The Electric Power Steering Market is estimated to grow at 5.0% CAGR in 2020-2031 with a market size of 40.25 Billion.
The electric power steering market is a very dynamic business, with rising growth over the projected timeframe. The expansion of electrical power steering depends on the automotive industry & the research and development activities of numerous automotive companies. Moreover, the introduction of Asia-Pacific as one of the most rapidly developing regions led to safety requirements and increased demand for automotive sensors. An increase in electric vehicle numbers has driven the markets growth, whereas post-sales services in electric steering components have impeded the markets expansion.
Traditional steering methods, mainly hydraulic and electro-hydraulic systems replaced by an electric power steering (EPS) system. The demand for electric power steering systems is growing popularity of self-driving automobiles. Vehicles with electric power steering tend to have a lower total weight, which improves fuel efficiency even further. Electric power steering systems are more expensive than traditional steering systems, and an increase in vehicle recalls due to sensors or any other component failures might hamper market development.
The adaptable PID (Proportional-Integral-Derivative) control technique, which gives significant tracking capabilities, established a solid research base in the electric power steering industry. For increasing steering stability and sensitivity, the PID control technique is considered the gold standard. PID settings may be changed in real-time depending on the operating environment, making the EPS systems reaction capabilities faster and more precise.
COVID 19 Analysis
During the outbreak of the COVID-19 pandemic, the market was affected by disruptions in the supply chain. Many of the leading economies of the world were locked down & economic activity stopped during that time. To comply with social distinction standards in all manufacturing units and OEM facilities, the propagation of viruses has ceased. Also, the demand for passenger vehicles plummeted. However, when economies opened up, the market started to flourish, and nations like China and India saw massive demand for passenger cars as consumer preferences shifted from public transportation to personal vehicles. During the predicted period, the tendency is likely to continue.
Key Trend & Drivers
The electric power steering industry will expand as more modern electric components are being used to increase safety features. Manufacturers are using numerous electric components and systems to improve the quality and driving experience of their vehicles. To improve the economy of their cars, manufacturers analyze the operation and detect defects early on before they become critical.
The electric power steering market is likely to rise throughout the projection period, owing to the technologys numerous advantages over conventional hydraulic power steering technology, such as lower maintenance costs and aid in achieving better fuel economy. In recent years, to decrease complexity & enhance economy, OEMs 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 in minimizing vehicle weight. Electronic sensors measure the amount of steering force applied by the driver and the pressure released with the assistance of an electric motor to make steering easier.
Key players
JTEKT (Japan), ZF (Germany), and NSK (Japan), Nexteer (US), Robert Bosch (Germany, are among the market leaders in electric power steering (Japan). These organizations create new products, implement growth plans, get supply contracts, form a joint venture, & enter into agreements to maintain their positions in the growing market.
Regional Assessment
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa are the regions in which the worldwide automobile electric power steering market segregates. During the projection period, Europe and Asia-Pacific are forecast to be very profitable markets. The vehicle electric power steering market is likely to boost rapidly in the Asia Pacific due to the rapid growth of manufacturing industries. Europe has various OEM and tire-1 suppliers with excellent R&D facilities for electric power steering, boosting the European automotive electric power steering market.
Report Highlights
• Historical data available (as per request)
• Estimation/projection/forecast for revenue and unit sales (2021-2031)
• Data breakdown for every market segment (2021-2031)
• Gross breakdown for every market segment (2021-2031)
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry and Revenue Segmentation
Component Analysis (Revenue, USD Million, 2020-2031)
• Steering column
• Sensors
• Steering gear
• Mechanical rack and pinion
• Electronic control unit
• Electric motor
• Bearing
Electric Motor Analysis (Revenue, USD Million, 2020-2031)
• Brush motor
• Brushless motor
Application Analysis (Revenue, USD Million, 2020-2031)
• Passenger Cars (PC)
• Commercial Vehicles (CV)
Off Highway Application Analysis (Revenue, USD Million, 2020-2031)
• Construction equipment
• Agricultural equipment
Electric Vehicle Analysis (Revenue, USD Million, 2020-2031)
• BEV
• PHEV
• FCEV
Gear Type Analysis (Revenue, USD Million, 2020-2031)
• Worm Gear
• Ball Screw
Type Analysis (Revenue, USD Million, 2020-2031)
• Rack assist type (REPS)
• Colum assist type (CEPS)
• Pinion assist type (PEPS)
Mechanism Analysis (Revenue, USD Million, 2020-2031)
• Rigid
• Collapsible
Regional Analysis (Revenue, USD Million, 2020 – 2031)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United kingdom
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• UAE
• Qatar
• Saudi Arabia
• Japan
• Africa
• Rest of the world
Available Versions:
• United States Electric Power Steering Industry Research Report
• Europe Electric Power Steering Industry Research Report
• Asia Electric Power Steering Industry Research Report
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