Automotive Electric Power Steering Market Overview
Electric power steering (EPS) is a key technology for highly automated driving. The EPS has an electric motor that controls the vehicle's steering. With an electric motor, the EPS controls and assists vehicle steering and provides an optimal and enjoyable steering feel. The global Automotive Electric Power Steering market is expected to rise at a considerable rate in the years to come.
An increase in the adoption of advanced electric components in vehicles to improve safety features is expected to escalate the growth of the automotive electric power steering market. Furthermore, vehicle manufacturers are incorporating an increasing variety of electric components and systems into their vehicles to improve the quality and driving experience. Electronic devices and systems are also being used by manufacturers to improve the efficiency of their cars and to monitor the operation of all essential components to detect issues early on before they become severe.
The demand for electric power steering in vehicles is also being propelled by an increase in vehicle sales around the world as a result of lower vehicle tax rates. High demand for electric vehicles owing to the enactment of stringent emission norms is estimated to influence the growth of the automotive electric power steering market across the world. Electric power steering system penetration is expected to grow at a rapid rate over the projection period, owing to the technology's numerous advantages over conventional hydraulic power steering technology, such as lower maintenance costs and support in achieving improved fuel efficiency.
On the other hand, the automotive electric power steering system comprises a huge number of electronic components, and the failure of electronics is a key factor limiting the automotive electric power steering market.
Covid-19 Impact on Automotive 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.
Automotive Electric Power Steering Market Segment Overview
According to Motor Assist, the Column Assist segment commanded a major share in the global automotive electric power steering market. Column assist is extensively used in passenger vehicles, and an increase in the sale of passenger vehicles across the world is expected to upsurge the demand for column assist power steering systems in vehicles. Furthermore, By technology, the EPS with ADAS is the most prominent segment of the market. Technological progressions in vehicles, which include lane departure warning systems and blind-spot detection systems, are expected to rise the penetration of EPS with ADAS technologies in vehicles. This, in turn, is projected to enhance the growth of the automotive electric power steering market across the world.
Automotive Electric Power Steering Market, By Motor Assist
· Column Assist
· Pinion Assist
· Rack Assist
Automotive Electric Power Steering Market, By Component
· EPS Control Module
· Electric Motor
· Rack & Pinion
· Steering Column
Automotive Electric Power Steering Market, By Vehicle
· Passenger Vehicle
· Light Commercial Vehicle
· Heavy Commercial Vehicle
Automotive Electric Power Steering Market, By Technology
· Conventional EPS
· EPS with ADAS
Automotive Electric Power Steering Market Regional Overview
Region-wise, Europe and the Asia Pacific are projected to be key regions for the global automotive electric power steering market in the forecast period. The rapid development of manufacturing industries across the Asia Pacific is expected to propel the automotive electric power steering market across the region. Further, Europe has a huge presence of OEM and tire-1 suppliers who have advanced R&D facilities regarding electric power steering, which is expected to boost the growth of the automotive electric power steering market across Europe.
Automotive 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)
Automotive Electric Power Steering Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Automotive Electric Power Steering are highlighted below.
· In October 2021, Nexteer Automotive expands its Electric Power Steering (EPS) portfolio with its new Modular Column-Assist EPS System (mCEPS). This innovative system offers a cost-efficient, modular platform design achieving scalability for Nexteer and flexibility to meet a wide range of OEMs' requirements. ''Nexteer's mCEPS system creates new possibilities for vehicle types that have used traditional CEPS systems in the past. With a platform design and an expandable electronic control system, mCEPS allows to meet OEM customers' needs for an advanced, customizable and cost-effective steering system that is flexible to customer packaging and other requirements.
Automotive Electric Power Steering Market, Key Players
· JTEKT Corporation
· DENSO Corporation
· Sona Koyo Steering Systems Ltd.
· ZF Friedrichshafen AG
· GKN plc.
· Robert Bosch GmbH
· NSK Ltd.
· Mitsubishi Electric Corporation
· China Automotive Systems, Inc.
· Delphi Technologies
· Hyundai Mobis
· Thyssenkrupp Business Area Components Technology
· SHOWA Corporation
· Mando Corp.
· Global Steering Systems
· Zhejiang Shibao Company Limited
· TRIDEC
· Hitachi Automotive Systems
Electric power steering (EPS) is a key technology for highly automated driving. The EPS has an electric motor that controls the vehicle's steering. With an electric motor, the EPS controls and assists vehicle steering and provides an optimal and enjoyable steering feel. The global Automotive Electric Power Steering market is expected to rise at a considerable rate in the years to come.
An increase in the adoption of advanced electric components in vehicles to improve safety features is expected to escalate the growth of the automotive electric power steering market. Furthermore, vehicle manufacturers are incorporating an increasing variety of electric components and systems into their vehicles to improve the quality and driving experience. Electronic devices and systems are also being used by manufacturers to improve the efficiency of their cars and to monitor the operation of all essential components to detect issues early on before they become severe.
The demand for electric power steering in vehicles is also being propelled by an increase in vehicle sales around the world as a result of lower vehicle tax rates. High demand for electric vehicles owing to the enactment of stringent emission norms is estimated to influence the growth of the automotive electric power steering market across the world. Electric power steering system penetration is expected to grow at a rapid rate over the projection period, owing to the technology's numerous advantages over conventional hydraulic power steering technology, such as lower maintenance costs and support in achieving improved fuel efficiency.
On the other hand, the automotive electric power steering system comprises a huge number of electronic components, and the failure of electronics is a key factor limiting the automotive 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 | Motor Assist, Component, Vehicle, Technology, 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 Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp Business Area Components Technology, SHOWA Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited,TRIDEC, Hitachi Automotive Systems. |
Covid-19 Impact on Automotive 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.
Automotive Electric Power Steering Market Segment Overview
According to Motor Assist, the Column Assist segment commanded a major share in the global automotive electric power steering market. Column assist is extensively used in passenger vehicles, and an increase in the sale of passenger vehicles across the world is expected to upsurge the demand for column assist power steering systems in vehicles. Furthermore, By technology, the EPS with ADAS is the most prominent segment of the market. Technological progressions in vehicles, which include lane departure warning systems and blind-spot detection systems, are expected to rise the penetration of EPS with ADAS technologies in vehicles. This, in turn, is projected to enhance the growth of the automotive electric power steering market across the world.
Automotive Electric Power Steering Market, By Motor Assist
· Column Assist
· Pinion Assist
· Rack Assist
Automotive Electric Power Steering Market, By Component
· EPS Control Module
· Electric Motor
· Rack & Pinion
· Steering Column
Automotive Electric Power Steering Market, By Vehicle
· Passenger Vehicle
· Light Commercial Vehicle
· Heavy Commercial Vehicle
Automotive Electric Power Steering Market, By Technology
· Conventional EPS
· EPS with ADAS
Automotive Electric Power Steering Market Regional Overview
Region-wise, Europe and the Asia Pacific are projected to be key regions for the global automotive electric power steering market in the forecast period. The rapid development of manufacturing industries across the Asia Pacific is expected to propel the automotive electric power steering market across the region. Further, Europe has a huge presence of OEM and tire-1 suppliers who have advanced R&D facilities regarding electric power steering, which is expected to boost the growth of the automotive electric power steering market across Europe.
Automotive 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)
Automotive Electric Power Steering Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Automotive Electric Power Steering are highlighted below.
· In October 2021, Nexteer Automotive expands its Electric Power Steering (EPS) portfolio with its new Modular Column-Assist EPS System (mCEPS). This innovative system offers a cost-efficient, modular platform design achieving scalability for Nexteer and flexibility to meet a wide range of OEMs' requirements. ''Nexteer's mCEPS system creates new possibilities for vehicle types that have used traditional CEPS systems in the past. With a platform design and an expandable electronic control system, mCEPS allows to meet OEM customers' needs for an advanced, customizable and cost-effective steering system that is flexible to customer packaging and other requirements.
Automotive Electric Power Steering Market, Key Players
· JTEKT Corporation
· DENSO Corporation
· Sona Koyo Steering Systems Ltd.
· ZF Friedrichshafen AG
· GKN plc.
· Robert Bosch GmbH
· NSK Ltd.
· Mitsubishi Electric Corporation
· China Automotive Systems, Inc.
· Delphi Technologies
· Hyundai Mobis
· Thyssenkrupp Business Area Components Technology
· SHOWA Corporation
· Mando Corp.
· Global Steering Systems
· Zhejiang Shibao Company Limited
· TRIDEC
· Hitachi Automotive Systems
Frequently Asked Questions (FAQ) :
Q1. What are the driving factors for the Automotive Electric Power Steering market?
Increase in adoption of advanced electric components in vehicles to improve safety features is expected to escalate the growth of the automotive electric power steering market.
Q2. What are the restraining factors for the Automotive Electric Power Steering market?
The automotive electric power steering system comprises a huge number of electronic components, and the failure of electronic is a key factor limiting the automotive electric power steering market.
Q3. Which segment is projected to hold the largest share in the Automotive Electric Power Steering Market. ?
Column Assist segment is projected to hold the largest share in the Automotive Electric Power Steering Market.
Q4. Which are the key regions for the Automotive Electric Power Steering market?
Europe and Asia Pacific are projected to be key regions for the global automotive electric power steering market in the forecast period.
Q5. Which are the prominent players in the Automotive Electric Power Steering Market?
JTEKT Corporation, DENSO Corporation, Sona Koyo Steering Systems Ltd., ZF Friedrichshafen AG, GKN plc., Robert Bosch GmbH, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Delphi Technologies, Hyundai Mobis, Thyssenkrupp Business Area Components Technology, SHOWA Corporation, Mando Corp., Global Steering Systems, Zhejiang Shibao Company Limited,TRIDEC, Hitachi Automotive Systems. are some key players in the Automotive Electric Power Steering Market.
Automotive Electric Power Steering Market Study Global Market Analysis, Insights and Forecast, 2020-2027
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 Automotive 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 Motor Assist
- 5.2.1. Column Assist
- 5.2.2. Pinion Assist
- 5.2.3. Rack Assist
- 5.3. Market Analysis, Insights and Forecast – By Component
- 5.3.1. EPS Control Module
- 5.3.2. Electric Motor
- 5.3.3. Rack & Pinion
- 5.3.4. Steering Column
- 5.4. Market Analysis, Insights and Forecast – By Vehicle
- 5.4.1. Passenger Vehicle
- 5.4.2. Light Commercial Vehicle
- 5.4.3. Heavy Commercial Vehicle
- 5.5. Market Analysis, Insights and Forecast – By Technology
- 5.5.1. Conventional EPS
- 5.5.2. EPS with ADAS
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Latin America, Middle East and Africa
6. North America Automotive 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 Motor Assist
- 6.2.1. Column Assist
- 6.2.2. Pinion Assist
- 6.2.3. Rack Assist
- 6.3. Market Analysis, Insights and Forecast – By Component
- 6.3.1. EPS Control Module
- 6.3.2. Electric Motor
- 6.3.3. Rack & Pinion
- 6.3.4. Steering Column
- 6.4. Market Analysis, Insights and Forecast – By Vehicle
- 6.4.1. Passenger Vehicle
- 6.4.2. Light Commercial Vehicle
- 6.4.3. Heavy Commercial Vehicle
- 6.5. Market Analysis, Insights and Forecast – By Technology
- 6.5.1. Conventional EPS
- 6.5.2. EPS with ADAS
- 6.6. Market Analysis, Insights and Forecast – By Country
- 6.6.1. U.S.
- 6.6.2. Canada
7. Europe Automotive 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 Motor Assist
- 7.2.1. Column Assist
- 7.2.2. Pinion Assist
- 7.2.3. Rack Assist
- 7.3. Market Analysis, Insights and Forecast – By Component
- 7.3.1. EPS Control Module
- 7.3.2. Electric Motor
- 7.3.3. Rack & Pinion
- 7.3.4. Steering Column
- 7.4. Market Analysis, Insights and Forecast – By Vehicle
- 7.4.1. Passenger Vehicle
- 7.4.2. Light Commercial Vehicle
- 7.4.3. Heavy Commercial Vehicle
- 7.5. Market Analysis, Insights and Forecast – By Technology
- 7.5.1. Conventional EPS
- 7.5.2. EPS with ADAS
- 7.6. Market Analysis, Insights and Forecast – By Country
- 7.6.1. UK
- 7.6.2. Germany
- 7.6.3. France
- 7.6.4. Italy
- 7.6.5. Spain
- 7.6.6. Russia
- 7.6.7. Rest of Europe
8. Asia Pacific Automotive 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 Motor Assist
- 8.2.1. Column Assist
- 8.2.2. Pinion Assist
- 8.2.3. Rack Assist
- 8.3. Market Analysis, Insights and Forecast – By Component
- 8.3.1. EPS Control Module
- 8.3.2. Electric Motor
- 8.3.3. Rack & Pinion
- 8.3.4. Steering Column
- 8.4. Market Analysis, Insights and Forecast – By Vehicle
- 8.4.1. Passenger Vehicle
- 8.4.2. Light Commercial Vehicle
- 8.4.3. Heavy Commercial Vehicle
- 8.5. Market Analysis, Insights and Forecast – By Technology
- 8.5.1. Conventional EPS
- 8.5.2. EPS with ADAS
- 8.6. Market Analysis, Insights and Forecast – By Country
- 8.6.1. China
- 8.6.2. India
- 8.6.3. Japan
- 8.6.4. Australia
- 8.6.5. South East Asia
- 8.6.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Automotive 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 Motor Assist
- 9.2.1. Column Assist
- 9.2.2. Pinion Assist
- 9.2.3. Rack Assist
- 9.3. Market Analysis, Insights and Forecast – By Component
- 9.3.1. EPS Control Module
- 9.3.2. Electric Motor
- 9.3.3. Rack & Pinion
- 9.3.4. Steering Column
- 9.4. Market Analysis, Insights and Forecast – By Vehicle
- 9.4.1. Passenger Vehicle
- 9.4.2. Light Commercial Vehicle
- 9.4.3. Heavy Commercial Vehicle
- 9.5. Market Analysis, Insights and Forecast – By Technology
- 9.5.1. Conventional EPS
- 9.5.2. EPS with ADAS
- 9.6. Market Analysis, Insights and Forecast – By Country
- 9.6.1. Brazil
- 9.6.2. Saudi Arabia
- 9.6.3. UAE
- 9.6.4. 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 Corporation
- 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. DENSO Corporation
- 10.6. Sona Koyo Steering Systems Ltd.
- 10.7. ZF Friedrichshafen AG
- 10.8. GKN plc.
- 10.9. Robert Bosch GmbH
- 10.10. NSK Ltd.
- 10.11. Mitsubishi Electric Corporation
- 10.12. China Automotive Systems, Inc.
- 10.13. Delphi Technologies
- 10.14. Hyundai Mobis
- 10.15. Thyssenkrupp Business Area Components Technology
- 10.16. SHOWA Corporation
- 10.17. Mando Corp.
- 10.18. Global Steering Systems
- 10.19. Zhejiang Shibao Company Limited
- 10.20. TRIDEC
Research Process
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
