Global Electric Power Steering Market Set for Robust Growth Amid Technological Advancements and Regulatory Push
The global electric power steering (EPS) market is on a trajectory of significant expansion, driven by technological innovations, stringent fuel efficiency regulations, and increasing vehicle safety concerns. Valued at USD 27.37 billion in 2023, the market is projected to reach nearly USD 40.35 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 5.7% from 2024 to 2030.
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Market Dynamics and Growth Drivers
EPS systems have become integral to modern vehicles, replacing traditional hydraulic systems with more efficient electric motors. This transition enhances fuel efficiency by eliminating the need for power steering pumps, hoses, and hydraulic fluids. The adoption of EPS is further bolstered by government regulations aimed at improving fuel economy and reducing emissions. For instance, the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule mandates automakers to enhance fuel efficiency, prompting a shift towards EPS systems.
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Regional Insights and Market Trends
Electric Power Steering Growth in the United States
In the United States, the EPS market is experiencing significant growth, driven by increased vehicle production and sales. Regulatory standards aimed at boosting fuel efficiency and reducing emissions have accelerated the adoption of EPS systems. Collaborations for technological enhancements are also propelling market expansion. Notably, in January 2021, Nexteer Automotive partnered with Tactile Mobility to integrate advanced software into EPS systems, providing real-time insights on road attributes and vehicle dynamics.
Electric Power Steering Opportunities in Asia Pacific
Asia Pacific dominates the global EPS market, accounting for over 50% of the revenue share in 2023. This dominance is attributed to rising vehicle demand in emerging economies like China and India, coupled with increasing income levels among middle-class consumers. Original Equipment Manufacturers (OEMs) in the region are focusing on cost-effective EPS solutions, leading to widespread adoption in passenger and light commercial vehicles.
Electric Power Steering Trends in Europe
Europe is anticipated to register the fastest CAGR over the forecast period. The European Union’s stringent emission and fuel efficiency standards are encouraging the adoption of EPS systems. Germany, in particular, leads the European market, driven by a high demand for Advanced Driver Assistance Systems (ADAS) and the push toward autonomous vehicles. The presence of major automotive manufacturers like Volkswagen Group, BMW AG, and Mercedes-Benz further fuels market growth in the region.
Electric Power Steering Consolidation in the Middle East and Africa
The Middle East and Africa (MEA) region is witnessing gradual adoption of EPS systems, influenced by the global shift towards energy-efficient automotive technologies. While specific merger and acquisition activities in the EPS sector are limited in this region, the overall trend indicates a growing interest in modernizing vehicle fleets with advanced steering systems to meet evolving safety and efficiency standards.
Competitive Landscape and Key Developments
The EPS market is characterized by the presence of several key players driving innovation and expansion. Companies such as Robert Bosch GmbH, Nexteer Automotive, JTEKT Corporation, ZF Friedrichshafen AG, and NSK Ltd. are at the forefront, offering a diverse range of EPS solutions.
Recent developments include strategic collaborations aimed at enhancing EPS technologies. For example, Nexteer Automotive‘s partnership with Tactile Mobility focuses on integrating software that collects data from non-visual sensors to provide real-time insights, thereby improving vehicle handling and safety.
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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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♦ Learn about the top players driving innovation in the Market :
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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