Automotive Electric Power Steering (EPS) Market

The global Automotive Electric Power Steering (EPS) market was valued at USD 20.12 Billion in 2020 and is projected to reach USD 33.91 Billion by 2028, growing at a CAGR of 6.72%% from 2021 to 2028.

Electric power steering (EPS) is a key technology for highly automated driving. he EPS has an electric motor which controls the vehicle steering. With an electric motor the EPS controls and assists vehicle steering and provides an optimal and enjoying steering feel. Additionally, the new generation of control units provide security in case of an error. The electric interface enables highly-automated driving with maximum security till SAE-Level 4.

The global Automotive Electric Power Steering (EPS) market was valued at USD 20.12 Billion in 2020 and is projected to reach USD 33.91 Billion by 2028, growing at a CAGR of 6.72%% from 2021 to 2028.

The global Automotive Electric Power Steering (EPS) market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

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.

The high cost associated with automotive electric power steering as compared to the conventional steering system, is expected to hamper the growth of the global automotive electric power steering market in the near future. Furthermore, automotive electric power steering market is highly dependent on the vehicle production which may also hamper the growth of the market as decline in production for vehicles, due to economic downturn will also decline in manufacturing of automotive electric power steering (EPS) system.

Component Type  Analysis: Preview

On the basis of Component Type, the market is segmented into Steering Rack/Column, Sensor, Steering Motor, Other Component Types. Sensor  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Sensor in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Automotive Electric Power Steering (EPS) market growth.

Type Analysis: Preview

Based on Type, the market is segmented into Column Type, Pinion Type, Dual Pinion Type. Column Type  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Automotive Electric Power Steering (EPS)  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

On the basis of region, the global Automotive Electric Power Steering (EPS) market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region held a leading share of the global Automotive Electric Power Steering (EPS) market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. China is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Automotive Electric Power Steering (EPS) 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 report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• Global Automotive Electric Power Steering (EPS) Market is projected to reach USD 33.91 Billion by 2028
• Asia Pacific held the highest share of the Automotive Electric Power Steering (EPS) market
• Sensor held the largest share of the product segment in the Automotive Electric Power Steering (EPS) market
• Column Type held the major share of the application segment in the Automotive Electric Power Steering (EPS) market