ELECTRIC POWER STEERING MARKET: SUMMARY
The Global Electric Power Steering Market is projected to reach around USD 42.5 billion by 2027 at a CAGR of around 6.2%.
Electric power steering (EPS) operates on an electric motor that is attached to the steering rack via gear mechanism for driving a vehicle instead of hydraulic power steering (HPS) systems where a pump is used. The pump is continuously running even when the steering wheel is not in use, which results in more fuel consumption. In EPS mechanism, the load on the engine utilizes only when the steering wheel is turned which results in less fuel consumption. Moreover, the EPS system excludes many HPS components like fluid, drive belt, pump, hoses, and others which results in being smaller and lighter systems.
ELECTRIC POWER STEERING MARKET: DRIVERS & RESTRAINT
- Rising Demand for Fuel-Efficient Vehicles
Automotive manufacturers are focusing on designing lightweight components for making the vehicle lighter and achieving other key benefits such as reducing emission and increasing fuel efficiency. As compared with traditional hydraulic system, Electric power steering (EPS) is an advanced power steering system which excludes the requirement of hoses, power steering pumps, hydraulic fluids, pulley, and drive belt connected to the engine. EPS operates on an electric motor that draws current from battery only when the vehicle is turning. Thus, a reduction in vehicle weight coupled with lower consumption of fuel has resulted in energy-efficient vehicles.
Hence, the rising demand for fuel-efficient vehicles is expected to drive market growth during the forecast period.
- Growing Vehicle Production in Asia-Pacific
Due to the rise in vehicle production and economic growth, there is an increase in demand for the electric power steering market. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2018 countries such as India, Malaysia, Thailand, and Russia are the prominent countries that have shown positive growth of 8%, 12.2%, 9%, 13.9%, respectively. Moreover, the rise in automobile production in developing nations will increase the demand for lightweight vehicles which is indirectly propelling market growth.
Thus, the growing vehicle production is anticipated to boost the market growth during the forecast period.
- High Cost of Electric Power Steering (EPS) System
The components such as modules or rack used in the EPS system are expensive to replace. The high cost associated with the EPS system compared to the traditional steering system increases the overall cost of the vehicle. Due to the presence of cost constraints, the more efficient systems are first implemented in premium vehicles, where the impact of the cost of the system on the overall cost of the vehicle is minor than for standard vehicles.
Hence, the high cost of the electric power steering (EPS) system is expected to restrain the market during the forecast period.
ELECTRIC POWER STEERING MARKET: KEY SEGMENTS
- Based on Type: Column Assist Type, Pinion Assist Type, Rack Assist Type, and Electro-Hydraulic Power Steering (EHPS).
- Based on Component: Steering Wheel, Steering Column, Steering Gear, Electric Motor, Electronic Control Unit (ECU), Sensors, Intermediate Shaft, and Others.
- Based on Electric Motor Type: Brushed Direct Current (DC) Motor, and Brushless Direct Current (DC) Motor.
- Based on Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV).
- Based on Region Covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.
ELECTRIC POWER STEERING MARKET: REPORT SCOPE
The report on the electric power steering market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million), Volume (Units)
Type, Component, Electric Motor Type, and Vehicle Type
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY COMPANIES COVERED
- Robert Bosch GmbH (Germany) (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- JTEKT Corporation (Japan)
- ZF Friedrichshafen AG (Germany)
- BorgWarner Inc. (US)
- Nexteer Automotive Corporation (US)
- HYUNDAI MOTOR GROUP (South Korea)
- Melrose Industries PLC (UK)
- Tenneco Inc. (US)
- NSK Ltd (Japan)
- Mitsubishi Electric Corporation (Japan)
- Other Key Companies
- thyssenkrupp AG (Germany)
- ATS Automation Tooling Systems Inc. (Canada)
- SHOWA CORPORATION (Japan)
- Mando Corp (South Korea)
- KSR International Inc. (Canada)
ELECTRIC POWER STEERING MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Electric Power Steering Market, by Type
- Column Assist Type
- Pinion Assist Type
- Rack Assist Type
- Electro-Hydraulic Power Steering (EHPS)
Electric Power Steering Market, by Component
- Steering Wheel
- Steering Column
- Steering Gear
- Electric Motor
- Electronic Control Unit (ECU)
- Intermediate Shaft
Electric Power Steering Market, Electric Motor Type
- Brushed Direct Current (DC) Motor
- Brushless Direct Current (DC) Motor
Electric Power Steering Market, Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV)
Electric Power Steering Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- The Netherlands
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the prominent developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and the market players in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the world?
- How are the key players leveraging in the present market scenario globally?
- Electric Power Steering Market Providers
- Electric Power Steering Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Electric Power Steering Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE ELECTRIC POWER STEERING MARKET STUDY