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Russia Electric Power Steering Market Size (2024 - 2029)

The Russia Automotive Electric Power Steering Market is projected to experience growth over the forecast period, driven by the implementation of stringent fuel economy and safety regulations. Electric power steering systems are gaining traction due to their fuel efficiency and ability to reduce CO2 emissions, making them an attractive option compared to traditional systems. The market's expansion is further supported by the increasing demand for advanced steering systems in large commercial vehicles, which require higher torque and offer significant benefits in terms of fuel savings and safety enhancements.

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Market Size of Russia Electric Power Steering Industry

Russia Electric Power Steering Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 10.34 Billion
Market Size (2029) USD 12.58 Billion
CAGR (2024 - 2029) 4.20 %
Market Concentration Medium

Major Players

Russia Electric Power Steering Market Major Players

*Disclaimer: Major Players sorted in no particular order

Russia Electric Power Steering Market Analysis

The Russia Electric Power Steering Market size is estimated at USD 10.34 billion in 2024, and is expected to reach USD 12.58 billion by 2029, growing at a CAGR of 4.20% during the forecast period (2024-2029).

Over the long term, the enactment of stringent fuel economy norms and safety initiatives by governments and international associations are considered important drivers for the growth and development of advanced steering systems.

Electric power steering systems are fuel-efficient compared to the other alternatives 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 integration of numerous steering sensors in an electric power steering (EPS) helps provide additional safety benefits to the driver.

Large commercial vehicles, such as buses and trucks, are different from passenger cars, as the large vehicles have the requirement of higher torque to provide steering assistance; additionally, they have much higher mileages, heavier loads, and more constant use than passenger cars, due to all the above reasons EPS is a much-needed solution for commercial vehicles.

Russia Electric Power Steering 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 Russian automotive electric power steering (EPS) Market is segmented by type, component type, propulsion, and vehicle type. By type, the market is segmented into column type, pinion type, and dual pinion type. By component type, the market is segmented into steering rack/column, sensor, steering motor, and other components. By propulsion, the market is segmented into internal combustion engines, battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. By vehicle type, the market is segmented into passenger cars and commercial vehicles. 

For each segment, the market sizing and forecast have been done based on the value (USD).

By Type
Column Type
Pinion Type
Dual Pinion Type
By Component Type
Steering Rack/Column
Sensor
Steering Motor
Other Component Types
By Propulsion
Internal Combustion Engine
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-in Hybrid Electric Vehicles
Fuel Cell Electric Vehicles
By Vehicle Type
Passenger Cars
Commercial Vehicles
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Russia Electric Power Steering Market Size Summary

The Russian automotive electric power steering market is poised for significant growth, driven by the increasing adoption of electric power steering (EPS) systems in both commercial and passenger vehicles. The market is expected to expand steadily over the forecast period, supported by the country's push towards electrification and the development of advanced steering technologies. EPS systems offer notable advantages, including improved fuel efficiency and reduced CO2 emissions, making them an attractive option for vehicle manufacturers. The integration of steering sensors in EPS systems also enhances vehicle safety by contributing to electronic stability control systems. As Russia aims to boost its electric vehicle manufacturing and infrastructure, the demand for EPS systems is anticipated to rise, aligning with global trends towards low-emission transportation.

Key players in the Russian market, such as Robert Bosch GmbH, JTEKT Corporation, and NSK Ltd., are actively introducing EPS technologies in their vehicle models, further propelling market growth. Collaborative efforts, like those between KAMAZ and Murom Machine-Building Plant, highlight the industry's commitment to developing innovative steering solutions. Additionally, government initiatives to increase electric vehicle production and the establishment of charging infrastructure are expected to drive the adoption of EPS systems. The market's expansion is also supported by investments in local production facilities, such as the one announced by the Industrial Development Fund, which aims to produce import-substituting components for electric power steering systems. As the demand for vehicles equipped with advanced driver assistance systems (ADAS) grows, the market for EPS is set to witness substantial development in the coming years.

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Russia Electric Power Steering Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Electric Vehicle Sales May Drive the Market

    2. 1.2 Market Restraints

      1. 1.2.1 The Ongoing Russia-Ukraine May Hamper the Growth of the Market

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in USD)

    1. 2.1 By Type

      1. 2.1.1 Column Type

      2. 2.1.2 Pinion Type

      3. 2.1.3 Dual Pinion Type

    2. 2.2 By Component Type

      1. 2.2.1 Steering Rack/Column

      2. 2.2.2 Sensor

      3. 2.2.3 Steering Motor

      4. 2.2.4 Other Component Types

    3. 2.3 By Propulsion

      1. 2.3.1 Internal Combustion Engine

      2. 2.3.2 Battery Electric Vehicles

      3. 2.3.3 Hybrid Electric Vehicles

      4. 2.3.4 Plug-in Hybrid Electric Vehicles

      5. 2.3.5 Fuel Cell Electric Vehicles

    4. 2.4 By Vehicle Type

      1. 2.4.1 Passenger Cars

      2. 2.4.2 Commercial Vehicles

Russia Electric Power Steering Market Size FAQs

The Russia Electric Power Steering Market size is expected to reach USD 10.34 billion in 2024 and grow at a CAGR of 4.20% to reach USD 12.58 billion by 2029.

In 2024, the Russia Electric Power Steering Market size is expected to reach USD 10.34 billion.

Russia Electric Power Steering Market Report Snapshots

Russia Automotive Electric Power Steering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)