Electric Power Steering Market Scope, Trends and Opportunity 2024-2032
IMARC Group's report titled "Electric Power Steering Market by Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Others), Mechanism (Rigid EPS, Collapsible EPS), Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Vehicle Type (Passenger Car, Commercial Vehicle), and Region 2024-2032", The global electric power steering market size reached US$ 28.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
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Factors Affecting the Growth of the Electric Power Steering Industry:
- Fuel Efficiency and Environmental Concerns:
The rising focus on enhancing fuel efficiency and reducing environmental impact efforts in automobiles is impelling the growth of the market. Moreover, unlike traditional hydraulic power steering systems, electric power steering (EPS) operates on-demand, drawing power only when steering assistance is required. This contrasts sharply with hydraulic systems that continuously consume energy, thereby improving fuel economy. Apart from this, automakers are under immense pressure to reduce carbon emissions across their vehicle fleets. Furthermore, EPS is gaining prominence as a technology that aligns with these objectives. Manufacturers are increasingly integrating EPS into their vehicles to enhance fuel efficiency and minimize their carbon footprint.
- Enhanced Driving Experience:
EPS systems are redefining the driving experience, offering a range of advantages that are benefitting drivers or car owners. Unlike conventional hydraulic systems, EPS eliminates the need for a hydraulic pump and associated fluids, resulting in a quieter and more responsive steering operation. Drivers appreciate the effortless maneuverability of EPS-equipped vehicles, especially at low speeds, where reduced steering effort is particularly noticeable. The ergonomic benefits of EPS extend beyond everyday driving, making parking and low-speed maneuvers more manageable.
- Advanced Driver Assistance Systems (ADAS):
EPS is seamlessly getting integrated into the realm of advanced driver assistance systems (ADAS). ADAS encompasses a range of safety and convenience features, including lane-keeping assist, parking assist, and adaptive cruise control. These systems rely on precise and instantaneous steering control, making EPS an ideal companion. Moreover, the electronic nature of EPS allows for seamless integration with sensors, cameras, and control units. It enables real-time adjustments to steer input, contributing to the accuracy and effectiveness of ADAS functions. Furthermore, lane-keeping assist relies on EPS to gently steer the vehicle back into the lane if it detects unintentional drifting.
Leading Companies Operating in the Global Electric Power Steering Industry:
- GmbH & Co. KGaA (Faurecia SE)
- Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK LTD,
- NXP Semiconductors N.V
- Robert Bosch GmbH
- ThyssenKrupp AG
- TT Electronics plc
- ZF Friedrichshafen AG
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Electric Power Steering Market Report Segmentation:
By Component:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Sensors represent the largest segment due to their accuracy and efficiency.
By Mechanism:
- Rigid EPS
- Collapsible EPS
Collapsible EPS exhibits a clear dominance in the market owing to its capability of reducing the risk of steering-related injuries.
By Type:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Colum assist type (CEPS) holds the biggest segment as it reduces parasitic energy losses, resulting in enhanced fuel economy.
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Passenger car accounts for the majority of the market share driven by the rising number of people purchasing passenger cars to travel comfortably.
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Asia Pacific’s dominance in the electric power steering market is attributed to the increasing focus on maintaining vehicle safety and rising purchase of passenger cars.
Global Electric Power Steering Market Trends:
Electric power steering (EPS) systems tend to require less maintenance compared to hydraulic systems. The absence of hydraulic fluid and components reduces the likelihood of leaks and other maintenance issues. This translates to cost savings for both automakers and vehicle owners. Lower maintenance costs make EPS-equipped vehicles an attractive option for budget-conscious individuals. EPS systems are well-suited for eco-friendly platforms due to their inherent electrical nature. Automakers are also increasingly integrating EPS into electric and hybrid models to align with their sustainability goals and to provide a seamless driving experience for electric vehicle (EV) owners.
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