Electric Power Steering Market Accelerates Towards $40.35 Billion by 2030, Driven by Autonomous Driving and Regional Demand Surges
The global Electric Power Steering (EPS) market is poised for significant growth, projected to expand from USD 27.37 billion in 2023 to nearly USD 40.35 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 5.7% . This surge is fueled by the increasing adoption of EPS in autonomous vehicles, stringent fuel efficiency regulations, and a global shift towards electric and hybrid vehicles.
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Competitive Landscape: Key Players Steering the Market
The EPS market is characterized by intense competition among major automotive component manufacturers. Leading companies such as Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive, ZF Friedrichshafen AG, and NSK Ltd. are at the forefront, investing heavily in research and development to innovate and expand their product portfolios .
Regional Insights: Growth, Opportunities, Trends, Consolidation, and Updates
United States: Growth and Consolidation
The United States is witnessing a robust expansion in the EPS market, driven by the rising demand for fuel-efficient vehicles and advancements in autonomous driving technologies. The presence of major automotive manufacturers like Ford and General Motors further propels market growth .
In terms of consolidation, the U.S. power industry is experiencing a surge in mergers and acquisitions (M&A), influenced by the increasing demand for electricity from data centers supporting artificial intelligence (AI). Notably, Constellation Energy’s $16.4 billion acquisition of Calpine highlights this trend .
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Asia Pacific: Opportunities and Trends
Asia Pacific stands out as the fastest-growing region in the EPS market, with a CAGR of 5.8% projected through 2030 . This growth is primarily driven by increasing automotive production in countries like China, Japan, South Korea, and India. The region’s focus on integrating advanced safety and comfort features in vehicles, along with stringent emission regulations, accelerates EPS adoption .
In terms of consolidation, Japanese company JTEKT Corporation holds a significant market share in steering systems, and the presence of other leading manufacturers like Mitsubishi Electric and NSK Ltd. contributes to the region’s dominance in the EPS market .
Middle East and Africa: Trends and Updates
The Middle East and Africa (MEA) region is experiencing moderate growth in the EPS market, driven by the increasing demand for luxury vehicles and the adoption of advanced automotive technologies . Companies like ACWA Power are expanding their energy portfolios, which includes investments in electric power infrastructure, indirectly supporting the automotive sector’s growth in the region
Europe: Growth and Trends
Europe remains a significant player in the EPS market, with a projected CAGR of 5.2% through 2030 . The region’s stringent emission regulations and the increasing demand for electric and hybrid vehicles drive this growth. Major automotive manufacturers and suppliers, such as Bosch, ZF Friedrichshafen AG, and Nexteer Automotive, play a crucial role in advancing EPS technologies in Europe
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Market Segmentation: In-Depth Analysis:
by Type
Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)
The Rack Assist Type (REPS) segment of the Electric Power Steering Market had the most market shear in 2023. A rack and pinion gear combination connected to both front wheels is called a “steering rack.” When we turn the steering wheel, the rack and pinion gears engage, moving the car’s wheels to the left or right and giving us control. Power-assisted is shortened to power. It offers more support that enables us to turn the steering rack, which facilitates easier car handling. The word “electric” refers to the steering rack’s use of electronics to provide more power.
by Mechanism
Rigid
Collapsible
The market for electric power steering is divided into two segments: rigid and collapsible. In 2023, the Collapsible market had the most market share. Due to the rapid technological advancements in the automotive sector, the market for automobile collapsible steering columns has recently undergone significant change. The invention of power steering has introduced steering technology to the public. This technology is not only more responsive and fuel-efficient than traditional manual steering systems, but it is also more technologically sophisticated.
by Application
Passenger Cars (PC)
Commercial Vehicles (CV)
In 2023, the largest proportion of the electric power steering market was accounted for by commercial vehicles. The application sector includes both passenger cars (PC) and commercial vehicles (CV). Over the course of the projection period, the commercial vehicle category is anticipated to grow at the quickest rate. The primary driver of this segment’s growth is the expansion of construction and e-commerce activities worldwide. Strict regulations governing vehicle weight and length restrictions, together with careless investments in rural development and infrastructure, have all contributed to the need for electric power steering for commercial vehicles and the market’s expansion.
by Components
Steering column
Sensors
Steering gear
Mechanical rack and pinion
Electronic control unit
Electric motor
Bearing
by Electric Motor
Brush motor
Brushless motor
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Market Key Players : In-Depth Analysis:
1. JTEKT Corporation (Japan)
2. DENSO Corporation (Japan)
3. Mitsubishi Electric Corporation (Japan)
4. NSK Ltd. (Japan)
5. Nissan Motor Corporation (Japan)
6. Hitachi Automotive Systems (Japan)
7. Renesas Electronics (Japan)
8. ZF Friedrichshafen AG (Germany)
9. Thyssenkrupp (Germany)
10. Robert Bosch GmbH (Germany)
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