Electric Power Steering Market 2024 | Growth, Share, Demand and Forecast by 2032

IMARC Group’s report titled “Electric Power Steering Market by Component (Steering Column, Sensors, Steering Gear, Mechanical Rack and Pinion, Electronic Control Unit, Electric Motor, and Others), Mechanism (Rigid EPS, Collapsible EPS), Type (Rack Assist Type (REPS), Column Assist Type (CEPS), Pinion Assist Type (PEPS)), Vehicle Type (Passenger Car, Commercial Vehicle), and Region 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global electric power steering market share. The global market size reached US$ 28.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/electric-power-steering-market/requestsample

Factors Affecting the Growth of the Electric Power Steering Industry:

• Increasing Demand for Better Driving Experience:

Electric power steering (EPS) systems provide smoother and more responsive steering compared to traditional hydraulic systems. This enhances vehicle handling, making driving more comfortable and enjoyable for people. Moreover, EPS reduces the amount of physical efforts required to steer a vehicle, especially at low speeds and during parking maneuvers. This feature is particularly attractive to drivers seeking convenience and ease of use. Besides this, EPS systems can be designed to offer a customizable steering feel, allowing drivers to adjust steering responsiveness and feedback according to their preferences.

• Technological Advancements:

Innovations in motor technology, sensor technology, and control algorithms are significantly improving the efficiency and performance of EPS systems. Newer EPS systems require less electrical power, contributing to overall vehicle fuel efficiency. Furthermore, technological advancements in EPS contribute to improved safety features, such as stability control and emergency steering assist. These features enhance vehicle stability and control, especially in challenging driving conditions. In line with this, EPS systems now incorporate variable steering assist capabilities, allowing for adaptive steering response based on vehicle speed, driving conditions, and driver input.

• Rising Vehicle Production:

As vehicle production volumes are increasing, original equipment manufacturers (OEMs) are more inclined to adopt EPS systems. EPS is becoming a preferred choice over traditional hydraulic steering systems in modern vehicle designs due to its efficiency, performance benefits, and compatibility with advanced vehicle technologies. In addition, increasing production volumes allow EPS component manufacturers to achieve economies of scale. This reduces manufacturing costs per unit and makes EPS systems more cost-effective for automakers to integrate into their vehicle models across different segments.

Leading Companies Operating in the Global Electric Power Steering Industry:

• HELLA GmbH & Co. KGaA (Faurecia SE)
• Hycet Technology Co. Ltd (Great Wall Motor Company Limited)
• JTEKT Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive
• NSK LTD
• NXP Semiconductors N.V.
• Robert Bosch GmbH
• ThyssenKrupp AG
• TT Electronics plc
• ZF Friedrichshafen AG

Electric Power Steering Market Report Segmentation:

By Component:

• Steering Column
• Sensors
• Steering Gear
• Mechanical Rack and Pinion
• Electronic Control Unit
• Electric Motor
• Others

Sensors exhibit a clear dominance in the market due to their pivotal role in detecting steering inputs and enabling precise control in electric power steering system.

By Mechanism:

• Rigid EPS
• Collapsible EPS

Collapsible EPS represents the largest segment owing to its widespread adoption in modern vehicles for its safety features and compact design.

By Type:

• Rack Assist Type (REPS)
• Column Assist Type (CEPS)
• Pinion Assist Type (PEPS)

Colum assist type (CEPS) holds the biggest market share attributed to its versatility, seamless integration, and cost-effectiveness in various vehicle models.

By Vehicle Type:

• Passenger Car
• Commercial Vehicle

Passenger car accounts for the majority of the market share, as electric power steering systems are extensively utilized in passenger vehicles for enhanced maneuverability and driving comfort.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific dominates the market, driven by the increasing demand for fuel-efficient vehicles and the presence of key manufacturers in the region.

Global Electric Power Steering Market Trends:

The growing integration of EPS systems with advanced driver assistance systems (ADAS) technologies, such as lane-keeping assist, automated parking, and collision avoidance systems, require more sophisticated EPS systems capable of precise control and coordination with other vehicle systems, thereby offering a favorable market outlook.

Additionally, advancements in materials and manufacturing techniques are allowing EPS components to become smaller, lighter, and more compact. This reduces the overall weight of the vehicle and improves packaging efficiency, providing more design flexibility for automakers.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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