Electric Power Steering System Market, By Type (Rack assist, Column assist, Pinion assist), By Vehicle Type (Passenger car, Commercial Vehicle), By Mechanism (Collapsible, Rigid) By Components (Steering Column, Steering Wheel, Sensors, Steering Gear, Mechanical Rack, and Pinion, Electronic Control Unit (ECU), Electric Motor, Bearings), By Motor Type (Brushless DC Motors, Brushed DC Motors), By Region – Global Analysis Forecast Till 2030

The Global Electric Power Steering System Market was valued at $15.12 billion in 2021 and is projected to reach $28.10 billion by 2030, growing at a CAGR of 7.9% from 2022 to 2030.

The electric power steering sensor commands and assists the steering process with the assistance of an intelligent electric motor. A control unit inside the EPS calculates the ideal steering assistance based on the steering signal from the torque sensor and passes the information to the electric motor to provide the necessary service. Hydraulic steering, popular before EPS, had many working components such as pumps, hoses, fluids, drive belts, and pulleys.

These parts required space and increased the vehicle's weight. However, EPS lacks these elements, making electronic steering systems lighter and smaller than hydraulic systems. Due to these factors, EPS is widely used in next-generation vehicles and will contribute to the Electric Power Steering (EPS) sensor market size.

Market Dynamics:

Drivers:

The growing world population and rising per capita income stimulate high demand for well-equipped cars. As a result, the global electric power steering market is experiencing rapid growth. In addition, there is increasing pressure on automakers worldwide to adopt technological solutions that meet energy efficiency standards that are expected to improve global electronic power steering over the forecast period. Moreover, the continued growth of the automotive sector in rapidly developing economies such as Asia and Latin America further fuels the market’s growth.

The surge in demand for this system in heavy commercial vehicles such as buses and trucks is a significant factor driving the growth of the global electric power steering System market. In addition, commercial vehicles on logistics networks typically travel at night and in remote locations, often encountering rough roads and weather conditions. Therefore, in response to the growing road safety concerns among drivers and vehicle owners, electric power steering systems are now widely integrated into medium to heavy-duty and light commercial vehicles.

Restraints:

On the other hand, electric power steering systems are more expensive than conventional steering systems. Furthermore, it has also been observed that these systems lack a steering feel which may be a significant limiting factor in the growth of the electric power steering system market in the coming years.

Opportunities:

The electric power steering market is expected to witness significant opportunities for high-end product launches during the forecast period, mainly driven by technological upgrades and increased research and development (R&D) spending by tier 1 suppliers. For example, Robert Bosch GmbH introduced a new EPS with a fail-over function in 2017. This allows automakers to comply with alternative strategies adopted by the US Department of Transportation's (DOT's) National Highway Traffic Safety Association (NHTSA). With a fallback solution, Robert Bosch's EPS system can independently return to a minimum-critical condition with 50% assistance from electronic steering.

The fallback strategy targets level 4 autonomous vehicles capable of attempting dangerous stops. The system provides fallback electronic steering assistance in case of a rare system failure and allows the driver or autopilot to bring to a safe stop if needed.

Key players:

• Continental AG,

• Danfoss,

• GKN Automotive Limited,

• Hitachi Automotive Systems, Ltd.,

• Infineon Technologies AG,

• JTEKT Corporation,

• Nexteer Automotive Corporation,

• Nissan Motor Corporation,

• NSK Ltd.,

• Robert Bosch GmbH,

• STMicroelectronics,

• ThyssenKrupp AG,

• Zapi S.p.A.,

• and ZF Friedrichshafen AG.

Market Segmentation:

Electric Power Steering System Market, By Type

• Rack assist

• Column assist

• Pinion assist

Electric Power Steering System Market, By Vehicle Type

• Passenger car

• Commercial Vehicle

Electric Power Steering System Market, By Mechanism

• Collapsible

• Rigid

Electric Power Steering System Market, By Components

• Steering Wheel

• Steering Column

• Sensors

• Steering Gear

• Mechanical Rack and Pinion

• Electronic Control Unit (ECU)

• Electric Motor

• Bearings

Electric Power Steering System Market, By Motor Type

• Brushed DC Motors

• Brushless DC Motors

Electric Power Steering System Market, By Geographical Analysis

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • France

  • Germany

  • Spain

  • Italy

• Asia-Pacific (APAC)

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America, Middle East and Africa (LAMEA)

  • Brazil

  • Mexico

  • U.A.E.

  • South Africa

Regional Analysis:

Based on region, the global Electric Power Steering market report has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific held the largest market share of XX % in 2018, with a USD XX million market value. It is projected to register the highest CAGR of XX % during the forecast period. Europe was the second largest electric power steering system market, expected to show a CAGR of XX %.

Scope of the Report:

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