Market Size of Automotive Electric Power Steering Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.26 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Electric Power Steering System Market Analysis
Automotive Electric Power Steering Market is valued at USD 20.15 billion currently, and it is expected to reach USD 29 billion with a CAGR of 6.26% over the forecast period.
During the outbreak of the COVID-19 pandemic, the market was hit adversely because of the disruption caused in the supply chain as several major economies of the world were forced into lockdown and economic activities were halted during this period. All the manufacturing units and OEM plants stopped their production to adhere to the social distancing norms and restrict the spread of the virus. The demand for passenger vehicles also fell drastically during this period. Yet with the gradual opening up of economies, the demand returned to the market, and markets like China and India witnessed huge demand for passenger cars as the consumer preference changed from public transport to personal vehicles. The trend is expected to continue during the forecast period.
Electric power steering (EPS) system is an alternative to traditional steering systems, such as hydraulic and electro-hydraulic systems. The rising popularity of self-driving vehicles is fueling the demand growth in the electric power steering system market across the world. Vehicles that are equipped with electric power steering tend to have a reduced overall weight, which further increases fuel efficiency. On the contrary, when compared to the conventional steering systems, the electric power steering systems are costly, and a rise in vehicle recalls, owing to malfunctioning of sensors or other components, may hinder the growth of the market.
Electric systems are highly fuel-efficient, due to the absence of belt-driven hydraulic or manual pumps, which run constantly, whether assistance is required or not. EPS provides fuel savings as high as 0.4 l for every 100 km, along with a reduction in CO2 emissions of up to 7 g/km.
The Asia-Pacific region is the largest market for automobiles in the world. Despite the Chinese market experiencing sluggish growth, which is the largest automobile market in the world, the region is expected to lead in the automotive electric power steering (EPS) market. In addition, region is flourished with widely spread automotive suppliers in China, India etc. which are amintaing global supply chain capabilities.
Automotive Electric Power Steering System Industry Segmentation
The electric power steering (EPS) system uses an electric motor, instead of a pump, to steer the wheel. The usage of the pump continually places a load on the engine, in turn, affecting the fuel consumption and performance of the vehicle.
The Automotive Electric Power Steering (EPS) Market is Segmented by Type (Column Type, Pinion Type, and Dual Pinion Type), by Component Type (Steering Rack/Column, Sensor, Steering Motor, and Other Components), by Vehicle Type (Passenger Cars and Commercial Vehicles), and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa).
| Type | |
| Column Type | |
| Pinion Type | |
| Dual Pinion Type |
| Component Type | |
| Steering Rack/Column | |
| Sensor | |
| Steering Motor | |
| Other Component Types |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Geography | ||||||||
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Automotive Electric Power Steering Systems Market Size Summary
The automotive electric power steering (EPS) market is experiencing significant growth, driven by the increasing demand for fuel-efficient and technologically advanced steering systems. EPS systems, which serve as alternatives to traditional hydraulic and electro-hydraulic systems, are gaining traction due to their ability to reduce vehicle weight and enhance fuel efficiency. The market is poised for expansion as the trend towards vehicle electrification and self-driving technology continues to rise. Despite the higher costs associated with EPS compared to conventional systems, the benefits of improved fuel economy and reduced emissions are compelling factors for adoption. The Asia-Pacific region, particularly China and India, is expected to lead the market, supported by a robust automotive supply chain and a growing preference for personal vehicles over public transport.
The market landscape is characterized by a few dominant players, such as JTEKT Corporation, ZF Friedrichshafen AG, and Nexteer Automotive, who are actively diversifying their product offerings and investing in advanced steering technologies. Collaborations and joint ventures, such as those between Thyssenkrupp and NSK Ltd., are facilitating the development of innovative EPS solutions that meet stringent fuel efficiency and safety standards. The demand for EPS is further bolstered by regulatory pressures for improved vehicle safety and reduced emissions, prompting OEMs to integrate advanced sensors and systems. As the market evolves, companies are focusing on expanding their presence in emerging markets like India, where the adoption of EPS is rapidly increasing due to its cost-effective maintenance and operational advantages.
Automotive Electric Power Steering Systems Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Column Type
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2.1.2 Pinion Type
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2.1.3 Dual Pinion Type
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2.2 Component Type
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2.2.1 Steering Rack/Column
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2.2.2 Sensor
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2.2.3 Steering Motor
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2.2.4 Other Component Types
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2.3 Vehicle Type
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2.3.1 Passenger Cars
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2.3.2 Commercial Vehicles
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Russia
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 South Africa
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2.4.5.2 Egypt
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2.4.5.3 United Arab Emirates
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2.4.5.4 Rest of Middle-East and Africa
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Automotive Electric Power Steering Systems Market Size FAQs
What is the current Automotive Electric Power Steering Systems Market size?
The Automotive Electric Power Steering Systems Market is projected to register a CAGR of 6.26% during the forecast period (2024-2029)
Who are the key players in Automotive Electric Power Steering Systems Market?
JTEKT Corporation, Nexteer Automotive Group Ltd, NSK Ltd, ZF Friedrichshafen AG and Robert Bosch GmbH are the major companies operating in the Automotive Electric Power Steering Systems Market.
