Electric Power Steering Market Size, Share, Sales, Analysis, Forecast, Industry Competition & Player Profiles 2023 - 2032

The electric power steering (EPS) systems are a highly fuel efficient alternative to the traditional steering systems, the hydraulic and electro-hydraulic systems. The major factor that is contributing to the growth of the Electric Power Steering Market across the world is the rising popularity of self-driven vehicles. Vehicles that come with electric power steering, are observed to have a reduced overall weight, which increases the fuel efficiency.

Electric power steering operates by an electric motor to steer the wheel while hydraulic power steering uses a pump that is integrated with an oil tank. The usage of the pump in hydraulic power steering places a load on the vehicle’s engine, which causes an adverse effect on the fuel consumption and overall vehicle performance. Electric power steering systems provide torque which is applied to the steering wheel used to drive the vehicle.

EPS removes the usage of various Hydraulic Power Steering components including the pump, fluid, hoses, pulley, and drive belt. Therefore, electric steering systems are lighter in weight and smaller in size, than the hydraulic power systems. Electric power steering systems are run with the assistance of a control unit and electric motor that is combined with sensors such as the torque sensor. The electric motor is battery run, and utilises the electric power to operate the steering movement when the driver turns the wheel of the vehicle. Electric systems are highly fuel efficient, due to the absence of belt-driven hydraulic or manual pumps, which run all the time, whether the help is required or not.

When considering regions, the region of Asia-Pacific dominated the automotive EPS market. The Asia-Pacific market is mainly driven by the vehicle production and sales that are on the rise, the rapid electrification of vehicles, the growing stringency of harmful emission norms, and the increase in the disposable income of the consumers in this region. This is expected to increase the demand for luxury vehicles, on account of the growing preference for safety and comfort.

How road and safety conditions have played a part in boosting the Electric Power Steering Market:

A significant rise in the number of accidents has forced the end users to adopt better systems when it comes to their safety. Improvements in road and vehicle designs have steadily reduced the rates related to injuries and deaths, in most of the developed nations. However, the accident rates are still very much high in some developing countries, and the governments there are focusing on the implementation of stringent safety norms and supporting the adoption of various subsystems in the vehicles.

These factors have driven the automobile manufacturers to incorporate several systems in vehicles that work towards enhancing the overall safety. Advanced features when it comes to vehicular safety and security, are no longer restricted to only the high end vehicles. Consumers today, are more aware, and far more concerned about safety systems and technologies, and therefore, are more inclined to opt for the vehicles that are equipped with more advanced safety systems. The pressure to adopt technological solutions that meet energy efficiency standards has been on the rise, for the global car manufacturers, which is expected to contribute to the boost of the global Electric Power Steering market in the forecast period.

The respective markets that dominates the segments of the Electric Power Steering Market:

The Sensors market leads in the Component segment, and is anticipated to be the fastest growing market in this particular segment, during the forecast period. In the Electric Power Steering System, the vehicle speed sensor sends the electronic control unit the information related to the vehicle’s speed. The market for non-contact torque sensors is expected to generate the potential for growth during the forecast period.

The Global Electric Power Steering Market for Brushed DC motors is the not only the largest market in the Electric Motor Type segment, but the fastest growing as well, when considering its estimate over the forecast period, segment wise. The Collapsible EPS market, of the Mechanism segment, is the largest as well as the most rapidly growing market today, owing to its more beneficial properties over the rigid steering mechanism. By segment Vehicle type, the Passenger Cars market is the largest today.

Region segment wise, Asia-Pacific dominated the market, and it is expected to witness the same trend throughout the forecast period, with China leading the market, followed by the countries of India and Japan. China is the largest automobile market, on the global scale. China is the largest automotive market due to the sheer number of vehicles that are bought, sold, and manufactured in this country.

Key Players of the Electric Power Steering Market are Robert Bosch (Germany), JTEKT (Japan), Nexteer (US), ZF (Germany), NSK (Japan), Delphi (UK), GKN (UK), Federal-Mogul (US), Hyundai Mobis (South Korea) and Showa Corporation (Japan).

The Electric Power Steering Market is segmented as follows:  

By Type

• R-EPS
• P-EPS
• C-EPS

By Component

• Sensor
• Steering Column
• Steering Motor
• Others

By Electric Motor Type

• Brushless DC Motors
• Brushed DC Motors

By Mechanism

• Rigid EPS
• Collapsible EPS

By Vehicle Type

• Commercial Vehicles
• Passenger Cars

By Region

• North America 
  • United States
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Rest of APAC
• South America
  • Brazil
  • Rest of South America
• Middle East & Africa
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA