Electronic Power Steering (EPS) Market Growth and Forecast by 2027

The global electronic power steering market was valued at US$ 52,692.31 million in 2019, it is expected to grow at a CAGR of 3.63% during the forecast period from 2020 to 2027.

The electronic power steering market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. the global market was dominated by the APAC region in 2019, which accounted for almost half of the total market owing to a higher demand for electronic power steering systems. Factors such as the more extensive adoption of premium cars, sedans, and SUVs among the APAC population contribute significantly to the region’s more significant market share. Further, Ford Motor Company of Australia Limited, Toyota Motor Corporation Australia Limited, Mitsubishi Motors Australia Ltd. (MMAL), General Motors Holden, Isuzu Australia Limited, Volkswagen Group Australia Pty Ltd., and Hyundai Commercial Vehicles Australia are some of the well-known manufacturers of commercial vehicle in the country. All these manufacturers are demanding the integration of EPS in the cars to meet the emerging demand of the customers. Moreover, the escalating automotive manufacturing operations, rising demand for electric vehicles, and growing focus of the EPS manufacturers toward offering low-cost and high-efficiency products is expected to drive the growth of the EPS market in the Rest of APAC countries during the forecast period.

Market Insights–Electronic Power Steering Market 

Growing Sales of Premium Cars in China

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Electronic Power Steering (EPS) Market: Strategic Insights

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In 2019, China accounted for almost 21.4 million-vehicle. The country is the largest producer as well as biggest market for car sales globally. Nevertheless, in 2019, the overall car sales fell by ~1.9, but the demand for SUVs and premium cars sedans increased with the rate of 3.5% and 18.8% respectively as compared to 2018. All major OEMs of luxury vehicles in the country, including BMW, Mercedes-Benz, and Audi, have reported positive figures in November 2019. Along with the rise in the sales, the market scenario also changed rapidly. In the earlier generation, the consumers used to purchase premium vehicles mostly to reveal their social status, but the progressively sophisticated new generation of buyers is buying premium automobiles for the requirement of luxury and clever technologies. According to a study conducted by the China Association of Automobile Manufacturers, women are playing significant role in the Chinese premium car market. This survey stated that while opting for a vehicle model, women value safety features, comfort, and exterior styling, over the qualities favored by their male counterparts, such as powertrain technology, socially recognized premium brands, and bigger models. The above-mentioned factors are going to drive the demand for the integration of EPS in sedans and SUVs.

COVID-19 Impact

 The semiconductor and automotive industry are some of the victim of COVID-19, and since the start of 2020, these industries have been reflecting declining trend. With the imposition of lockdown across countries in North America, Europe, and Asia, the industries have been witnessing shattering experience. The automotive industry requires a significant number of human labours, and on the contrary, the COVID-19 virus is spreading through human involvement, the sector is unable to function properly. The declining trend in automotive and semiconductor industry is reflecting a negative impact on the electronic power steering market.

Type Segment Insights

Based on type, the column assisted electronic power steering segment dominated the global electronic power steering market in 2019. The electronic power steering system is gradually replacing the conventional steering system in modern vehicles. The main benefit of using electronic power steering system is the ability to minimize energy consumption. The column assisted electronic power steering (C-EPS) system is one of the type of electronic power steering system.

Vehicle Type Segment Insights

Based on vehicle type, the passenger cars segment held the largest share in global electronic power steering market in 2019. Passenger cars are the transport vehicles with not more than eight seats. Due to the worsening weather and air quality in countries, such as Bangladesh, Pakistan, Mongolia, Afghanistan, India, people are adopting alternative fuel and related technologies in their passenger cars. Passenger cars can be divided into sedan, hatchback, and SUV or MUV. The demand for passenger vehicles is increasing with a rise in per capita income and need for luxury.  

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

• In 2019, Nexteer Automotive had announced its production milestone of 60 million electric power steering (EPS) systems globally. This could be used in vehicles ranging from small cars to big trucks. The electric power steering systems increase fuel efficiency by 6% and CO2 emissions by 8 grams per km.
• In 2018, Robert Bosch GmbH had installed Bosch highway assist systems for partially automated driving function, installed on all the vehicles in the Maserati MY 2018 range. Along with that Bosch electric power steering (EPS), another innovation introduced on the Maserati MY2018 range, makes a contribution to the implementation of the highway assist technology and other advanced driving assistance systems.
• In 2018, Hyundai Mobis had developed an electric power steering system that takes advantage of two electronic circuits during autonomous driving in order to maintain normal steering capabilities under any circumstances.

Electronic Power Steering

Electronic Power Steering (EPS) Market Regional Insights

The regional trends and factors influencing the Electronic Power Steering (EPS) Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electronic Power Steering (EPS) Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Electronic Power Steering (EPS) Market Report Scope

Electronic Power Steering (EPS) Market Players Density: Understanding Its Impact on Business Dynamics

The Electronic Power Steering (EPS) Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Electronic Power Steering (EPS) Market are:

1. Hyundai Mobis
2. JTEKT Corporation
3. Mitsubishi Electric Corporation
4. Nexteer Automotive
5. NSK Ltd.

Disclaimer: The companies listed above are not ranked in any particular order.

The global electronic power steering market has been segmented as follows:

Electronic Power Steering Market – By Type

• Column Assisted Electronic Power Steering
• Pinion Assisted Electronic Power Steering
• Rack Assisted Power Steering System
• Electronic Hydraulic Power Steering

Electronic Power Steering Market – By Vehicle Type

• Light Commercial Vehicles
• Passenger Cars
• Heavy Commercial Vehicles

Electronic Power Steering Market- By Region

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East and Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM

Electronic Power Steering Market – Companies Profiles

• Hyundai Mobis
• JTEKT Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive
• NSK Ltd.
• Robert Bosch GmbH
• Showa Corporation
• The Mando Corporation
• ThyssenKrupp AG
• ZF Friedrichshafen AG