Automotive Electric Power Steering Market Growth Outlook from 2024 to 2031 and it is Projecting at 6.10% CAGR with Market's Trends Analysis by Application, Regional Outlook and Revenue
The "Automotive Electric Power Steering Market" has experienced impressive growth in recent years, expanding its market presence and product offerings. Its focus on research and development contributes to its success in the market.
Automotive Electric Power Steering Market Overview and Report Coverage
Automotive Electric Power Steering (EPS) is an advanced steering technology that uses electric motors to assist the driver in steering the vehicle, enhancing control and fuel efficiency. Unlike traditional hydraulic systems, EPS is lighter and more energy-efficient, allowing for improved vehicle performance and responsiveness.
The future outlook for the Automotive Electric Power Steering Market is promising, fueled by increasing demand for electric vehicles (EVs) and advanced driver-assistance systems (ADAS). As automotive manufacturers shift towards electrification and automation, EPS systems are becoming essential for new vehicle designs. The market is anticipated to grow at a CAGR of % during the forecasted period of 2024 to 2031, driven by innovations in vehicle technology and a focus on safety and comfort.
Recent trends include the integration of steering systems with vehicle control technologies, the rise of autonomous vehicles requiring advanced EPS for precise maneuvering, and the growing emphasis on sustainability. Overall, the Automotive Electric Power Steering Market is set for significant growth, supported by the automotive industry's broader transition toward electrification and enhanced user experiences.
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Market Segmentation
The Automotive Electric Power Steering Market Analysis by Types is segmented into:
- Column Assist EPS
- Single-Pinion Assist EPS
- Dual-Pinion Assist EPS
- Rack Assist EPS
The Automotive Electric Power Steering (EPS) market comprises four main types:
1. Column Assist EPS uses an electric motor at the steering column, enhancing driver control and comfort.
2. Single-Pinion Assist EPS features a single pinion system for compact design and efficient steering response.
3. Dual-Pinion Assist EPS employs two pinion gears for improved torque and responsive steering feel.
4. Rack Assist EPS integrates the motor directly with the steering rack, providing precise feedback and efficiency. Each type is designed to enhance vehicle handling and reduce energy consumption.
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The Automotive Electric Power Steering Market Industry Research by Application is segmented into:
- Passenger Car
- Commercial Vehicle
The Automotive Electric Power Steering (EPS) market is primarily segmented into passenger cars and commercial vehicles. In passenger cars, EPS enhances driving comfort, fuel efficiency, and safety by providing adaptive steering assistance and improving maneuverability, particularly in urban settings. For commercial vehicles, EPS aids in reducing driver fatigue, improving control during heavy loads, and enhancing overall vehicle stability. Both segments benefit from advancements in technology, such as integration with advanced driver-assistance systems (ADAS), promoting safety and operational efficiency.
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In terms of Region, the Automotive Electric Power Steering Market available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The Automotive Electric Power Steering (EPS) market in North America is driven by increasing demand for fuel-efficient vehicles and enhanced vehicle safety features. In the . and Canada, regulations promoting fuel efficiency and advancements in driver-assistance technologies are significant growth factors. Europe, particularly in Germany, France, and the U.K., is witnessing a push towards electrification and automation in vehicles, boosting EPS adoption.
In Asia-Pacific, rapid urbanization in China and India, coupled with increasing disposable incomes, fosters demand for advanced steering systems. Key players such as JTEKT, Robert Bosch, and Delphi are focusing on innovation and collaboration to capture market share. Opportunities arise in electric and hybrid vehicles, offering a competitive edge in a market transitioning towards sustainability. Additionally, regions like Latin America and the Middle East show emerging potential for EPS as automotive manufacturing grows. Overall, technological advancements and shifting consumer preferences are pivotal in shaping the EPS landscape.
Automotive Electric Power Steering Market Emerging Trends
The global automotive electric power steering (EPS) market is witnessing several key trends. Advancements in autonomous driving technology are driving demand for more sophisticated EPS systems for enhanced vehicle control. Additionally, the shift towards lightweight materials and energy efficiency is promoting the integration of EPS in new vehicle designs. Increased emphasis on sustainability is resulting in the development of eco-friendly steering solutions. Moreover, the growing adoption of electric vehicles (EVs) is propelling EPS as a standard feature. Lastly, the rise of smart vehicles is encouraging manufacturers to invest in connected steering systems for improved user experience and vehicle performance.
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Major Market Players
- JTEKToration
- Robert Bosch Automotive Steering GmbH
- NSK
- Nexteer Automotive
- ZF TRW Automotive Holdingsoration
- Delphi Automotive
- China Automotive Systems
- Mandooration
- Showaoration
The Automotive Electric Power Steering (EPS) market has seen significant growth driven by rising demand for fuel-efficient vehicles, advancing automotive technologies, and increasing consumer preference for enhanced driving comfort. Key players in this sector include JTEKT Corporation, Robert Bosch Automotive Steering GmbH, NSK, Nexteer Automotive, ZF TRW Automotive Holdings, Delphi Automotive, China Automotive Systems, Mando Corporation, and Showa Corporation.
JTEKT Corporation specializes in EPS technologies, emphasizing integration with advanced driver-assistance systems (ADAS). The company has invested significantly in R&D, aiming to enhance steering feel while increasing energy efficiency. JTEKT's sales revenue for fiscal 2022 was approximately $12 billion, with EPS accounting for a substantial share.
Robert Bosch Automotive Steering GmbH is another major player, leveraging its extensive expertise in automation and sensors to innovate EPS systems. Bosch has reported steady growth, fueled by the increasing implementation of electric systems in new vehicle models. The company's overall automotive sales reached around $47 billion in 2022.
Nexteer Automotive focuses on steer-by-wire technology and is recognized for its rapid growth, particularly in North America and Asia. It reported revenues of about $ billion in 2022 and continues to expand through strategic partnerships with OEMs.
ZF TRW Automotive Holdings has reinforced its position in the EPS market by merging its traditional strengths in mechanical steering with cutting-edge electronic solutions, and they have also been investing in automated driving technologies.
Recent trends highlight the shift towards hybrid and electric vehicles, with manufacturers increasingly adopting EPS systems due to their weight benefits and efficiency. The global EPS market size is projected to exceed $45 billion by 2027, reflecting the overall industry's robust growth. As a result, firms are focusing on enhancing connectivity, and implementing AI for predictive maintenance, ensuring a competitive edge in this evolving landscape.
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