Electronic Power Steering Market

Electronic Power Steering Market Outlook (2022 to 2032)

The global electronic power steering market is expected to be valued at USD 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 USD 41,893.2 Million by 2032.

Report Attribute	Details
Electronic Power Steering Market Value (2022)	USD 25,234.0 Million
Electronic Power Steering Market Forecast Value (2032)	USD 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.

Market Dynamics: Identification of Key demand Drivers and Restraining Elements

The factors fueling the demand for electronic power steering in the global forum are:

• Properties that include customizable power, superb steering, fuel efficiency, and minimal pollution are boosting the adoption of EPS.
• Several electrical devices help in power reduction and accurate movement of vehicles.
• Electronic power steering can increase fuel mileage and driving enjoyment, increasing the demand for electronic power steering.
• EPS systems give steering assistance using an electric motor rather than a hydraulic pump, which aims to decrease vehicle weight.
• In recent years, OEMs have turned their attention from hydraulic to electronic power steering devices to reduce complexity while extending their market reach.
• The growing demand for this technology in big commercial automobiles such as trucks and buses is a significant factor, augmenting the global electronic power steering (EPS) market development.
• Commercial trucks in the logistics system typically operate at night and in distant areas, often damaging road and weather conditions. This growing concern has offered yet another boost to the electronic power steering industry's growth.

Some of the key curbing factors that are likely to deter the growth of the forum are identified below:

• The higher cost of EPS as compared to traditional steering systems and lack of steering feel can hinder the growth of the market.
• The introduction of steer-by-wire (SBW) technology can hinder the growth of this market as this technology is said to hit the passenger cars first and replace EPS systems to a major extent shortly.

Domineering Segments - Category-wise Insights

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.

Regional Outlook

Growth Outlook and Emerging Trends in Diverse Regions

Region	Asia-Pacific
Statistics	The Asia Pacific market is projected to grow at a CAGR of 8% through 2032. Current Market Valuation: USD 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 USD 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-up Ecosystem

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.

Top Start-ups to Watch For

• 22 KYMCO - A partnership between Indian start-up 22 Motors and Taiwanese manufacturer KYMCO. The collaboration focuses on developing advanced connected electric vehicles to change the urban mobility landscape and provide powerful, smart vehicles to the technology-savvy generation.
• DENSO Corporation - This firm has developed a new electronic power steering motor control unit (EPS-MCU), improving vehicle handling and safety. It is featured in the TOYOTA NEW HARRIER, the latest edition released in June 2020. The MCU will also be featured in cars by other major automakers.

Competitive Landscape

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

• In January 2021, Nexteer Automotive invested in Tactile Mobility, a sensing and data company that collects data using vehicles’ built-in, non-visual sensors, including wheel speed, wheel angle, RPM, paddles position, gear position, and then analyzes it to yield actionable insights in real-time. With this collaboration, Nexteer is trying to offer an enhanced steering experience to its customers.
• In July 2020, NSK Ltd developed a non-contact torque sensor capable of measuring the torque in vehicles in real time. This is the first sensor in the world of this type and capability.

Global Electronic Power Steering Market: Key Players

• Robert Bosch Automotive Steering GmbH
• Mitsubishi Electric Corporation
• ZF Friedrichshafen Group
• Nexteer Automotive
• NSK Global
• JTEKT Corporation
• SHOWA Corporation
• Thyssenkrupp Presta AG
• Mando Corporation
• Hyundai Mobis
• Zhuzhou Elite Electro-Mechanical Co. Ltd.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 5.2% from 2022 to 2032
Market Value in 2022	USD 25,234.0 Million
Market Value in 2032	USD 41,893.2 Million
Base Year for Estimation	2021
Historical Data	2016 to 2021
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Product Type, Vehicle Type, Application, Region
Regions Covered	North America; Latin America; Europe; Asia Pacific; Middle East and Africa
Key Countries Profiled	United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel
Key Companies Profiled	Robert Bosch Automotive Steering GmbH; Mitsubishi Electric Corporation; ZF Friedrichshafen Group; Nexteer Automotive; NSK Global; JTEKT Corporation; SHOWA Corporation; Thyssenkrupp Presta AG; Mando Corporation; Hyundai Mobis; Zhuzhou Elite Electro-Mechanical Co. Ltd.

Global Electronic Power Steering Market: Segmentation

By EPS type:

• Column Assisted Electronic Power Steering(C-EPS)
• Pinion Assisted Electronic Power Steering (P-EPS)
• Rack Assisted Electronic Power Steering system (R-EPS)
• Electronic Hydraulic Electronic Power Steering (EHPS)

By Vehicle Application:

• Light Motor Vehicles (LMV)
• Passenger Cars
• Heavy Motor Vehicles (HMV)
• Agricultural Tractors
• Special Utility Vehicles (Cranes, Sports Cars, Earth Moving, Military Vehicles, etc.)

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East and Africa
• Europe

Frequently Asked Questions

What is the Growth Outlook for the Electronic Power Steering Market?

The growth outlook for the electronic power steering market is predicted to advance at a CAGR of 5.2% from 2022 to 2032.

Which Region Leads the Electronic Power Steering Market?

The Asia Pacific region is anticipated to lead the electronic power steering market during the forecast period.

What is the market valuation of the Electronic Power Steering Market in 2022?

The market valuation of the electronic power steering market stands at USD 25,234.0 Million in 2022.

How much Growth Potential does Electronic Power Steering Market hold?

The electronic power steering market is likely to hold a valuation of USD 41,893.2 Million by 2032.