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Written by yama » Updated on: October 23rd, 2024
According to TechSci Research report, “Global Automotive Electric Power Steering Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Automotive Electric Power Steering Market stood at USD 22.75 Billion in 2023 and is anticipated to grow with a CAGR of 6.21% in the forecast period, 2025-2029. The global automotive electric power steering (EPS) market has witnessed significant growth in recent years, driven by several key factors including increasing vehicle production, technological advancements, and the growing demand for fuel-efficient and environmentally friendly vehicles. Automotive electric power steering systems replace traditional hydraulic power steering systems with electric motors to assist in steering, offering benefits such as improved fuel efficiency, reduced emissions, and enhanced driving dynamics.
One of the primary drivers of the automotive electric power steering market is the increasing vehicle production worldwide. With the growing demand for automobiles, particularly passenger cars and light commercial vehicles, there is a corresponding increase in the adoption of electric power steering systems by automotive manufacturers. Electric power steering systems offer several advantages over traditional hydraulic systems, including greater energy efficiency, reduced weight, and simplified installation, making them an attractive option for vehicle manufacturers seeking to improve fuel efficiency and reduce emissions.
Moreover, technological advancements in automotive electric power steering systems have contributed to market growth. Manufacturers are continuously innovating to develop electric power steering systems with improved performance, reliability, and functionality. Advanced electric power steering systems incorporate features such as variable assist, speed-sensitive steering, and adaptive steering, providing drivers with enhanced steering control and comfort across a wide range of driving conditions.
Furthermore, the growing demand for fuel-efficient and environmentally friendly vehicles has fueled the adoption of automotive electric power steering systems. Electric power steering systems are inherently more energy-efficient than traditional hydraulic systems, as they only consume power when steering assistance is required. This results in fuel savings and reduced emissions, making electric power steering systems an attractive option for vehicle manufacturers seeking to meet increasingly stringent fuel efficiency and emissions regulations worldwide.
Additionally, changing consumer preferences and the growing demand for advanced driver-assistance systems (ADAS) have driven the adoption of automotive electric power steering systems. Electric power steering systems can be integrated with ADAS technologies such as lane-keeping assist, lane departure warning, and autonomous driving features, providing drivers with enhanced safety and convenience. As consumers prioritize safety and convenience features in their vehicles, the demand for electric power steering systems equipped with advanced ADAS functionalities is expected to continue growing.
In conclusion, the global automotive electric power steering market is experiencing significant growth driven by increasing vehicle production, technological advancements, and the growing demand for fuel-efficient and environmentally friendly vehicles. With continuous innovation and the integration of advanced features, electric power steering systems are expected to play a crucial role in shaping the future of automotive steering technology, offering drivers enhanced steering control, comfort, and safety across a wide range of vehicles.
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The global automotive electric power steering (EPS) market is experiencing significant growth across various regions, including Asia Pacific, North America, Europe & CIS, South America, and the Middle East & Africa. Each region contributes uniquely to the market's dynamics, driven by factors such as automotive production trends, technological advancements, and consumer preferences.
In the Asia Pacific region, the automotive EPS market is witnessing rapid growth due to the region's expanding automotive industry and increasing adoption of electric vehicles (EVs). Countries like China, Japan, South Korea, and India are key contributors to the market, driven by rising vehicle production and the implementation of stringent emission regulations. Additionally, the region's growing focus on vehicle safety and comfort is fueling the demand for advanced EPS technologies.
North America stands out as a prominent player in the global automotive EPS market, supported by a mature automotive industry and a high adoption rate of electric and hybrid vehicles. The United States and Canada are major markets for automotive EPS systems, driven by a large vehicle fleet and consumer preference for vehicles equipped with advanced steering technologies. Moreover, the region's emphasis on reducing fuel consumption and enhancing vehicle performance further contributes to the demand for EPS systems.
Europe & CIS regions also hold a significant share in the global automotive EPS market, owing to the presence of leading automotive manufacturers and a strong focus on vehicle safety standards. Countries like Germany, France, Italy, and Russia have robust automotive industries, driving demand for EPS systems in both passenger cars and commercial vehicles. Additionally, the region's push towards reducing carbon emissions and improving fuel efficiency is driving the adoption of electric power steering technologies.
South America's automotive EPS market is witnessing moderate growth, supported by increasing vehicle production and consumer demand for fuel-efficient vehicles. Countries like Brazil, Argentina, and Chile have growing automotive sectors, leading to a higher adoption of EPS systems in new vehicle models. Moreover, the region's focus on improving road safety and enhancing driving comfort contributes to the growth of the automotive EPS market.
The Middle East & Africa region is also experiencing growth in the automotive EPS market, driven by expanding automotive infrastructure and rising vehicle sales. Countries like Saudi Arabia, the United Arab Emirates, and South Africa are witnessing growth in their automotive industries, leading to an increase in the demand for EPS systems. Additionally, the region's focus on enhancing vehicle performance and driver comfort further propels market growth.
Overall, the global automotive EPS market demonstrates growth opportunities across different regions, driven by factors such as increasing vehicle production, consumer demand for advanced technologies, and regulatory measures promoting vehicle safety and efficiency. As the automotive industry continues to evolve towards electric and hybrid vehicles, the demand for EPS systems is expected to remain steady across Asia Pacific, North America, Europe & CIS, South America, and the Middle East & Africa.
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“The Global Automotive Electric Power Steering (EPS) Market is at the forefront of automotive innovation, witnessing a transformative shift towards advanced steering technologies. As vehicles increasingly adopt steer-by-wire systems, integrate with driver monitoring for enhanced safety, prioritize energy efficiency, and offer personalized haptic feedback, the EPS market is shaping the future of driving experiences. With the application of Artificial Intelligence, the industry is creating smart EPS systems that adapt to individual driving styles, contributing to the evolution of autonomous driving. Despite challenges related to cybersecurity and repair complexity, the Automotive EPS Market is propelling the automotive industry towards a more connected, efficient, and engaging driving future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Automotive Electric Power Steering Market –Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Column Type, Pinion Type, and Dual Pinion Type), By Component Type (Steering Rack/Column, Sensor, Steering Motor, and Other), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Region,Competition, 2019-2029”, has evaluated the future growth potential of Global Automotive Electric Power Steering Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Automotive Electric Power Steering Market.
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1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2.1. Objective of theStudy
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type Market Share Analysis (Column Type, Pinion Type, and Dual Pinion Type)
5.2.2. By Component Type Market Share Analysis (Steering Rack/Column, Sensor, Steering Motor, and Other)
5.2.3. By Vehicle Type Market Share Analysis (Passenger Cars and Commercial Vehicles)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2023)
5.3. Global Automotive Electric Power Steering Market Mapping & Opportunity Assessment
5.3.1. By Type Market Mapping & Opportunity Assessment
5.3.2. By Component Type Market Mapping & Opportunity Assessment
5.3.3. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type Market Share Analysis
6.2.2. By Component Type Market Share Analysis
6.2.3. By Vehicle Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Automotive Electric Power Steering Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type Market Share Analysis
6.3.1.2.2. By Component Type Market Share Analysis
6.3.1.2.3. By Vehicle Type Market Share Analysis
6.3.2. India Automotive Electric Power Steering Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Type Market Share Analysis
6.3.2.2.2. By Component Type Market Share Analysis
6.3.2.2.3. By Vehicle Type Market Share Analysis
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