Automotive Electric Power Steering (EPS) Market

The global Automotive Electric Power Steering (EPS) valued at 20.12 Billion in 2020 and is expected to reach 33.91 Billion in 2028 growing at a CAGR of 6.72%%.

The prominent players in the market are GKN PLC, Hyundai Mobis Co. Ltd., Thyssenkrupp Presta AG, Mitsubishi Electric Corporation, Nexteer Automotive, Hitachi Automotive Systems Ltd, ZF Friedrichshafen AG, Robert Bosch GmbH, Hubei Henglong Auto System Group, JTEKT Corporation, Denso Corporation, NSK Ltd..

The market is project to grow at a CAGR of 6.72%% between 2021 and 2028.

The driving factors of the Automotive Electric Power Steering (EPS) include

• The increasing government initiatives for safer automotive systems are anticipated to augment the growth of the automotive electric power steering (EPS) market during the forecast period. This is owing to the increasing percentage of the road accidents taking place. About 1.24 million people die in road accidents each year on an average across the world, half of whom are vulnerable road users, such as pedestrians and motorcyclists, while the other half die because of side-impact accidents. According to the World Health Organization (WHO), 80% of cars sold in the world are not compliant with the main safety standards. Only 40 countries have adopted the full set of the seven most important regulations for car safety. The significant increase in the number of accidents has encouraged consumers to adopt for better safety systems in their vehicles. Several automobile manufacturers are incorporating new technologies like direct adaptive steering in vehicles, which involves sensors in the car that constantly monitor the position of the steering wheel are factors driving the market
• The rising vehicle sale across the globe is anticipated to augment the growth of the automotive electric power steering (EPS) market during the forecast period. This is owing to the rapid urbanization, increasing industrialization, increasing disposable income of the consumers, and advancement in technologies. Furthermore, the increasing adoption of personal vehicles with luxurious features has also increased the global sales of automobiles and its production by the manufacturers which in turn is expected to support the growth of the automotive electric power steering (EPS) market in the forecast period.

Asia Pacific was the leading regional segment of the Automotive Electric Power Steering (EPS) in 2020.