The global automotive electric power steering market revenue was around US$ 27.5 billion in 2022 and is estimated to reach US$ 42.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 5% during the forecast period from 2023 to 2031.
Automotive electric power steering is a cutting-edge steering system in vehicles that lowers the overall effort needed by the driver to turn the wheels. This is achieved by raising the force applied to the steering wheel with the assistance of electric power. The Electric power steering (EPS) system successfully controls and supports vehicle steering by using an electric motor, providing an enjoyable and ideal steering experience.
Market Driving Factors
Strict regulations for emissions and fuel efficiency boost market growth. EPS systems assist reduction of carbon emissions by removing the need for power steering fluid and reducing the likelihood of leaks and environmental contamination. Furthermore, integration with the vehicle's control systems enables efficient energy use, which further lowers emissions. For instance, in April 2023, the Environmental Protection Agency (EPA) declared that it intended to introduce stricter regulations to lower greenhouse gas emissions and increase fuel efficiency for light-duty trucks and passenger vehicles.
An increase in demand for vehicle safety and improved vehicle handling drive the market growth. This demand is fueled by the surge in emphasis on road safety by consumers and governments driving the integration of cutting-edge safety technologies in vehicles. Furthermore, manufacturers seek to produce Electric Power Steering (EPS) systems that improve safety by offering advanced steering control and enhanced handling capabilities.
The development of autonomous driving technology propels the market expansion. For instance, in March 2023, May Mobility declared the launch of a third-generation autonomous driving system that incorporates cutting-edge capabilities and features that improve the efficiency and safety of autonomous vehicles. Autonomous vehicles need advanced steering capabilities to safely navigate and maneuver without direct driver input, and EPS systems play a critical role in allowing reliable and precise steering control for autonomous driving.
High initial investment prices hamper the market growth.
Regional Analysis
Europe dominates the market during the projection period. This is due to the higher sales of electric cars in the region and the presence of leading automotive firms in France, Germany, Italy, and the U.K. Furthermore, the presence of several original equipment manufacturers (OEM) and tier-1 suppliers with advanced electric power steering R&D abilities is driving the market.
Asia Pacific is estimated to dominate the market over the forecast period. This is due to the rapidly expanding manufacturing sector and stronger growth of the automobile industry, where China is leading the mobility industry. This region is at the forefront of supplying electric vehicles and components. Furthermore, the consistent surge in EV sales in India, China, and other countries is likely to create lucrative opportunities for key players. The surge in popularity of cutting-edge security features and comfortable ride experiences is likely to boost the market.
Segmentation Insights
Component Insight
The electric motor segment dominates the market. This is due to the high efficiency and the robust conversion of the steering rotation process into wheel movement activity.
Vehicle Type Insight
The passenger vehicle segment is expected to dominate the market during the forecasted period. This is due to the high demand for sustainable automobiles would serve as a catalyst and affect the performance of the market segment.
Prominent Companies
Segmentation Outline
The global automotive electric power steering market segmentation focuses on Motor Assist, Technology, Component, Vehicle Type, and Region.
By Motor Assist
By Technology
By Component
By Vehicle Type
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: AUTOMOTIVE ELECTRIC POWER STEERING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY MOTOR ASSIST
5.1 OVERVIEW
5.2 COLUMN ASSIST
5.3 PINION ASSIST
5.4 RACK ASSIST
6 GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY TECHNOLOGY
6.1 OVERVIEW
6.2 CONVENTIONAL EPS
6.3 EPS WITH ADAS
7 GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY COMPONENT
7.1 OVERVIEW
7.2 EPS CONTROL MODULE
7.3 ELECTRIC MOTOR
7.4 RACK & PINION
7.5 STEERING COLUMN
8 GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY SOLUTION
8.1 OVERVIEW
8.2 PASSENGER VEHICLE
8.2.1 HATCHBACK
8.2.2 SEDAN
8.2.3 UTILITY VEHICLES
8.3 LIGHT COMMERCIAL VEHICLES
8.4 HEAVY DUTY TRUCKS
8.5 BUSES & COACHES
9 GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL AUTOMOTIVE ELECTRIC POWER STEERING MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 JTEKT CORPORATION
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 DENSO CORPORATION
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 SONA KOYO STEERING SYSTEMS LTD
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 ZF FRIEDRICHSHAFEN
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 GKN LTD
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 ROBERT BOSCH GMBH
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 NSK LTD
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. MITSUBISHI ELECTRIC CORPORATION
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 CHINA AUTOMOTIVE SYSTEMS, INC
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 DELPHI TECHNOLOGIES
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 HYUNDAI MOBIS
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 THYSSENKRUPP
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 SHOWA CORPORATION
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 MANDO CORP
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 GLOBAL STEERING SYSTEMS
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 ZHEJIANG SHIBAO COMPANY LIMITED
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 TRIDEC
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.18 HITACHI ASTEMO LTD
11.18.1 OVERVIEW
11.18.2 FINANCIAL PERFORMANCE
11.18.3 PRODUCT OUTLOOK
11.18.4 KEY DEVELOPMENTS
11.18.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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