Europe Electronic Power Steering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Column Assisted Electronic Power Steering(C-EPS), Pinion Assisted Electronic Power Steering (P-EPS), Rack Assisted Power Steering System (R-EPS), and Electronic Hydraulic Power Steering (EHPS)), and Application (Light Commercial Vehicles (LCV), Passenger Cars, and Heavy Commercial Vehicles (HCV))
The electronic power steering market in Europe is expected to grow from US$ 12,256.23 million in 2019 to US$ 12387.43 million by 2027; it is estimated to grow at a CAGR of 3.2% from 2020 to 2027.
Germany, France, Italy, Russia and UK are major economies in Europe. Steer-by-Wire (SbW) technology being adopted is driving the Europe electronic power steering market in a positive way. Rising adoption of autonomous driving is one of the major factors boosting the adoption of steer-by-wire systems in the vehicles. SbW is enhancing the driving experience as well as safety. The SbW technology is currently experiencing a constant surge in development as well as demand. The higher levels of autonomous driving require uninterrupted communication, redundant power supply, and steering rack. Additionally, the OEMs are focusing on removing the mechanical components to have more flexibility in designing the vehicle interior and engine compartment. The vehicles can be steered from anywhere inside the vehicle with the help of SbW. In addition, there is no requirement of designing and producing the different versions for right and left-hand drive. With the integration of SbW, the direct mechanical link to the road is removed, and the vehicle interior is decoupled acoustically. Moreover, the SbW enhances the safety with the help of driver assistance systems. It also eliminates the intermediate steering shaft and thus, reduces the risk of injury to the driver from mechanical steering components by augmenting the passive safety in the vehicle.
Further, the ongoing COVID-19 pandemic is having a bad impact over the Europe region. Due to COVID-19 outbreak, Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region. Businesses in the region are facing severe financial difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021 also. The entire region is heavily hit by the COVID-19 which has resulted into closure of tech giants and many industrial sector. This closure has obstructed the company’s investment decision on different software. The region is a major manufacturing and industrial hub for various sectors such as machinery equipment, manufacturing, and logistics. However, due to business lockdowns, travel bans, and supply chain disruptions, the region has witnessed decline in activities in above-mentioned industries. Decline in activities of above-mentioned industries has resulted into lesser development of electronic power steering market.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe electronic power steering market. The Europe electronic power steering market is expected to grow at a good CAGR during the forecast period.
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Europe Electronic power steering Market Segmentation
Europe Electronic power steering Market – By Type
- Column Assisted Electronic Power Steering(C-EPS)
- Pinion Assisted Electronic Power Steering (P-EPS)
- Rack Assisted Power Steering System (R-EPS)
- Electronic Hydraulic Power Steering (EHPS)
Europe Electronic power steering Market – By Application
- Light Commercial Vehicles (LCV)
- Passenger Cars
- Heavy Commercial Vehicles (HCV)
Europe Electronic power steering Market, by Country
- Germany
- France
- Italy
- United Kingdom
- Russia
- Rest of Europe
Europe Electronic power steering Market - Companies Mentioned
- HYUNDAI MOBIS
- JTEKT Corporation
- Mando Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK Ltd.
- Robert Bosch GmbH
- SHOWA CORPORATION
- thyssenkrupp AG
- ZF Friedrichshafen AG
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Electronic Power Steering Market – By Type
1.3.2 Europe Electronic Power Steering Market – By Application
1.3.3 Europe Electronic Power Steering Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Electronic Power Steering (EPS) Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Electronic Power Steering (EPS) –Market Dynamics
5.1 Market Drivers
5.1.1 Fuel-Efficient Vehicles at Huge Demand
5.1.2 Steer-by-Wire (SbW) Technology Being Adopted
5.2 Market Restraints
5.2.1 Electronic Power Steering (EPS) Being Costly
5.3 Market Opportunities
5.3.1 Latest Trend of Electrification of Vehicles
5.4 Future Trends
5.4.1 Self-Driving Vehicles Developing Fast
5.5 Impact Analysis of Drivers and Restraints
6. Electronic Power Steering (EPS) – Europe Market Analysis
6.1 Europe Electronic Power Steering (EPS) Market Overview
6.2 Europe Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Market Players Ranking
7. Europe Electronic Power Steering (EPS) Market Analysis– By Type
7.1 Overview
7.2 Europe Electronic Power Steering (EPS) Market Breakdown, By Type, 2018 & 2027
7.3 Column Assisted Electronic Power Steering(C-EPS)
7.3.1 Overview
7.3.2 Column Assisted Electronic Power Steering(C-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)
7.4 Pinion Assisted Electronic Power Steering (P-EPS)
7.4.1 Overview
7.4.2 Pinion Assisted Electronic Power Steering (P-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)
7.5 Rack Assisted Power Steering System (R-EPS)
7.5.1 Overview
7.5.2 Rack Assisted Power Steering System (R-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)
7.6 Electronic Hydraulic Power Steering (E-HPS)
7.6.1 Overview
7.6.2 Electronic Hydraulic Power Steering (E-HPS) Market Revenue and Forecasts to 2027 (US$ Mn)
8. Europe Electronic Power Steering (EPS) Market Analysis – By Application
8.1 Overview
8.2 Europe Electronic Power Steering (EPS) Market Breakdown, By Application, 2019 & 2027 (%)
8.3 Light Commercial Vehicles (LCV)
8.3.1 Overview
8.3.2 Light Commercial Vehicles (LCV) Market Forecast and Analysis
8.4 Passenger Cars
8.4.1 Overview
8.4.2 Passenger Cars Market Forecast and Analysis
8.5 Heavy Commercial Vehicles (HCV)
8.5.1 Overview
8.5.2 Heavy Commercial Vehicles (HCV) Market Forecast and Analysis
9. Europe Electronic Power Steering (EPS) Market – Country Analysis
9.1 Overview
9.1.1 Europe: Electronic Power Steering (EPS) Market, By Country
9.1.1.1 Germany: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
9.1.1.1.1 Germany: Electronic Power Steering (EPS) Market, By Type
9.1.1.1.2 Germany: Electronic Power Steering (EPS) Market, By Application
9.1.1.2 France: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
9.1.1.2.1 France: Electronic Power Steering (EPS) Market, By Type
9.1.1.2.2 France: Electronic Power Steering (EPS) Market, By Application
9.1.1.3 Italy: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
9.1.1.3.1 Italy: Electronic Power Steering (EPS) Market, By Type
9.1.1.3.2 Italy: Electronic Power Steering (EPS) Market, By Application
9.1.1.4 UK: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
9.1.1.4.1 UK: Electronic Power Steering (EPS) Market, By Type
9.1.1.4.2 UK: Electronic Power Steering (EPS) Market, By Application
9.1.1.5 Russia: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
9.1.1.5.1 Russia: Electronic Power Steering (EPS) Market, By Type
9.1.1.5.2 Russia: Electronic Power Steering (EPS) Market, By Application
9.1.1.6 Rest of Europe: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
9.1.1.6.1 Rest of Europe: Electronic Power Steering (EPS) Market, By Type
9.1.1.6.2 Rest of Europe: Electronic Power Steering (EPS) Market, By Application
10. Europe Electronic Power Steering (EPS) Market- COVID-19 Impact Analysis
10.1 Europe: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
12.1 Hyundai Mobis
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 JTEKT Corporation
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Mitsubishi Electric Corporation
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Nexteer Automotive
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 inancial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 NSK Ltd.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Robert Bosch GmbH
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Showa Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 The Mando Corporation
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 ThyssenKrupp AG
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 ZF Friedrichshafen AG
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 US$ Million)
Table 2. Germany Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)
Table 3. Germany Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million)
Table 4. France Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)
Table 5. France Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million)
Table 6. Italy Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)
Table 7. Italy Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million)
Table 8. UK Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)
Table 9. UK Electronic Power Steering (EPS) Market, By Application– Revenue and Forecast to 2027 (US$ Million)
Table 10. Russia Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)
Table 11. Russia Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million)
Table 12. Rest of Europe Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million)
Table 13. Rest of Europe Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million)
LIST OF FIGURES
Figure 1. Europe Electronic Power Steering (EPS) Market Segmentation
Figure 2. Europe Electronic Power Steering (EPS) Market Segmentation – By Country
Figure 3. Europe Electronic Power Steering (EPS) – Country Analysis
Figure 4. Europe Electronic Power Steering (EPS) - Market Overview
Figure 5. Europe Electronic Power Steering (EPS) Market by Type
Figure 6. Europe Electronic Power Steering (EPS) Market by Application
Figure 7. Europe Electronic Power Steering (EPS) Market by Country
Figure 8. Europe: PEST Analysis
Figure 9. Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. Europe Electronic Power Steering (EPS) Market Impact Analysis of Drivers and Restraints
Figure 12. Europe: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
Figure 13. Europe Electronic Power Steering (EPS) Market Breakdown, By Type, 2018 & 2027 (%)
Figure 14. Europe Column Assisted Electronic Power Steering(C-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 15. Europe Pinion Assisted Electronic Power Steering (P-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 16. Europe Rack Assisted Power Steering System (R-EPS) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 17. Europe Electronic Hydraulic Power Steering (E-HPS) Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 18. Europe Electronic Power Steering (EPS) Market Breakdown, By Application, 2019 & 2027 (%)
Figure 19. Europe Light Commercial Vehicles (LCV) Market Revenue and Forecast to 2027 (US$ Mn)
Figure 20. Europe Passenger Cars Market Revenue and Forecast to 2027 (US$ Mn)
Figure 21. Europe Heavy Commercial Vehicles (HCV) Market Revenue and Forecast to 2027 (US$ Mn)
Figure 22. Europe: Electronic Power Steering (EPS) Market Revenue Share, By Country (2019 and 2027)
Figure 23. Germany: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
Figure 24. France: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
Figure 25. Italy: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
Figure 26. UK: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
Figure 27. Russia: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
Figure 28. Rest of Europe: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million)
Figure 29. Impact of COVID-19 Pandemic in Europe Country Markets
Some of the leading companies are:
- HYUNDAI MOBIS
- JTEKT Corporation
- Mando Corporation
- Mitsubishi Electric Corporation
- Nexteer Automotive
- NSK Ltd.
- Robert Bosch GmbH
- SHOWA CORPORATION
- thyssenkrupp AG
- ZF Friedrichshafen AG
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe electronic power steering market
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