Electric Power Steering Market Size & Share, by Type (C-EPS, P-EPS, R-EPS); Component (Steering Column, Sensors, Steering Gear, Mechanical Rack & Pinion, Electronic Control Unit, Electric Motor); Vehicle Type (Commercial Vehicles, Passenger Vehicles) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 4791
  • Published Date: Sep 29, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Electric Power Steering Market size is anticipated to surpass USD 130 Billion by the end of 2036, growing at a CAGR of 14% during the forecast period, i.e.,2024-2036. In the year 2023, the industry size of electric power steering was over US 27 Billion. The growth of the market is primarily attributed to Increased demands for commercial applications, such as Infineon Technologies AG linear hall sensors specially designed to be used by companies in the automotive sector. With a global sales unit at 67.2 million units, as of 2022, the market for electric power steering is set to have a significant market share. Compared with a traditional mechanical hydraulic steering system, the electric power steering motor has good steering flexibility, control stability, low-temperature resistance, and low energy consumption. In addition, a more rapid integration of second development is facilitated by this approach. This implies that the engine power steering systems of vehicles show a strong vitality, and this will progressively replace the conventional driving system.

Furthermore, the adoption of better safety systems by end users has been encouraged by a significant increase in accidents. The death and injury rates in all of the world's First World countries have been gradually decreasing due to improvements in road design and motor vehicle technologies. Nevertheless, accident rates continue to be high in a number of emerging economies and governments have been focusing on the implementation of stringent security standards as well as encouraging the adoption of different vehicle subsystems increasing the growth of the market.


Electric Power Steering Market
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Electric Power Steering Sector: Growth Drivers and Challenges

Growth Drivers

  • Penetration in Commercial vehicles - hydraulic power steering HPSs which have a complex structure, consume high amounts of energy, leak easily, and are difficult to control dominate the market for commercial vehicles. The EPS system offers a wide range of advantages such as an adjustable power output, good steering, and reduced fuel consumption but also no pollution. It should therefore be used in commercial vehicles gradually.
  • Increasing Investment in Product Development - For instance, the development of electronic power steering systems that are capable of coordinating with a variety of driver assistance and autonomous driving systems, Thyssenkrupp has invested EUR 6.2 million in a new automotive R&D Competence Center in Budapest.
  • Increase in the demand for fuel-efficient cars - About 2.8 billion metric tons of carbon Passenger cars produce emissions of dioxide worldwide in 2020. Additionally, transport is responsible for one twentieth of the world's carbon emissions, dioxide emissions CO2.With increased awareness of the environment, people are looking for ways to reduce their carbon footprint. Fuel-efficient cars such as autonomous vehicles are an ideal alternative, as they use less fuel than traditional cars. EPS is an advanced technology that can help autonomous cars more accurately and safely maneuver around turns and obstacles
  • Lifestyle Changes - There is an increased demand for well fitted cars as the world population increases and per capita income rises. As a consequence, the global electric energy steering market is experiencing rapid growth. Furthermore, the pressure on car manufacturers around the world in adopting technologies that meet ENERGY EFFICIENCY standards is expected to increase over the next few years and will be a major force for global electric power steering.

Challenges

  • Maintaining the market against steers by wire technology- The market for steering in the automotive sector continues to evolve with the changing dynamics of that industry. OEMs are developing their conventional steering systems as they adapt to the advent of self-driving vehicles. Among these innovations, which will substitute the entire steering system for an autonomous vehicle, is STErkbywire technology. The steering linkage of the traditional electric power steering system will be removed with this type of steering system.
  • The complexity of integration in electric power steering systems.
  • Lack of awareness about the benefits of the system’s benefits.

Electric Power Steering Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 14%

Base Year Market Size (2023)

~ USD 27 Billion

Forecast Year Market Size (2036)

~ USD 130 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Electric Power Steering Segmentation

Type (C-EPS, P-EPS, R-EPS)

Electric power steering market from the collapsible EPS segment is estimated to gain significant revenue share of about ~59% by the year 2036. The growth of the segment can be attributed to the growing demand for fuel -efficient vehicles, which requires C- EPS to reduce the amount of fuel consumed. Additionally, the increasing emphasis on safety features and the increasing number of stringent regulations for vehicle safety are also driving the demand C EPS .  For instance, in order to administer the government's Bharat New Car Assessment Program: the BharatNCAP Authority was founded by of India as a separate organization. Bharat NCAP plans to assign stars ratings for the security of vehicles sold in the country. This provided multiply oppurtunies for the market development of electric power steering.

Component (Steering Column, Sensors, Steering Gear, Mechanical Rack & Pinion, Electronic Control Unit, Electric Motor)

The sensor segment in the electric power steering market is anticipated to attain the largest revenue share by the end of the forecast period, i.e. 2024-2036. The rising demand for advanced driver assistance system (ADAS) such as lane -keeping assistance, automated parking, and adaptive cruise control are majorly responsible for the segments growth. More -over, the increasing demand for high-end vehicles with estimated sales of 210k vehicles by 2027 and the growing focus on safety is projected to drive the segments growth

Our in-depth analysis of the global electric power steering market includes the following segments:

     Type

  • C-EPS
  •  P-EPS
  •  R-EPS

     Component

  • Steering Column
  •  Sensors
  • Steering Gear
  •  Mechanical Rack & Pinion
  •  Electronic Control Unit
  •  Electric Motor

     Vehicle Type

  • Commercial Vehicles
  • Passenger Vehicles

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Electric Power Steering Industry - Regional Synopsis

APAC Market Forecast

Asia Pacific electric power steering market is anticipated to hold the largest revenue share of about ~37% by the end of 2036. In particular, increased vehicle production in developing countries like China, India, Japan and South Korea has been a major factor for market growth. For instance, the total number of vehicles produced as of 2024 is about 15 million units. Furthermore, China had produced approximately 20 million passenger cars and 5 million commercial vehicles by 2021.  As electric power steering becomes more advanced, automotive manufacturers are increasingly incorporating it into their production lines. These systems are powered by an electric motor and provide power assistance when turning the steering wheel. A driver is able to control their vehicle more easily and with less exertion by using this assistance to turn the steering wheel.

North American Market Statistics

North American electric power steering market is expected to garner a significant share during the forecast period. Increasing demand for electric vehicles, coupled with the associated national legislation and subsidies, is a major driver of market growth. The growing demand for luxury cars and passenger vehicles is also anticipated to be driven by strong disposable income and increased standards of living in the region. Estimates indicate that Tesla sold over 481,000 vehicles in the United States in 2022, while BMW sold over 150,000.  Due to their ability to offer better and more precise steering as well as increased fuel efficiency, the use of electric power steering systems is growing in popularity. The need for more effective and pleasant power steering systems is a result of an increase in luxury car and passenger vehicle demand.

Research Nester
Electric Power Steering Market Size
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Companies Dominating the Electric Power Steering Landscape

top-features-companies
    • Robert Bosch LLC
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Mitsubishi Electric Corporation
    • ZF Friedrichshafen AG
    • Nexteer Automotive Corporation 
    • HELLA GmbH & Co. KGaA
    • Volkswagen AG
    • thyssenkrupp AG
    •  Sensata Technologies, Inc.
    • NXP Semiconductors
    • Honeywell International Inc.

In the News

  • June, 2019- The new production facility of Nexteer Automotive, a world authority on intuitive motion control, was officially opened in Liuzhou, China's Liudong New District. Participants in the ceremony were Nexteer Automotive management, customers, and leaders from Liuzhou Government and Liudong New District.
  • May,2020- WABCO was purchased by ZF Friedrichshafen AG for USD 7 billion. The Commercial Vehicle Control Systems Division of WABCO has now been incorporated into ZF, and together with WABCO, ZF will create a global integrated system for commercial vehicle technology. In the past, WABCO and ZF collaborated to create systems like Evasive Maneuver Assist for commercial trucks to reduce collisions. Additionally, ZF had relied heavily on WABCO as a supplier f braking systems.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 4791
  • Published Date: Sep 29, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand in fuel efficient cars, penetration in commercial vehicles, increasing investments in product development are some of the major drivers for the market.

The market size of Electric Power Steering is anticipated to attain a CAGR of 14% over the forecast period, i.e., 2024 – 2036.

The major players in the market are Mitsubishi Electric Corporation, ZF Friedrichshafen AG, Nexteer Automotive Corporation ,HELLA GmbH & Co. KGaA, Volkswagen AG, thyssenkrupp AG, Sensata Technologies, Inc., NXP Semiconductors, Honeywell International Inc., JTEKT Corporation and others.

The C-EPS segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Electric Power Steering Market Report Scope
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