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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
UK, Germany, France, Italy, Russia
1. Introduction. 14
1.1 Study Scope. 14
1.2 The Insight Partners Research Report Guidance. 14
1.3 Market Segmentation. 16
1.3.1 Europe Electronic Power Steering Market – By Type. 18
1.3.2 Europe Electronic Power Steering Market – By Application. 18
1.3.3 Europe Electronic Power Steering Market – By Country. 18
2. Key Takeaways. 19
3. Research Methodology. 24
3.1 Coverage. 26
3.2 Secondary Research. 26
3.3 Primary Research. 27
4. Europe Electronic Power Steering (EPS) Market Landscape. 28
4.1 Market Overview.. 28
4.2 Europe PEST Analysis. 30
4.3 Ecosystem Analysis. 31
4.4 Expert Opinion. 32
5. Europe Electronic Power Steering (EPS) –Market Dynamics. 34
5.1 Market Drivers. 34
5.1.1 Fuel-Efficient Vehicles at Huge Demand. 34
5.1.2 Steer-by-Wire (SbW) Technology Being Adopted. 34
5.2 Market Restraints. 35
5.2.1 Electronic Power Steering (EPS) Being Costly. 35
5.3 Market Opportunities. 36
5.3.1 Latest Trend of Electrification of Vehicles. 36
5.4 Future Trends. 36
5.4.1 Self-Driving Vehicles Developing Fast 36
5.5 Impact Analysis of Drivers and Restraints. 37
6. Electronic Power Steering (EPS) – Europe Market Analysis. 38
6.1 Europe Electronic Power Steering (EPS) Market Overview.. 38
6.2 Europe Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 39
6.3 Market Positioning – Market Players Ranking. 40
7. Europe Electronic Power Steering (EPS) Market Analysis– By Type. 41
7.1 Overview.. 41
7.2 Europe Electronic Power Steering (EPS) Market Breakdown, By Type, 2018 & 2027. 41
7.3 Column Assisted Electronic Power Steering(C-EPS) 43
7.3.1 Overview.. 43
7.3.2 Column Assisted Electronic Power Steering(C-EPS) Market Revenue and Forecasts to 2027 (US$ Mn) 43
7.4 Pinion Assisted Electronic Power Steering (P-EPS) 45
7.4.1 Overview.. 45
7.4.2 Pinion Assisted Electronic Power Steering (P-EPS) Market Revenue and Forecasts to 2027 (US$ Mn) 45
7.5 Rack Assisted Power Steering System (R-EPS) 47
7.5.1 Overview.. 47
7.5.2 Rack Assisted Power Steering System (R-EPS) Market Revenue and Forecasts to 2027 (US$ Mn) 47
7.6 Electronic Hydraulic Power Steering (E-HPS) 49
7.6.1 Overview.. 49
7.6.2 Electronic Hydraulic Power Steering (E-HPS) Market Revenue and Forecasts to 2027 (US$ Mn) 49
8. Europe Electronic Power Steering (EPS) Market Analysis – By Application. 51
8.1 Overview.. 51
8.2 Europe Electronic Power Steering (EPS) Market Breakdown, By Application, 2019 & 2027 (%) 51
8.3 Light Commercial Vehicles (LCV) 53
8.3.1 Overview.. 53
8.3.2 Light Commercial Vehicles (LCV) Market Forecast and Analysis. 53
8.4 Passenger Cars. 54
8.4.1 Overview.. 54
8.4.2 Passenger Cars Market Forecast and Analysis. 54
8.5 Heavy Commercial Vehicles (HCV) 55
8.5.1 Overview.. 55
8.5.2 Heavy Commercial Vehicles (HCV) Market Forecast and Analysis. 55
9. Europe Electronic Power Steering (EPS) Market – Country Analysis. 56
9.1 Overview.. 56
9.1.1 Europe: Electronic Power Steering (EPS) Market, By Country. 57
9.1.1.1 Germany: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 58
9.1.1.1.1 Germany: Electronic Power Steering (EPS) Market, By Type. 59
9.1.1.1.2 Germany: Electronic Power Steering (EPS) Market, By Application. 59
9.1.1.2 France: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 60
9.1.1.2.1 France: Electronic Power Steering (EPS) Market, By Type. 61
9.1.1.2.2 France: Electronic Power Steering (EPS) Market, By Application. 62
9.1.1.3 Italy: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 63
9.1.1.3.1 Italy: Electronic Power Steering (EPS) Market, By Type. 64
9.1.1.3.2 Italy: Electronic Power Steering (EPS) Market, By Application. 64
9.1.1.4 UK: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 65
9.1.1.4.1 UK: Electronic Power Steering (EPS) Market, By Type. 66
9.1.1.4.2 UK: Electronic Power Steering (EPS) Market, By Application. 67
9.1.1.5 Russia: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 68
9.1.1.5.1 Russia: Electronic Power Steering (EPS) Market, By Type. 69
9.1.1.5.2 Russia: Electronic Power Steering (EPS) Market, By Application. 69
9.1.1.6 Rest of Europe: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 70
9.1.1.6.1 Rest of Europe: Electronic Power Steering (EPS) Market, By Type. 71
9.1.1.6.2 Rest of Europe: Electronic Power Steering (EPS) Market, By Application. 72
10. Europe Electronic Power Steering (EPS) Market- COVID-19 Impact Analysis. 73
10.1 Europe: Impact Assessment of COVID-19 Pandemic. 73
11. Industry Landscape. 75
11.1 Overview.. 75
11.2 Market Initiative. 75
11.3 New Product Development 76
12. Company Profiles. 77
12.1 Hyundai Mobis. 77
12.1.1 Key Facts. 77
12.1.2 Business Description. 77
12.1.3 Products and Services. 78
12.1.4 Financial Overview.. 79
12.1.5 SWOT Analysis. 82
12.1.6 Key Developments. 83
12.2 JTEKT Corporation. 84
12.2.1 Key Facts. 84
12.2.2 Business Description. 84
12.2.3 Products and Services. 85
12.2.4 Financial Overview.. 86
12.2.5 SWOT Analysis. 89
12.2.6 Key Developments. 90
12.3 Mitsubishi Electric Corporation. 91
12.3.1 Key Facts. 91
12.3.2 Business Description. 91
12.3.3 Products and Services. 92
12.3.4 Financial Overview.. 92
12.3.5 SWOT Analysis. 95
12.3.6 Key Developments. 95
12.4 Nexteer Automotive. 96
12.4.1 Key Facts. 96
12.4.2 Business Description. 96
12.4.3 Products and Services. 97
12.4.4 inancial Overview.. 98
12.4.5 SWOT Analysis. 101
12.4.6 Key Developments. 102
12.5 NSK Ltd. 103
12.5.1 Key Facts. 103
12.5.2 Business Description. 103
12.5.3 Products and Services. 104
12.5.4 Financial Overview.. 104
12.5.5 SWOT Analysis. 107
12.5.6 Key Developments. 108
12.6 Robert Bosch GmbH.. 109
12.6.1 Key Facts. 109
12.6.2 Business Description. 109
12.6.3 Products and Services. 110
12.6.4 Financial Overview.. 110
12.6.5 SWOT Analysis. 113
12.6.6 Key Developments. 114
12.7 Showa Corporation. 115
12.7.1 Key Facts. 115
12.7.2 Business Description. 115
12.7.3 Products and Services. 116
12.7.4 Financial Overview.. 117
12.7.5 SWOT Analysis. 118
12.7.6 Key Developments. 118
12.8 The Mando Corporation. 119
12.8.1 Key Facts. 119
12.8.2 Business Description. 119
12.8.3 Products and Services. 120
12.8.4 Financial Overview.. 120
12.8.5 SWOT Analysis. 121
12.8.6 Key Developments. 121
12.9 ThyssenKrupp AG.. 122
12.9.1 Key Facts. 122
12.9.2 Business Description. 122
12.9.3 Products and Services. 123
12.9.4 Financial Overview.. 123
12.9.5 SWOT Analysis. 126
12.9.6 Key Developments. 126
12.10 ZF Friedrichshafen AG.. 127
12.10.1 Key Facts. 127
12.10.2 Business Description. 127
12.10.3 Products and Services. 128
12.10.4 Financial Overview.. 128
12.10.5 SWOT Analysis. 131
12.10.6 Key Developments. 132
13. Appendix. 133
13.1 About The Insight Partners. 133
13.2 Word Index. 133
LIST OF TABLES
Table 1. Europe Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 US$ Million) 39
Table 2. Germany Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million) 59
Table 3. Germany Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million) 59
Table 4. France Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million) 61
Table 5. France Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million) 62
Table 6. Italy Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million) 64
Table 7. Italy Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million) 64
Table 8. UK Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million) 66
Table 9. UK Electronic Power Steering (EPS) Market, By Application– Revenue and Forecast to 2027 (US$ Million) 67
Table 10. Russia Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million) 69
Table 11. Russia Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million) 69
Table 12. Rest of Europe Electronic Power Steering (EPS) Market, By Type– Revenue and Forecast to 2027 (US$ Million) 71
Table 13. Rest of Europe Electronic Power Steering (EPS) Market, By Application – Revenue and Forecast to 2027 (US$ Million) 72
LIST OF FIGURES
Figure 1. Europe Electronic Power Steering (EPS) Market Segmentation. 16
Figure 2. Europe Electronic Power Steering (EPS) Market Segmentation – By Country. 17
Figure 3. Europe Electronic Power Steering (EPS) – Country Analysis. 19
Figure 4. Europe Electronic Power Steering (EPS) - Market Overview.. 20
Figure 5. Europe Electronic Power Steering (EPS) Market by Type. 21
Figure 6. Europe Electronic Power Steering (EPS) Market by Application. 22
Figure 7. Europe Electronic Power Steering (EPS) Market by Country. 23
Figure 8. Europe: PEST Analysis. 30
Figure 9. Ecosystem Analysis. 31
Figure 10. Expert Opinion. 33
Figure 11. Europe Electronic Power Steering (EPS) Market Impact Analysis of Drivers and Restraints. 37
Figure 12. Europe: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 39
Figure 13. Europe Electronic Power Steering (EPS) Market Breakdown, By Type, 2018 & 2027 (%) 42
Figure 14. Europe Column Assisted Electronic Power Steering(C-EPS) Market Revenue and Forecasts to 2027 (US$ Mn) 44
Figure 15. Europe Pinion Assisted Electronic Power Steering (P-EPS) Market Revenue and Forecasts to 2027 (US$ Mn) 46
Figure 16. Europe Rack Assisted Power Steering System (R-EPS) Market Revenue and Forecasts to 2027 (US$ Mn) 48
Figure 17. Europe Electronic Hydraulic Power Steering (E-HPS) Market Revenue and Forecasts to 2027 (US$ Mn) 50
Figure 18. Europe Electronic Power Steering (EPS) Market Breakdown, By Application, 2019 & 2027 (%) 52
Figure 19. Europe Light Commercial Vehicles (LCV) Market Revenue and Forecast to 2027 (US$ Mn) 53
Figure 20. Europe Passenger Cars Market Revenue and Forecast to 2027 (US$ Mn) 54
Figure 21. Europe Heavy Commercial Vehicles (HCV) Market Revenue and Forecast to 2027 (US$ Mn) 55
Figure 22. Europe: Electronic Power Steering (EPS) Market Revenue Share, By Country (2019 and 2027) 57
Figure 23. Germany: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 58
Figure 24. France: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 60
Figure 25. Italy: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 63
Figure 26. UK: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 65
Figure 27. Russia: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 68
Figure 28. Rest of Europe: Electronic Power Steering (EPS) Market – Revenue and Forecast to 2027 (US$ Million) 70
Figure 29. Impact of COVID-19 Pandemic in Europe Country Markets. 74
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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