The global electronic power steering market is expected to be valued at US$ 25,234.0 Million in 2022. The electronic power steering market size is set to expand at a 5.2% CAGR during the projection period to US$ 41,893.2 Million by 2032.
| Report Attribute | Details |
|---|---|
| Electronic Power Steering Market Value (2022) | US$ 25,234.0 Million |
| Electronic Power Steering Market Forecast Value (2032) | US$ 41,893.2 Million |
| Electronic Power Steering Projected Growth Rate (2022 to 2032) | 5.2% |
The electronic power steering market is likely to expand rapidly over the forecast period (2020 to 2022) due to rising security and CO2 concerns. And, rising rivalry to produce electronic, self-driving, or autopilot-capable automobiles is likely to enhance the worldwide power steering market.
The rising number of regulatory standards and obligations linked to fuel-efficient technology, steps made by OEMs globally to decrease the weight and complexity of their cars, and global vehicle supply are the primary growth factors for the electronic power steering industry.
A growing awareness of technologically sophisticated automotive systems and the growing acceptance of luxury vehicles with ADAS are boosting the electronic power steering market growth and providing significant possibilities for industry participants to expand their product portfolio and client base.
According to the electronic power steering market research report, the system price had been increasing at a CAGR of 3.1% from 2016 to 2021. However, the growth rate dropped significantly in the following years, particularly after the slowdown of the automobile industry.
In the past couple of decades, the automotive sector has gone through different stages of design, power, and efficiency advances. The selection of a proper steering design gives a vehicle steadiness and maneuverability in any landscape. Therefore, the market is still expanding rapidly and is expected to continue at a rate of 5.2% during the projection period.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The factors fueling the demand for electronic power steering in the global forum are:
Some of the key curbing factors that are likely to deter the growth of the forum are identified below:
| Segment | Automotive Industry - By End-use |
|---|---|
| Description | The electronic power steering industry is overly reliant on the auto market. Research and Development initiatives by major automotive businesses are one of the leading drivers in the worldwide electronic steering market. It is predicted to be fueled by the creation of advanced and durable steering systems. |
| Segment | Conventional Steering - By Type |
|---|---|
| Description | The conventional steering segment in the automobile sector is constantly improving in response to the shifting dynamics of the sector. Original equipment manufacturers are upgrading their traditional steering mechanisms in response to the launch of self-driving vehicles. Steer-by-wire technology is an invention that will change the entire steering mechanism in self-driving vehicles. This form of steering mechanism eliminates the steering connection found in conventional electronic power steering systems. |
Principal Consultant
| Region | Asia-Pacific |
|---|---|
| Statistics | The Asia Pacific market is projected to grow at a CAGR of 8% through 2032. Current Market Valuation: US$ 39.83 Billion. |
| Description | The Asia Pacific electronic power steering market is likely to develop at the fastest CAGR during the projected period. Asia-Pacific is the biggest and fastest growing market due to high volume markets and increasing adoption of electronic and fuel-efficient technologies in commercial vehicles. Current and future automobile energy restrictions in emerging regions are also expected to stimulate regional market expansion. |
| Region | Europe |
|---|---|
| Statistics | Europe is projected to have a steady growth rate over the forecast period. The market is projected to advance at a CAGR of 3.95% through 2032. The market valuation is estimated to reach US$ 8.28 Billion by 2032. |
| Description | The increased production of automobiles, constant technological advancements in the European automotive sector, and the increasing demand for fuel-efficient vehicles with effective steering systems are expected to propel the growth of the market over the forecast period. |
Start-ups Giving a New Face to the Electronic Power Steering Market
The electronic power steering market start-ups are making frequent innovations to existing products. The conventional methods would motivate start-up enterprises to develop new technologies that will support the growth of the global electronic power steering market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Key Market Players and their Take on the EPS Market
Players operating at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in the industry.
Recent Developments
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.2% from 2022 to 2032 |
| Market Value in 2022 | US$ 25,234.0 Million |
| Market Value in 2032 | US$ 41,893.2 Million |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in US$ Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
The growth outlook for the electronic power steering market is predicted to advance at a CAGR of 5.2% from 2022 to 2032.
The Asia Pacific region is anticipated to lead the electronic power steering market during the forecast period.
The market valuation of the electronic power steering market stands at US$ 25,234.0 Million in 2022.
The electronic power steering market is likely to hold a valuation of US$ 41,893.2 Million by 2032.
1. Executive Summary | Electronic Power Steering Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By EPS type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By EPS type, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By EPS type, 2022 to 2032
5.3.1. Column-assisted electronic power steering
5.3.2. Pinion-assisted electronic power steering
5.3.3. Rack-assisted power steering system
5.3.4. Electronic hydraulic power steering
5.4. Y-o-Y Growth Trend Analysis By EPS type, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By EPS type, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle application, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle application, 2022 to 2032
6.3.1. Light motor vehicles
6.3.2. Passenger cars
6.3.3. Heavy motor vehicles
6.3.4. Agricultural tractors
6.3.5. Special utility vehicles
6.4. Y-o-Y Growth Trend Analysis By Vehicle application, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Vehicle application, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2017 to 2021
7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2022 to 2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
8.2.1. By Country
8.2.1.1. United States of America
8.2.1.2. Canada
8.2.2. By EPS type
8.2.3. By Vehicle application
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By EPS type
8.3.3. By Vehicle application
8.4. Key Takeaways
9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By EPS type
9.2.3. By Vehicle application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By EPS type
9.3.3. By Vehicle application
9.4. Key Takeaways
10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By EPS type
10.2.3. By Vehicle application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By EPS type
10.3.3. By Vehicle application
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. Malaysia
11.2.1.5. Singapore
11.2.1.6. Australia
11.2.1.7. New Zealand
11.2.1.8. Rest of Asia-Pacific
11.2.2. By EPS type
11.2.3. By Vehicle application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By EPS type
11.3.3. By Vehicle application
11.4. Key Takeaways
12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of Middle East and Africa
12.2.2. By EPS type
12.2.3. By Vehicle application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By EPS type
12.3.3. By Vehicle application
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. United States of America
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2021
13.1.2.1. By EPS type
13.1.2.2. By Vehicle application
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2021
13.2.2.1. By EPS type
13.2.2.2. By Vehicle application
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2021
13.3.2.1. By EPS type
13.3.2.2. By Vehicle application
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2021
13.4.2.1. By EPS type
13.4.2.2. By Vehicle application
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2021
13.5.2.1. By EPS type
13.5.2.2. By Vehicle application
13.6. United Kingdom
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2021
13.6.2.1. By EPS type
13.6.2.2. By Vehicle application
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2021
13.7.2.1. By EPS type
13.7.2.2. By Vehicle application
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2021
13.8.2.1. By EPS type
13.8.2.2. By Vehicle application
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2021
13.9.2.1. By EPS type
13.9.2.2. By Vehicle application
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2021
13.10.2.1. By EPS type
13.10.2.2. By Vehicle application
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2021
13.11.2.1. By EPS type
13.11.2.2. By Vehicle application
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2021
13.12.2.1. By EPS type
13.12.2.2. By Vehicle application
13.13. Malaysia
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2021
13.13.2.1. By EPS type
13.13.2.2. By Vehicle application
13.14. Singapore
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2021
13.14.2.1. By EPS type
13.14.2.2. By Vehicle application
13.15. Australia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2021
13.15.2.1. By EPS type
13.15.2.2. By Vehicle application
13.16. New Zealand
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2021
13.16.2.1. By EPS type
13.16.2.2. By Vehicle application
13.17. GCC Countries
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2021
13.17.2.1. By EPS type
13.17.2.2. By Vehicle application
13.18. South Africa
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2021
13.18.2.1. By EPS type
13.18.2.2. By Vehicle application
13.19. Israel
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2021
13.19.2.1. By EPS type
13.19.2.2. By Vehicle application
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By EPS type
14.3.3. By Vehicle application
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Robert Bosch Automotive Steering GmbH
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Mitsubishi Electric Corporation
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. ZF Friedrichshafen Group
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Nexteer Automotive
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. NSK Global
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. JTEKT Corporation
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. SHOWA Corporation
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Thyssenkrupp Presta AG
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Mando Corporation
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Hyundai Mobis
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
Explore Automotive Insights
View Reports
Electronic Power Steering Market
