Global Electric Power Steering (EPS) System market size was USD 25.33 billion in 2023 and the market is projected to touch USD 43.25 billion by 2032, at a CAGR of 6.6 % during the forecast period. Electric power steering systems grow becoming increasingly popular as a contemporary substitute for antiquated steering systems like hydraulic and electro-hydraulic ones, driven by the increasing popularity of autonomous vehicles. The global need for electric power steering (EPS) systems is rising dramatically as a result of this change. Reduced weight benefits vehicles equipped with EPS systems, improving fuel efficiency. The need for electric power steering systems has been fueled by regulatory requirements for emission reduction and fuel efficiency. Global authorities establish stringent standards on car emissions and fuel economy, which automakers must adhere to. Electric power steering is one example of a fuel-efficient technology that manufacturers invest in to fulfill these regulations because it reduces carbon emissions and improves efficiency. The market for electric power steering systems was negatively impacted by the COVID-19 epidemic. Production, supply systems, and the demand for automobiles were disrupted by the epidemic, which also caused a notable downturn in the world economy. During this time, manufacturers encountered difficulties launching new products and technologies, which caused the market's progress to slow down.
However, some of the negative consequences were lessened by post-pandemic recovery initiatives and stimulus packages implemented by governments around the world to rebuild economies, particularly the automotive sector. The implementation of these policies, which included incentives for car sales, increased demand for automobiles with electric power steering. The vehicle electric power steering market grew favorably as economies recovered and business as usual resumed in the automotive sector.
Global Electric Power Steering (EPS) System report scope and segmentation.
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Report Attribute |
Details |
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Base Year |
2023 |
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Forecast Years |
2024 – 2032 |
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Estimated Market Value (2023) |
USD 25.33 Billion |
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Projected Market Value (2032) |
USD 43.25 Billion |
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Segments Covered |
By Type, By Vehicle Type, By Mechanism, & By Region. |
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Forecast Units |
Value (USD Million or Billion) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2024 to 2032. |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Australia, Brazil, Argentina, GCC Countries, and South Africa, among. |
Global Electric Power Steering (EPS) System dynamics
The factors influencing the dynamics of the Global Electric Power Steering (EPS) System market include regulatory mandates, technological advancements, and increasing industrial safety awareness. The electric powered steering (EPS) system gives the driver additional safety advantages by utilizing multiple steering sensors. Furthermore, the development of sophisticated steering systems (like EPS), that primarily rely on steering sensors, is believed to be significantly influenced by governments' adoption of strict fuel economy rules and international safety standards. The goal of ThyssenKrupp's EUR 6.2 million investment in a new automotive R&D Competence Center in Budapest is to create electromechanical power steering systems that incorporate several driver assistance and autonomous driving technologies. Global population expansion and urbanization increased demand for automobiles, which in turn drove up auto production. Aside from the development of efficient roads drawing in more customers, an increase in the production of passenger cars as well as commercial vehicles in advanced nations due to advancements in the transportation sector is anticipated to boost market growth during the forecast period for the global electric steering system market.
Global Electric Power Steering (EPS) System drivers
Growing Integration of Advanced Driver Assistance Systems (Adas) with Eps
The incorporation of Advanced Driver Assistance Systems (ADAS) and parking assistance systems (EPS) reinforces their own establishment while upholding the safety role of road maintenance. The company is seeing a move away from touch devices across the steering wheel and wheels and toward employing wires through the steering wheel, mostly because of the vehicle system's versatility and customizability.
Rapid Growing of Sensors Devices
The torque (steering effort) & the control wheel's position and speed are measured by a sensor mounted on the steering wheel. Thus, torque, steering wheel speed, and position sensors are the three kinds of sensors that are used in such systems. The signal from these sensors is fed into the ECU, which then outputs the proper value to the steering system for every movement. Typically, torque sensors are non-interacting sensors. By measuring the force that the driver applies to the steering wheel, these sensors allow the electric steering to be tracked intuitively. It operates using the non-contact magnetometry principle. It is made up of a sensor piece, a flow tube unit of service, and a magnet unit. Two separate coils are present in the torque sensor wire itself. When a right-hand adjustment is performed, one coil detects it, and when a left-hand adjustment is done, the other coil detects it. After that, the EPS module feeds the signal to the proper coil, which aids in moving the car.
High Initiation Costs Associated with Putting an EPS in Place
The initial cost of adopting an EPS system is higher than that of a standard water guidance system, which is one of the primary market restrictions. This innate expense presents difficulties, particularly in a market where consumers are price vigilant and the economy is unstable. Another drawback of EPS systems is the potentially high level of complexity associated with storage and restoration due to the electronic interfaces, which may call for specialized processors and capabilities.
The limit Aftermarket
Customers looking for affordable and specialized solutions require a large selection of aftermarket options. Industry shareholders work to diversify offerings, provide consumers more options, and promote a competitive post-ecosystem once sales expansion is mandated. It can be difficult for car owners to fix or enhance aftermarket parts. Although electric power steering systems have performance benefits, the market is severely challenged by their complexity in maintenance and repair. The equipment and expertise needed for proper servicing can be expensive for car owners to maintain.
Increasing Adoption of Electric and Autonomous Vehicles
The market for EPS is expected to witness substantial growth because to the increasing trend towards electric vehicles (EVs) & autonomous vehicles (AVs). EPS systems are perfect for electric and driverless vehicles because they are more versatile and efficient than conventional hydraulic power steering. The EPS's lower power consumption benefits EVs by extending battery life & overall vehicle range. Furthermore, as autonomous driving capabilities in AVs demand precise and dependable steering systems, the precise control provided by EPS is essential. The growing demand for EPS systems is anticipated to result in significant market opportunities for producers as the growth of EVs and AVs is fueled by environmental issues and technical improvements.
By Type, The Electric Power Steering (EPS) System market is segmented into Column Assist Type (CEPS), Pinion Assist Type (PEPS), Rack Assist Type (REPS). In 2023, the segment with the most market revenue share was Column Assist Type (C-EPS). The C-EPS market has grown as a result of the focus on improving driving comfort and safety. Improved responsiveness and maneuverability, two cutting-edge characteristics built into C-EPS systems, improve drivers' overall driving experiences. For example, Nexteer Automotive expanded its EPS product range in October 2021 with the introduction of the novel Modular Column-Assist EPS System (mCEPS), which offers an affordable, scalable, and adaptable platform architecture. This system demonstrates Nexteer's dedication to innovation and adaptability in steering solutions while meeting a wide range of OEM needs. The Rack Assist Type (R-EPS) CAGR is predicted to be the fastest during the projection period. Advances in sensor and electrical component technology have made it possible for R-EPS systems to include new features. Thanks to technological innovations like lane-keeping assistance, adaptive steering, and autonomous driving, R-EPS is becoming more and more common in modern cars.
By Vehicle Type, The Electric Power Steering (EPS) System market is segmented into Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Buses & Coaches. In 2023, the market revenue share that was largest was held by the passenger car sector. Advanced security technologies in passenger automobiles, like automated parking and lane-keeping assistance, are made possible by EPS systems. As per the European Automobile Producers' Association (ACEA), the number of newly registered passenger cars exceeded 10 million in 2023. The EPS market is driven by an increase in passenger car sales. The segment of light commercial vehicles is expected to grow at the quickest rate during the projection period. For light commercial vehicles, EPS is essential to improving steering control and safety. In order to ensure driver confidence and overall road safety, EPS systems' accurate and responsive nature increases vehicle stability, particularly during difficult driving circumstances or emergency movements.
Global Electric Power Steering (EPS) System Overview by Region
The North American EPS market is anticipated to grow considerably over the duration of the forecast period due to increased manufacturing and sales of cars in the region, which mostly employ EPS systems. The US and Canadian governments' regulations requiring the automotive industry to fulfill certain standards in order to reduce emissions and increase fuel efficiency are driving the drive for EPS systems in the region. In 2023, the Asia Pacific market held the highest revenue share of 50.5%. The main drivers of this expansion are the region's expanding economies, particularly China and India, and their growing demand. The demand for cars has surged, particularly in the budget and sports segments, due in part to the middle class's rising income levels. As a result of Original Equipment Manufacturers' (OEMs) emphasis on EPS systems that are affordable, passenger & light commercial vehicles are increasingly employing them. Europe is predicted to have the fastest CAGR over the forecast period. The European Union has taken the lead in pushing for the implementation of stricter fuel economy and pollution laws. By eliminating the need for traditional hydraulic power steering systems, these regulations encourage the use of technologies like electronic power steering (EPS), which reduces vehicle emissions and improves fuel efficiency.
Global Electric Power Steering (EPS) System market competitive landscape
Leading companies such as JTEKT Corporation, Denso Corporation, GKN Automotive Limited, Hitachi Astemo, Ltd., Mitsubishi Electric Corporation, Nexteer Automotive, Robert Bosch GmbH, ZF Friedrichshafen AG, thyssenkrupp AG and Hyundai Mobis. The dynamic competitive landscape of the global electric steering system market is typified by the coexistence of established brands, up-and-coming companies, and specialty manufacturers. A vital component of competition is innovation. Well-known companies in the sector use strategies such as product innovation, strategic alliances, and acquisitions and mergers to improve their market share. Furthermore, the market is facing increased competition from regional and local manufacturers offering affordable yet effective products.
Scope of global Electric Power Steering (EPS) System report
Global Electric Power Steering (EPS) System report segmentation
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ATTRIBUTE |
DETAILS |
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By Type |
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By Vehicle Type |
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By Mechanism |
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Customization Scope |
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Pricing |
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Table of Contents
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