throughout the world to minimize the weight and complexity of their cars, and global expanding vehicle production are the primary growth factors for the industry.
On the negative side, the higher cost of EPS as compared to traditional steering systems and lack of steering feel can hamper the growth of the Electric Power Steering market.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Components, Electric Motor, Application, Electric Vehicle, EV Gear Type, Type, and Region. |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | JTEKT, Nexteer, Robert Bosch, ZF, NSK. |
Covid-19 Impact on Electric Power Steering Market
The outbreak of the covid-19 has a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in a supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.
Electric Power Steering Market Segment Overview
According to Components, Sensors is one of the most prominent segments in the global Electric Power Steering market. A sensor is a device that monitors and responds to environmental input. Light, heat, motion, moisture, pressure, or any of a variety of other environmental phenomena could represent the specific input. Additionally, an electric motor is another major segment in the market. An electric motor is a machine that turns electricity into mechanical energy. The interaction between the motor's magnetic field and electric current in a wire winding generates force in the form of torque imparted to the motor's shaft in most electric motors.
Electric Power Steering Market, By Components
· Steering column
· Sensors
· Steering gear
· Mechanical rack and pinion
· Electronic control unit
· Electric motor
· Bearing
Electric Power Steering Market, By Electric Motor
· Brush motor
· Brushless motor
Electric Power Steering Market, By Application
· Passenger Cars (PC)
· Commercial Vehicles (CV)
Electric Power Steering Market, By Electric Vehicle
· BEV
· PHEV
· FCEV
Electric Power Steering Market, By EV Gear Type
· Worm Gear
· Ball Screw
Electric Power Steering Market, By Type
· Rack assist type (REPS)
· Colum assist type (CEPS)
· Pinion assist type (PEPS)
Electric Power Steering Regional Overview
Geographically, Asia Pacific is one of the major regions for the global Electric Power Steering market. During the projected period, the electric power steering market in the Asia Pacific is expected to develop at the fastest rate. The Asia Pacific is the largest and fastest-growing market for electric power steering, because of high volume markets and increased demand for electronic and fuel-efficient systems in passenger automobiles. Furthermore, existing and pending car pollution laws in developing countries will boost regional market expansion. Moreover, North America and Europe are other key region for the global Electric Power Steering market.
Electric Power Steering Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Electric Power Steering Market, Key Players
· JTEKT
· Nexteer
· Robert Bosch
· ZF
· NSK
Frequently Asked Questions (FAQ) :
Q1. What are the driving factors for the Electric Power Steering market?
Q2. What are the restraining factors for the Electric Power Steering market?
Q3. Which segment is projected to hold the largest share in the Electric Power Steering market.?
Q4. Which region is holds largest share in the Electric Power Steering market?
Q5. Which are the prominent players in the Electric Power Steering market?
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Electric Power Steering Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Components
- 5.2.1. Steering column
- 5.2.2. Sensors
- 5.2.3. Steering gear
- 5.2.4. Mechanical rack and pinion
- 5.2.5. Electronic control unit
- 5.2.6. Electric motor
- 5.2.7. Bearing
- 5.3. Market Analysis, Insights and Forecast – By Electric Motor
- 5.3.1. Brush motor
- 5.3.2. Brushless motor
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Passenger Cars (PC)
- 5.4.2. Commercial Vehicles (CV)
- 5.5. Market Analysis, Insights and Forecast – By Electric Vehicle
- 5.5.1. BEV
- 5.5.2. PHEV
- 5.5.3. FCEV
- 5.6. Market Analysis, Insights and Forecast – By EV Gear Type
- 5.6.1. Worm Gear
- 5.6.2. Ball Screw
- 5.7. Market Analysis, Insights and Forecast – By Type
- 5.7.1. Rack assist type (REPS)
- 5.7.2. Colum assist type (CEPS)
- 5.7.3. Pinion assist type (PEPS)
- 5.8. Market Analysis, Insights and Forecast – By Region
- 5.8.1. North America
- 5.8.2. Europe
- 5.8.3. Asia Pacific
- 5.8.4. Latin America, Middle East and Africa
6. North America Electric Power Steering Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Components
- 6.2.1. Steering column
- 6.2.2. Sensors
- 6.2.3. Steering gear
- 6.2.4. Mechanical rack and pinion
- 6.2.5. Electronic control unit
- 6.2.6. Electric motor
- 6.2.7. Bearing
- 6.3. Market Analysis, Insights and Forecast – By Electric Motor
- 6.3.1. Brush motor
- 6.3.2. Brushless motor
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Passenger Cars (PC)
- 6.4.2. Commercial Vehicles (CV)
- 6.5. Market Analysis, Insights and Forecast – By Electric Vehicle
- 6.5.1. BEV
- 6.5.2. PHEV
- 6.5.3. FCEV
- 6.6. Market Analysis, Insights and Forecast – By EV Gear Type
- 6.6.1. Worm Gear
- 6.6.2. Ball Screw
- 6.7. Market Analysis, Insights and Forecast – By Type
- 6.7.1. Rack assist type (REPS)
- 6.7.2. Colum assist type (CEPS)
- 6.7.3. Pinion assist type (PEPS)
- 6.8. Market Analysis, Insights and Forecast – By Country
- 6.8.1. U.S.
- 6.8.2. Canada
7. Europe Electric Power Steering Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Components
- 7.2.1. Steering column
- 7.2.2. Sensors
- 7.2.3. Steering gear
- 7.2.4. Mechanical rack and pinion
- 7.2.5. Electronic control unit
- 7.2.6. Electric motor
- 7.2.7. Bearing
- 7.3. Market Analysis, Insights and Forecast – By Electric Motor
- 7.3.1. Brush motor
- 7.3.2. Brushless motor
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Passenger Cars (PC)
- 7.4.2. Commercial Vehicles (CV)
- 7.5. Market Analysis, Insights and Forecast – By Electric Vehicle
- 7.5.1. BEV
- 7.5.2. PHEV
- 7.5.3. FCEV
- 7.6. Market Analysis, Insights and Forecast – By EV Gear Type
- 7.6.1. Worm Gear
- 7.6.2. Ball Screw
- 7.7. Market Analysis, Insights and Forecast – By Type
- 7.7.1. Rack assist type (REPS)
- 7.7.2. Colum assist type (CEPS)
- 7.7.3. Pinion assist type (PEPS)
- 7.8. Market Analysis, Insights and Forecast – By Country
- 7.8.1. UK
- 7.8.2. Germany
- 7.8.3. France
- 7.8.4. Italy
- 7.8.5. Spain
- 7.8.6. Russia
- 7.8.7. Rest of Europe
8. Asia Pacific Electric Power Steering Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Components
- 8.2.1. Steering column
- 8.2.2. Sensors
- 8.2.3. Steering gear
- 8.2.4. Mechanical rack and pinion
- 8.2.5. Electronic control unit
- 8.2.6. Electric motor
- 8.2.7. Bearing
- 8.3. Market Analysis, Insights and Forecast – By Electric Motor
- 8.3.1. Brush motor
- 8.3.2. Brushless motor
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Passenger Cars (PC)
- 8.4.2. Commercial Vehicles (CV)
- 8.5. Market Analysis, Insights and Forecast – By Electric Vehicle
- 8.5.1. BEV
- 8.5.2. PHEV
- 8.5.3. FCEV
- 8.6. Market Analysis, Insights and Forecast – By EV Gear Type
- 8.6.1. Worm Gear
- 8.6.2. Ball Screw
- 8.7. Market Analysis, Insights and Forecast – By Type
- 8.7.1. Rack assist type (REPS)
- 8.7.2. Colum assist type (CEPS)
- 8.7.3. Pinion assist type (PEPS)
- 8.8. Market Analysis, Insights and Forecast – By Country
- 8.8.1. China
- 8.8.2. India
- 8.8.3. Japan
- 8.8.4. Australia
- 8.8.5. South East Asia
- 8.8.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Electric Power Steering Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Components
- 9.2.1. Steering column
- 9.2.2. Sensors
- 9.2.3. Steering gear
- 9.2.4. Mechanical rack and pinion
- 9.2.5. Electronic control unit
- 9.2.6. Electric motor
- 9.2.7. Bearing
- 9.3. Market Analysis, Insights and Forecast – By Electric Motor
- 9.3.1. Brush motor
- 9.3.2. Brushless motor
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Passenger Cars (PC)
- 9.4.2. Commercial Vehicles (CV)
- 9.5. Market Analysis, Insights and Forecast – By Electric Vehicle
- 9.5.1. BEV
- 9.5.2. PHEV
- 9.5.3. FCEV
- 9.6. Market Analysis, Insights and Forecast – By EV Gear Type
- 9.6.1. Worm Gear
- 9.6.2. Ball Screw
- 9.7. Market Analysis, Insights and Forecast – By Type
- 9.7.1. Rack assist type (REPS)
- 9.7.2. Colum assist type (CEPS)
- 9.7.3. Pinion assist type (PEPS)
- 9.8. Market Analysis, Insights and Forecast – By Country
- 9.8.1. Brazil
- 9.8.2. Saudi Arabia
- 9.8.3. UAE
- 9.8.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. JTEKT
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Nexteer
- 10.6. Robert Bosch
- 10.7. ZF
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
