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The Global Automotive Electric Power Steering Market size is expected to reach $35.6 billion by 2030, rising at a market growth of 5.6% CAGR during the forecast period

Sep 02, 2023

Dual Pinion EPS enhances the primary pinion for vehicle dynamics and performance, while the secondary pinion is optimized for assistance. Consequently, Pinion Electric Power Steering would acquire approximately 1/4th share of the market by 2030.

New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Global Automotive Electric Power Steering Market Size, Share & Industry Trends Analysis Report By Propulsion Type, By Component, By Vehicle Type, By Type, By Regional Outlook and Forecast, 2023 - 2030" - The Pinion Type offers additional design flexibility to locate the controller, motor, and assist mechanism on the opposite side of the vehicle’s engine compartment from the driver. As a result of technological advancements that have made the pinion-type EPS more affordable, the pinion type is anticipated to expand at a constant rate. Some of the factors impacting the market are strict emission and efficiency standards, adoption of Advanced Driver Assistance Systems (ADAS) on the rise, and high initial investment expenditures.Stringent fuel efficiency and emission standards promote the expansion of the electric power steering (EPS) market for automobiles. EPS systems are more energy-efficient than conventional hydraulic power steering, resulting in better vehicle fuel economy. In addition, EPS systems contribute towards carbon emissions by eliminating the need for power steering fluid, thereby reducing the likelihood of fluid leakage and environmental contamination. Integration with vehicle control systems optimizes energy consumption, further reducing emissions. Moreover, ADAS technologies seek to improve vehicle safety and provide driver assistance in various driving situations; EPS systems play a crucial role in facilitating these systems’ functionality. ADAS systems rely on precise and responsive steering control to implement features like lane-keeping assist, lane departure warning, and automated parking. With the implementation of EPS, vehicles reduce their energy consumption and improve their fuel efficiency following the EPA’s proposed standards. Consequently, these factors are anticipated to propel the growth of the market.However, the deployment of electric power steering (EPS) systems in vehicles requires substantial investments in the infrastructure of research, development, and production. To successfully design and optimize the various system components, including the electric motor, control unit, sensors, and software, the advancement of EPS technology requires extensive research and engineering. Significant capital expenditures are required for the purchase of specialized apparatus, tools, and production lines used in the production of EPS systems. Consequently, these factors are anticipated to restrain market expansion.Propulsion Type OutlookOn the basis of propulsion type, the market is categorized into ICE and electric. In 2022, the electric segment garnered a significant revenue share in the market. The market growth is anticipated to be primarily driven by factors such as the increasing penetration of power-driven vehicles among consumers, the growing emphasis on environmental safety, and the increasing emphasis of government organizations on promoting sustainable development.Component OutlookBased on component, the market is bifurcated into electric control units, electric motors, rack-and-pinion, steering columns, and others. In 2022, the steering column segment registered the maximum revenue share in the market. The steering column system is a mechanism that aids in controlling the car’s direction. The system consists of the steering wheel, linkage, and connecting shafts for the front axles. The column is mounted to the vehicle’s frame and can be altered vertically and laterally to assist drivers in finding a comfortable driving position.Vehicle Type OutlookBy vehicle type, the market is segmented into passenger cars and commercial vehicles. In 2022, the commercial vehicles segment covered a considerable revenue share in the market. Integrating electric power steering with ADAS technologies, like lane-keeping assist and collision avoidance systems, improves vehicle safety. In order to reduce accidents and enhance overall fleet management, these features are gaining importance in the commercial vehicle sector.Type OutlookBased on type, the market is divided into column electric power steering, rack electric power steering, and pinion electric power steering. In 2022, the column electric power steering held the highest revenue share in the market. Column EPS offers steering assistance through an electromechanical power unit installed on the steering column. This system was designed specifically for the cockpit’s extant installation space.Regional OutlookRegion wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. This is attributable to the swiftly expanding manufacturing sector and the more substantial development of the automobile industry, in which China leads the world. The Asia-Pacific region is at the vanguard of electric vehicle and component supply. In addition, the consistent increase in EV sales in China, India, and ASEAN is expected to present market participants with lucrative opportunities. Asia-Pacific market growth is likely to be bolstered by the rising demand for advanced safety features and a comfortable driving experience.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NSK Ltd., Robert Bosch GmbH, HL Mando Corporation, Hitachi, Ltd., JTEKT Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, BBB Industries (Clearlake Capital Group, L.P.), Nexteer Automotive (Pacific Century Motors) and Zhejiang Shibao Co., Ltd.Strategies Deployed in Automotive Electric Power Steering MarketApr-2023: Nexteer Automotive launched a New Modular Rack-Assist Electric Power Steering system, a cost-effective, modular EPS offering. The launched product would enable flexibility to effectively meet OEMs’ broad-ranging needs for modern steering systems of heavier vehicles, such as light commercial vehicles and EVs.Sep-2022: ZF Friedrichshafen AG signed an agreement with Freudenberg, a global technology group that empowers its customers and society long-term through forward-looking innovations. Following this agreement, both companies would advance an extremely combined fuel cell e-drive solution for commercial vehicles.Sep-2022: HL Mando Corporation signed a contract with Argus, an Israeli cybersecurity company. Under this agreement, both companies would join forces in automotive cybersecurity.May-2022: NSK, Ltd. came into an agreement with Thyssenkrupp AG, a German industrial engineering and steel production company, to view a joint venture between thyssenkrupp Automotive and NSK Steering. Following this agreement, both companies would allow the joint venture to meet the wide and mostly technological requirements of their respective clients and enable the combined entity to compete more efficiently in the world steering industry.May-2022: Nexteer Automotive and Continental Automotive, a company that provides safe, efficient, and cost-effective solutions for machines, joint venture CNXMotion is adding capabilities to Brake-to-Steer technology together with two new software functions which would further support backup safety layers for all types of Electric Power Steering and Steer-by-Wire.Mar-2022: Nexteer Automotive rolled out a 48-volt Integrated Belt-Driven Starter Generator (iBSG), a new eDrive product line. The launched product would hybridize traditional internal combustion engine vehicles.Jan-2022: BBB Industries complete the acquisition of MAPCO Autotechnik GmbH, a provider of automobile parts and accessories. Through this acquisition, BBB Industries would further broaden its new portfolio and enter into new geographies.Dec-2021: Hitachi America, Ltd., a subsidiary of Hitachi, Ltd, came into an agreement with REE Automotive, Ltd., a manufacturer and developer of commercial electric vehicles. Under this agreement, both companies would facilitate and enhance the adoption of electric vehicles over the complete EV value chain, consisting of allowing EV producers at scale, providing commercial vehicle charging infrastructure and energy management, delivering comprehensive digital fleet management, and working for full visibility over EV fleets as company transition across the next decade.Nov-2020: Nexteer Automotive unveiled a new high-output electric power steering system. The launched product would provide modern safety and comfort characteristics as well as improved fuel efficiency for light commercial vehicles and heavy-duty trucks.May-2020: KOYO CANADA INC., a subsidiary of JTEKT Corporation took over Halifax, a British banking brand operating as a trading division of Bank of Scotland. Following this acquisition, both companies would empower JTEKT’s global ECU progress of vehicle steering and driveline products and would further put the foundation for widening its world electrification potentials and plans.Jun-2019: NSK Ltd. signed an agreement with Volkswagen AG, a German multinational automotive manufacturer. Through this collaboration, both companies would further enhance the strength of innovation in steering.Mar-2019: NSK Ltd. expanded its geographical footprint by opening a new facility in Ahmedabad City, India. The new plant aimed to manufacture electric power steering systems.Scope of the StudyMarket Segments covered in the Report:By Propulsion Type• ICE• ElectricBy Component• Steering Column• Electric Control Unit• Electric Motor• Rack & Pinion• OthersBy Vehicle Type• Passenger Cars• Commercial VehiclesBy Type• Column Electric Power Steering• Rack Electric Power Steering• Pinion Electric Power SteeringBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• NSK Ltd.• Robert Bosch GmbH• HL Mando Corporation• Hitachi, Ltd.• JTEKT Corporation• ZF Friedrichshafen AG• Thyssenkrupp AG• BBB Industries (Clearlake Capital Group, L.P.)• Nexteer Automotive (Pacific Century Motors)• Zhejiang Shibao Co., Ltd.Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: ReportlinkerReportLinker is an award-winning market research solution. 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