Report Id: SNS/AUTO/2255 | July 2022 | Region: Global | 128 Pages
Report Scope & Overview:
Electric Power Steering Market Size was valued at USD 24.28 billion in 2021 and is expected to reach USD 35.56 billion by 2028 and grow at a CAGR of 5.6% over the forecast period 2022-2028.
An electric motor is used in an automotive electric power steering system so that it can provide assistance when the vehicle is being driven. It improves both the overall driving pleasure and the efficiency of fuel use. The steering has become more reliable over the years and continues to get better, which has led to an increase in its use in virtually every category of vehicle. The automotive electric power sensors determine the position and torque of the steering column and apply assistive torque through the motor. The motor links to either the steering gear or the steering column, depending on which one is being used. The market for electronic power steering is mostly dependent on the market for making cars. One of the things that drive the global electronic steering market is research and development by different auto companies. The global electronic steering market is expected to grow thanks to improvements in steering systems that are both smart and strong.
In 2021, Infiniti Q50 automobiles include direct adaptive steering, which uses sensors in the car to constantly monitor the position of the steering wheel. Torque sensors are also included in the EPS system. Torque sensors measure the amount of effort required by the driver to steer the vehicle.
Electric power steering is also in high demand because of the drop-in car tax rates.
Due to tight pollution regulations, the industry is expected to grow at a rapid pace around the world.
The market is expected to grow as a result of the increasing use of advanced driver-assist systems.
The significantly higher expense of EPS in comparison to that of conventional steering systems.
The lack of steering feel can have a negative impact on the market's overall growth.
The use of electric power steering systems is expected to increase significantly over the next few years.
The market is expected to increase as a result of a better safety system being used by enterprises.
Hydraulic power steering systems are preferred by some consumers, which is expected to have a negative impact.
Caused by the suspension of all transportation services, the supply chain experienced disruption as a result.
IMPACT OF COVID-19:
During the COVID-19 pandemic, the worldwide automobile industry was confronted with significant difficulties, including the closing of production houses, an increase in the amount of stock on hand, and an overall decline in customer demand. As a result of the transportation restriction, all services have been suspended around the world. Because airplanes and ships ceased operations in so many different countries, it became impossible to deliver cargo. It is predicted that this will lead to significant losses for producers. Manufacturers of automobiles, consumer electronics, and pharmaceuticals in a variety of countries depend on China and other industrialized countries for the supply of several raw materials. China is also a major exporter of raw materials. On the other hand, this was badly impacted as a result of the pandemic. Because of the lockdown, the supply chain has been disrupted for quite some time now, and as a result, demand has completely evaporated. It is anticipated that it will take a very long time for demand to start growing again.
KEY MARKET PLAYERS:
Robert Bosch Automotive Steering GmbH, Hyundai Mobis Co., Ltd., Electric Steering JTEKT Corporation, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Showa Corporation, and China Automotive System are some of the affluent competitors with significant market share in the Electric Power Steering Market.
Market, By Type:
The global market has been divided into Rack assist type (REPS), Colum assist type (CEPS), and Pinion assist type (PEPS) Based on the type segment. Rack EPS (R-EPS) is predicted to be the fastest-growing sector. Heavy commercial trucks are the primary use cases for Rack-EPS (R-EPS). As a result, R-EPS systems are expected to expand in popularity as EPS grows in favor of heavy-duty commercial trucks.
Market, By Component:
The global market has been divided into the Steering column, Sensors, Steering gear, Mechanical rack, pinion, electronic control unit, Electric motor, and Bearing Based on the component segment. The sensor market is expected to develop at the fastest rate of 6.6% over the forecast period. The Electric Power Steering Market relies heavily on sensors. The electric power steering system's torque sensor is now one of the most important sensors.
Market, By Vehicle Type:
The global market has been divided into passenger cars and commercial vehicles based on the vehicle type segment. In 2020, passenger cars will hold a 75% share of the market. Passenger automobiles are expected to be a long-term driver of the market because of their growing popularity around the world.
Rack assist type (REPS)
Colum assist type (CEPS)
Pinion assist type (PEPS)
Mechanical rack and pinion
Electronic control unit
By Vehicle Type:
The global market for automotive electric power steering has been divided into the following segments on the basis of region: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. During the period covered by this estimate, it is anticipated that Europe and the Asia Pacific would both be extremely attractive markets. It is expected that the quickening growth of manufacturing industries throughout the Asia Pacific region will boost the market for automobile electric power steering throughout the area. It is probable that the market for automotive electric power steering in Europe will be driven by the significant presence of original equipment manufacturers (OEM) and tire-1 suppliers in Europe who operate advanced research and development facilities related to electric power steering.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 24.28 Billion|
|Market Size by 2028||US$ 35.56 Billion|
|CAGR||CAGR of 5.6% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Type (Rack assist type (REPS), Colum assist type (CEPS), Pinion assist type (PEPS))
• by Component (Steering column, Sensors, Steering gear, Mechanical rack, and pinion, electronic control unit, Electric motor, Bearing)
• by Vehicle Type (Passenger cars, Commercial vehicles)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Robert Bosch Automotive Steering GmbH, Hyundai Mobis Co., Ltd., Electric Steering JTEKT Corporation, ZF TRW Automotive Holdings Corp., NSK Ltd., Nexteer Automotive Group Limited, Mando Corporation, ThyssenKrupp Ag, Showa Corporation, and China Automotive System|
|Key Drivers||•Electric power steering is also in high demand because of the drop-in car tax rates.
•Due to tight pollution regulations, the industry is expected to grow at a rapid pace around the world.
|RESTRAINTS||•The significantly higher expense of EPS in comparison to that of conventional steering systems.
•The lack of steering feel can have a negative impact on the market's overall growth.
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Electric Power Steering Market Segmentation, By Type
8.1 Rack assist type (REPS)
8.2 Colum assist type (CEPS)
8.3 Pinion assist type (PEPS)
9. Global Electric Power Steering Market Segmentation, By Component
9.1 Steering column
9.3 Steering gear
9.4 Mechanical rack and pinion
9.5 Electronic control unit
9.6 Electric motor
10. Global Electric Power Steering Market Segmentation, By Vehicle Type
10.1 Passenger cars
10.2 Commercial vehicles
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Robert Bosch Automotive Steering GmbH,
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Hyundai Mobis Co., Ltd.
12.3 Electric Steering JTEKT Corporation
12.4 ZF TRW Automotive Holdings Corp.
12.5 NSK Ltd.
12.6 Nexteer Automotive Group Limited
12.7 Mando Corporation
12.8 ThyssenKrupp Ag
12.9 Showa Corporation
12.10 China Automotive System
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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