Global Automotive Electric Power Steering Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (C-EPS, P-EPS, R-EPS), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), And By Geography - Forecasts From 2022 To 2027
- Published : Nov 2022
- Report Code : KSI061613118
- Pages : 135
The global automotive electric power steering market is projected to grow at a CAGR of 5.70% during the forecast period, reaching a total market size of US$ 35.420 billion in 2027 from US$ 24.026 billion in 2020. This growth is attributed to the increase in demand for better steering systems that minimize driver effort and make driving safer and more convenient.
Power steering is a type of steering system that provides assistance to the driver by increasing the steering effort needed to turn the steering wheel, thus making it simpler to turn. Electric power steering is a type of power steering system that is abbreviated as EPS or EPAS. It can also be called motor-driven power steering or MDPS. The electric power steering system uses an electric motor to provide power assistance to the driver while steering. There are sensors that detect the position and torque of the steering column and send this information to the electronic power steering module, which then controls the speed of the motor and provides the required torque according to different driving conditions and situations.
EPS system has many advantages as well such as they are very effective and fuel efficient due to the no running hydraulic pump. There is also there is no chance of leakage of hydraulic fluid. Another advantage is that there are no hydraulic pumps, hoses, or components mounted on the chassis. The key players are actively involved in bringing new technologies and making investments in improving the electric power steering market. For example, in October 2020, Nexteer Automotive introduced High-Output Electric Power Steering (EPS), which offers cutting-edge safety and comfort features as well as improved fuel efficiency for heavy-duty (HD) trucks and light commercial vehicles (LCVs). Also, in November 2020, Scania launched Electrically Assisted Steering. The electrically assisted steering improves the driving experience and enables new or improved driver support systems.
As the demand for better technologies in the steering systems of vehicles is rising, there are better technologies being incorporated in cars to improve the driving safety and driving experience so that people can enjoy a comfortable drive. These factors are driving the automotive electric power steering market.
By Product Type
On the basis of product type, the global automotive electric power steering market is segmented as C-EPS, P-EPS, and R-EPS. C-EPS holds a notable amount of share in the market owing to the fact that the demand for passenger cars is increasing and most of the passenger cars that are produced come with C-EPS.
By Vehicle type
On the basis of vehicle type, the global automotive electric power steering market is segmented as passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Passenger vehicles hold a significant amount of market share due to the increasing production and demand for passenger vehicles and more demand for better steering systems to improve driving safety and convenience.
By geography, the global automotive electric power steering market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia-Pacific holds a significant share of the market owing to the fact that the demand and production of vehicles are greater in this region.
The presence of diverse international, regional, and local players makes the global automotive electric power steering market competitive. The competitive landscape details key players' strategies, products, and investments in various technologies and companies to increase their market presence.
Recent development and expansion
- ZF Friedrichshafen announced that it would invest CNY320 million (US$47 million) in August 2022 to increase Shanghai's capacity for power steering systems in order to meet the expanding local demand.
- Nexteer Automotive introduced its new Modular Column-Assist EPS System in October 2021, extending the range of its Electric Power Steering (EPS) products (mCEPS). This ground-breaking system offers a cost-effective, modular platform design that allows Nexteer to scale the system and is flexible enough to meet the needs of many OEMs.
Covid 19 impact on Automotive Electric Power Steering Market
The market suffered during the COVID-19 pandemic because of disruptions in the supply chain caused by several major economies of the world being put on lockdown and having all economic activity halted. To adhere to social distance norms and limit virus spread, all production facilities and OEM plants halted operations. Also drastically declining during this time was the demand for passenger cars. However, as economies opened up gradually, demand returned to the market, and markets like China and India saw a huge demand for passenger cars as consumer preferences shifted from public transportation to private automobiles.
Global Automotive Electric Power Steering Market Scope:
|Market Size Value in 2020||US$24.026 billion|
|Market Size Value in 2027||US$35.420 billion|
|Growth Rate||CAGR of 5.70% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Product Type, Vehicle Type, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Nexteer Automotive, HYUNDAI MOBIS, Robert Bosch GmbH, ZF Friedrichschafen AG, Mando Corp, NSK Ltd., DENSO, JTEKT Corporation, Hitachi Automotive Systems Americas, Inc.|
|Customization Scope||Free report customization with purchase|
The global automotive electric power steering market has been segmented by product type, vehicle type, and geography.
- By Product Type
- By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Driver
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY PRODUCT TYPE
6. GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY VEHICLE TYPE
6.2. Passenger Vehicle
6.3. Light Commercial Vehicle
6.4. Heavy Commercial Vehicle
7. GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Nexteer Automotive
9.2. HYUNDAI MOBIS
9.3. Robert Bosch GmbH
9.4. ZF Friedrichschafen AG
9.5. Mando Corp
9.6. NSK Ltd.
9.8. JTEKT Corporation
9.9. Hitachi Automotive Systems Americas, Inc.
Robert Bosch GmbH
ZF Friedrichschafen AG
Hitachi Automotive Systems Americas, Inc.
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