Europe Electronic Power Steering Market is expected to reach US$ 12,387.43 Mn by 2027

C-EPS Segment to Dominate Europe Electronic Power Steering Market during 2019–2027

According to The Insight Partners market research study on “Europe Electronic Power Steering Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 12,387.43 million by 2027 from US$ 12,256.23 million in 2019. The market is estimated to grow at a CAGR of 3.2% from 2020 to 2027. The report provides trends prevailing in the Europe electronic power steering market along with the drivers and restraints pertaining to the market growth. Steer-by-Wire (SbW) technology being adopted is the major factor driving the growth of the Europe electronic power steering market. However, issues associated with electronic power steering being costly is expected to hinder the growth of Europe electronic power steering market.     

The Europe electronic power steering market is briefly further segmented into type, application and country. By type, the Europe market is broadly classified into 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 (E-HPS). C-EPS segment led the Europe electronic power steering market in 2019. Whereas, based on application, the Europe market is divided into passenger cars, light commercial vehicle, and heavy commercial vehicle. Passenger Cars segment led the Europe electronic power steering market in 2019. 

Also 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.  

HYUNDAI MOBIS, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive, NSK Ltd., Robert Bosch GmbH, SHOWA CORPORATION, thyssenkrupp AG, ZF Friedrichshafen AG are among the leading companies in the Europe electronic power steering market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, NSK Ltd. had announced that it had developed a method using cold forming technology for manufacturing electric power steering components that are safer, reliable, and lighter, which in turn improves fuel efficiency in automobiles.

The report segments the Europe Electronic Power Steering Market follows:  

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