Electric power steering market size has emerged as an alternative to conventional steering systems such as electro-hydraulic and hydraulic systems. Electric power steering assists the driver with the help of an electric motor. This motor only turns on at the time of steering to help the driver, thus offering better fuel efficiency.
Moreover, electric power steering system eliminates the need for power steering pump that uses around 10HP load, especially in heavy vehicles. The EPS system consumes less than 80% energy than the conventional hydraulic system and increases the fuel efficiency of the vehicle by 2-3%, according to Coherent Market Insights, 2021. Owing to these benefits the use of electric power steering system is increasing across the globe.
Market Dynamics
The automotive industry is transforming, especially in the field of personal mobility, vehicle electrification, car connectivity, and autonomous driving. The increasing consumer demand for connected vehicles, digitalize in-car systems, and advanced driving assistance systems is expected to drive the global electric power steering (EPS) system market growth over the forecast period.
Moreover, the increasing popularity of advanced driving assistance system (ADAS) such as lane keep assist, lane departure warning, park assist, among others are expected to drive growth of the global electric power steering (EPS) system market in the near future.
Companies are introducing fail-safe operation technology to cope with the problems and malfunctions in electric power steering. Currently, Electric Power Steering (EPS) is equipped with an electromechanical control system that incorporates a dual circuit ECU and a motor in the steering mechanism. This system helps to maintain a vehicle’s movement and to stop it safely at the time of failure of the primary system. For instance, in May 2017, at JSAE Automotive Engineering Exposition, the largest exposition in Japan for automotive engineers Denso, a global automotive components manufacturers and Bosch, a multinational engineering and technology company showcased electric power steering system with a fail-safe mechanism composed of a dual circuit ECU and motor.
Key features of the study:
- This report provides an in-depth analysis of the global electric power steering (EPS) system market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global electric power steering (EPS) system market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Continental AG, Danfoss, GKN Automotive Limited, Hitachi Automotive Systems, Ltd., Infineon Technologies AG, JTEKT Corporation, Nexteer Automotive Corporation, Nissan Motor Corporation, NSK Ltd., Robert Bosch GmbH, STMicroelectronics, ThyssenKrupp AG, Zapi S.p.A., and ZF Friedrichshafen AG.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global electric power steering (EPS) system market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electric power steering (EPS) system market
Detailed Segmentation
Global Electric Power Steering (EPS) System Market, By Type:
- Column Assist Type (C-EPS)
- Pinion Assist Type (P-EPS)
- Rack Assist Type (R-EPS)
Global Electric Power Steering (EPS) System Market, By Component:
- Steering Gear
- Electric Motor
- ECU
- Sensors
- Steering Column
- Others
Global Electric Power Steering (EPS) System Market, By Propulsion System:
- IC Engine
- Hybrid
- Electric
Global Electric Power Steering (EPS) System Market, By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles (Trucks, Others)
- Off-road Vehicles
- Sport Utility Vehicle
Company Profiles
- Continental AG*
- Danfoss
- GKN Automotive Limited
- Hitachi Automotive Systems, Ltd.
- Infineon Technologies AG
- JTEKT Corporation
- Nexteer Automotive Corporation
- Nissan Motor Corporation
- NSK Ltd.
- Robert Bosch GmbH
- STMicroelectronics
- ThyssenKrupp AG
- Zapi S.p.A.
- ZF Friedrichshafen AG Visionox
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