Global Electric Power Steering Market Statistics: USD 43.8 Billion Value by 2032
Summary:
- The global electric power steering market size reached USD 28.3 Billion in 2023.
- The market is expected to reach USD 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest electric power steering market share.
- Sensors hold the majority of the market share in the component segment.
- Collapsible EPS dominates the electric power steering industry.
- Colum assist type (CEPS) is the biggest segment in the market, driven by its versatility, seamless integration, and cost-effectiveness in various vehicle models.
- Passenger car is the leading application segment.
- Enhanced vehicle maneuverability and control is a primary driver of the electric power steering market.
- Reduction in maintenance costs and the integration with the internet of things (IoT) and vehicle connectivity are reshaping the electric power steering market.
Industry Trends and Drivers:
- Enhanced vehicle maneuverability and control:
The push for improved vehicle maneuverability and precise control is driving the demand for electric power steering (EPS) systems. EPS offers better adaptability and responsiveness, allowing for variable steering assistance based on driving conditions and speed. Unlike hydraulic steering, which provides a constant level of assistance, EPS systems adjust dynamically, enhancing control during high-speed driving and improving maneuverability in tight spaces. This adaptability appeals to drivers seeking improved handling and control, especially in urban environments where parking and maneuvering can be challenging. Furthermore, EPS systems provide features like variable steering ratios, allowing manufacturers to offer multiple steering modes tailored to different driving preferences, making EPS a highly desirable feature in modern vehicles focused on driver convenience and control.
- Reduction in maintenance costs:
The lower maintenance requirements of EPS compared to traditional hydraulic power steering systems make it a cost-effective choice, contributing to its higher adoption. EPS systems have fewer mechanical components and rely primarily on electric motors and sensors, reducing the likelihood of leaks and mechanical failures. This lower maintenance demand results in reduced ownership costs, a notable advantage for individuals and fleet operators alike. Additionally, EPS systems are easier to service and troubleshoot as their electronic nature allows for diagnostic tools to identify and resolve issues quickly. Individuals and businesses are looking for ways to reduce vehicle maintenance costs, which is encouraging the adoption of EPS as a practical and financially efficient option.
- Integration with the internet of things (IoT) and vehicle connectivity:
The rising use of internet of things (IoT) technology and vehicle connectivity are enhancing the role of EPS in smart vehicles, adding value beyond basic steering functions. Connected EPS systems can integrate with other vehicle data sources to provide valuable insights into driving behavior, vehicle health, and steering performance. This connectivity allows for predictive maintenance by alerting users to potential issues before they become notable problems, enhancing both safety and reliability. Furthermore, connected EPS systems can support advanced features like remote diagnostics, over-the-air (OTA) updates, and real-time adaptation based on driving data, aligning with the broader trend of connected and autonomous vehicles.
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Electric Power Steering Market Report Segmentation:
By Component:
- Steering Column
- Sensors
- Steering Gear
- Mechanical Rack and Pinion
- Electronic Control Unit
- Electric Motor
- Others
Sensors exhibit a clear dominance in the market due to their pivotal role in detecting steering inputs and enabling precise control in electric power steering system.
By Mechanism:
- Rigid EPS
- Collapsible EPS
Collapsible EPS represents the largest segment owing to its widespread adoption in modern vehicles for its safety features and compact design.
By Type:
- Rack Assist Type (REPS)
- Column Assist Type (CEPS)
- Pinion Assist Type (PEPS)
Colum assist type (CEPS) holds the biggest market share attributed to its versatility, seamless integration, and cost-effectiveness in various vehicle models.
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Passenger car accounts for the majority of the market share, as electric power steering systems are extensively utilized in passenger vehicles for enhanced maneuverability and driving comfort.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market, driven by the increasing demand for fuel-efficient vehicles and the presence of key manufacturers in the region.
Top Electric Power Steering Market Leaders:
The electric power steering market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- HELLA GmbH & Co. KGaA (Faurecia SE)
- Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
- JTEKT Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK LTD
- NXP Semiconductors N.V.
- Robert Bosch GmbH
- ThyssenKrupp AG
- TT Electronics plc
- ZF Friedrichshafen AG
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